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Project status


Relevant to

All companies who use ORX's data exchange platform (Insight)


ORX Membership, ORX Regional Loss Data Services, ORX Scenarios & ORX Cyber

About the project

Following many discussions with risk leaders across the world, and our work on developing standards and reference libraries, we know that the operational risk needs around data have changed significantly over the past decade.

People now need data for effective and dynamic management of risk and to contribute to the success of their firm, not only for capital modelling.  

We have a clear vision of what the future of data exchange looks like, and we want to continue to be at the forefront of the industry in this area. We are therefore improving our data services and building a next generation platform for effective data exchange – launching in mid-2025. 

Developing a new data exchange platform 

We know that our current platform (Insight) is no longer meeting your needs and the technology is becoming outdated. 

We are therefore using this as an opportunity to make improvements to our data services by transitioning to a next generation platform. 

By mid-2025, ORX will have developed a new state-of-the-art, highly secure platform built on Amazon Web Services (AWS) cloud technology that delivers industry-grade security, availability, reliability and scalability. 

This will be used to host all of our various data services, including: 

Benefits of the new platform will include:

  • Streamlined processes to provide a far superior and efficient user experience 
  • More automation and support for data upload and QA 
  • The ability to connect data sets from different services 
  • Opportunities to leverage modern analytical tooling 

How are we improving our loss data services? 

To achieve our vision and meet the changing needs of our members and service subscribers, we know we need to improve our loss data services.  

As part of this project, we will be: 

1. Adding the ORX Reference Taxonomy to all losses on a go-forward basis
  • Based on research by ORX, this provides a more modern data set that reflects current risk landscape (i.e. information security, more granular view of conduct risks etc.) Therefore, in the future it will be easier for members to identify losses relating to Anti Money Laundering, for example 
  • It will enable members to cross reference with other ORX libraries such as Controls, Risk Indicators and Key Processes, which are all organised around the Reference Taxonomy 
  • The addition of risk flags alongside the taxonomy will enable tagging of themes that cut across multiple events types, such as Climate or Third Party. We understand that reporting on some of these themes is an increasing focus for regulators 
  • Most of the data you submit will stay the same allowing for historical comparison, but these additions will bring big benefits in terms of what you can do with the data. 
2. Tidying and simplifying the data schema
  • The submission template will be easier to use, with unused and redundant fields removed
3. Combining the data submission for global and regional loss data services
  • If your organisation subscribes to both global and regional loss data services, you will only have to upload one set of data to get both global and regional insights, saving time and effort 
4. Bringing together data sets from various ORX services for richer insights
  • These data collection improvements and our new platform’s ability to bring together datasets from different exchanges enables the production of richer analytics and insights 

What about other ORX services involving data exchange? 

As well as global and regional loss data, moving to a new platform also enables us to review future improvements to ORX Scenarios and ORX Cyber data exchange (which will both transition to using the new platform), plus provides an opportunity to add new ORX services. 

We need your support! 

We are reliant on the cooperation of our members and subscribers to be able to make these vital improvements to our services and data exchange platform. 

Below is an outline of what will be involved, and we will be in regular contact with leads at each organisation to ensure these activities happen in a timely manner.  

THANK YOU in advance for your support in advancing operational risk data exchange for the whole industry! 

Project timeline


Loss data attestation survey*

Q3 2024


Initial info sec documentation

Q3 2024


Onboarding & training materials

H1 2025


Transition of loss data services

H2 2025

*Relevant to ORX members and those who to submit to our Regional Loss Data Services only. See FAQs below for more details.

Download the ORX data exchange information pack

ORX data exchange information pack


Q. Will this change the data I need to submit?​

Most of the loss data fields submitted to ORX will remain the same. In addition, we will require firms to code all loss events with the ORX Reference Taxonomy for event types, and the ORX Reference Taxonomy for Causes for large events. There will also be the option to tag events with flags for risk themes such as Climate. We will be sending all organisations who submit loss data in Insight a data attestation survey, including asking you to confirm whether you are able to submit data according to the ORX Reference Taxonomy and to the Banking or Insurance Operational Risk Data Standards. ​

Q. What more will I be able to get from the ORX data with these changes? ​

We currently ask you to submit your data with a specific set of reports in mind, but in this new model of data exchange, reporting isn’t tied to a specific data set. Therefore, longer term our objective is for you to be able to report across the various services you subscribe to. 

Q. Will I need to change my internal processes for submitting loss data?​

The data submission process will remain as an Excel template. However, the template will be updated to reflect the ORX Reference Taxonomy and removal of redundant fields. There will be one data submission for both global and regional loss data. If you have any automations set up to complete the Excel template currently, these may need to be updated. 

Q. Will anything change for ORX Scenarios participants?​

When the system launches, the process and data collected for ORX Scenarios will remain largely consistent with Insight (although there may be subtle improvements to the Excel templates). However, the new platform allows the opportunity to improve our ORX Scenarios data in future.  

Q. Will anything change for ORX Cyber participants?​

When the system launches, the process and data collected for ORX Cyber will remain largely consistent with Insight (although there may be subtle improvements to the Excel templates). However, the new platform allows the opportunity to improve our ORX Cyber data in future.  

Q. Can I access all of our organisation’s historical data?​

Yes, we will be migrating all historical data onto the new platform. 

Q. Will the user permissions be the same in the new platform as in Insight?​

The user permissions will be reviewed as part of this project and will likely be updated but not drastically different to the current Insight permissions. We will be working on user permission requirements over the coming months and will provide detailed onboarding and user training in due course.​ 

Q. Is the new platform as secure as Insight for our highly sensitive data?​

Yes, we are building a highly secure platform on Amazon Web Services (AWS) cloud technology that delivers industry-grade security. We will be sending further documentation to you about how the new platform aligns with high standards of information security. ​ 

Project contact

Roland Kennett

Roland Kennett

Membership Director, ORX