This report analyzes the results archived by the ORIC initiative in operational risk management for the insurance sector. ORIC was launched by the Association of British Insurers (ABI) in 2004 to provide essential risk data for insurers. In today' s business environment insurance companies are more sensitive to operational risk, but the lack of a critical mass of data is limiting the opportunities insurance companies have to manage it.

"ORIC was successful in achieving its main objectives in such a short period of time leveraging on a positive combination of factors such as a pragmatic approach, time to market, a clear message for potential members, a strong technology partnership to support the process, and cost control," said Daniele Bonfanti, program manager, Financial Insights, EMEA.

• Table of Contents
• Financial Insights Opinion
• In This Report
  • Brief Description of the Solution
• Situation Overview
  • Operational Risk at a Glance
• The Approach
  • Business Drivers
  • Solution Description
  • Figure: Data Collection Logic
  • Selecting the Solution
  • Implementing the Solution
  • Figure: Project Timeline
  • Business Value
• Future Outlook
• Essential Guidance
  • Actions for Financial Institutions
  • Actions for Vendors
• Learn More
  • Related Research
  • Synopsis