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ORX Risk Innovation and introducing iDP (Innovation Data Platform).pdf

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ORX Risk Innovation and introducing iDP (Innovation Data Platform).pdf

  1. 1. Public Innovation in risk Luke Carrivick & Mark Cooke, ORX
  2. 2. Public “You can’t be an analogue risk manager in a digital bank” Karin Griffin, Head Non Financial Risk Standard Bank
  3. 3. Public Bringing together 100+ members from across the globe EUROPE NORTH AMERICA AFRICA SOUTH AMERICA MIDDLE EAST ASIA PACIFIC
  4. 4. Public Innovation isn’t just about having good ideas. It’s about executing good ideas. 4 To innovate, you need: ✓ Ideas, skills, tools, data and capital ✓ The culture and capacity to take risks ✓ Scale to succeed and scale to reward success
  5. 5. Public Our mission at ORX is to advance the practice of operational risk management. 5 We are thinking more ambitiously and strategically about how we can help create the conditions to make innovation happen.
  6. 6. Public Optimise: Improving the effectiveness and efficiency of day-to-day risk management. In an environment where: • You have data, experts and tools • The near future looks broadly like the past • We see very common themes across the industry Active: Spotting the big new material risks and experimenting. In an environment where: • You are unlikely to have data, experts and tools • The near future looks very different to the past • The only common theme we see is experimentation
  7. 7. Public Standards strategy 9,000+downloads Formed using a new method of gathering data on practice, applying machine learning, applying expert knowledge, publishing and then revising more frequently. Nov 2019: Op Risk Reference Taxonomy Nov 2020: Cause & Impact Reference Taxonomy May 2022: ORX Reference Control Library Q1 2023: ORX Reference Indicator Library 2024: Reference Process & Critical Service Each reference standards builds on an integrates with the others
  8. 8. Public Controls library concept
  9. 9. Public Common standards are a crucial foundation to innovation. They underpin scale in data and scale in practice. This is hugely important as we seek to build new tools.
  10. 10. Public Currently, we see three options for firms seeking to innovate… 10 1. Try to secure scarce internal resources… 2. Try and work with traditional software partners… 3. Try and work with new risk tech producers… …but they’re hard to find and in demand. …but they’re often not rising to the challenge. …but barriers are high, driving up costs. Which led us to take a radically new approach
  11. 11. Public 11 The problems & opportunities led us to the idea of a platform FI Community Factory Fin Tech Ecosystem Lab- box Governance Discover: Aggregates demand and supply and allows the best solutions to scale easily. Accelerate: Applications work better with more data, with data pooling made possible. Key features Connect: Single certificate validation. Plug & play operation allows speed and cost reduction. Innovate: Support to a Lab-box to explore & incubate new ideas
  12. 12. Public 12 Two years on, the idea has become a reality…
  13. 13. Public 13 iDP will address adoption barriers across the end-to-end process - from solution discovery to integration iDP will enable financial institutions to significantly reduce the time and effort required to discover, onboard and integrate risk & reg tech solutions (a process that typically takes 18+ months). INTEGRATE SOLUTIONS DISCOVER SOLUTIONS ONBOARD SOLUTIONS Single market Validation Data Tech Benchmark Connect Security Contracting
  14. 14. Public 14 iDP builds from a strong foundation of data platform & tech marketplace, all in one highly secure environment Risk as a service marketplace User controlled locked box environment Industrial grade security Available in the marketplace on launch: Risk control benchmarking 3rd party monitoring Structured scenarios Limitless future potential to grow the ecosystem
  15. 15. Public 15 iDP’s roadmap (2022 – 2026+) JUNE 2022 2023 2023 - 2026 Q4 2022 2021 – May 22 Scale iDP Live iDP + data pooling Live iDP + benchmarking Working iDP Live iDP Validate & build iDP 2023 Today  Continued to scale iDP as we onboard more users and producers, in addition to expanding the solution offering across more risk types  Launched data pooling functionality to enhance solutions already on iDP and allow for other future data pooling possibilities  Re-platforming ORX applications  Launched benchmarking functionality to enhance solutions already on iDP and allow for other future benchmarking possibilities  Launched an in- production version of the platform  Onboarded 3 producers: ORX controls, Elsware, Aylien  Onboarded pathfinders & early adopters  Developed an initial working version of iDP that will demonstrate how it works  Devised a detailed iDP roadmap  Developed the iDP design & standards with pathfinders  Built iDP on AWS toolset
  16. 16. Public The ORX Risk Control app illustrates the vision behind iDP The ORX Risk Control application will help map control instances to the ORX Reference Taxonomy and Controls Library. By launching on iDP, the efficiency and value created for both financial institutions and ORX as a producer are far greater than if ORX was to develop a standalone tool. 1 Easier onboarding due to: ✓ Consistent data, technical, security and contracts standards ✓ Easier data mapping driven by AWS machine learning tools delivering gap analysis 2 Ability to do benchmarking A network of peers that users can choose to dynamically and securely benchmark across Opportunities for 2 and 3 increase as iDP expands Delivering greater efficiency and creating new value 3 Enable integration More easily integrate controls data into other risk and compliance apps due to consistent standards used across all applications on the platform
  17. 17. Public 17 Thank you Any questions?

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