ORC - Operational Risk Center

The Operational Risk Center (hereinafter "ORC") is a standard software for controlling and managing operational risks in banks, insurance companies and other companies. ORC is a joint project of interexa AG and VÖB-Service GmbH, a 100% subsidiary of the Bundesverband Öffentlicher Banken Deutschlands e.V. (VÖB), in cooperation with the association's member institutions.

ORC has a modular structure and supports the entire management cycle for the management of operational risks, from risk identification and measurement to risk analysis, risk calculation and risk reporting. ORC offers interfaces for transferring inventory data and exchanging data with external systems. Convenient user administration, a powerful workflow engine and the configurability of data structures, user interfaces, reports and processing rules enable the mapping of customer-specific control philosophies.

ORC is also web-based and platform-independent. This ensures company-wide use on all common operating systems, databases, servers and browsers. The user group can be expanded at any time and the role-based authorization system (ACL) and encrypted data transfer (SSL) ensure that working with ORC is always secure. The ORC standard can be used out-of-the-box and can be implemented quickly and cost-effectively. At the same time, ORC offers all the options for mapping customer-specific extensions.

Your advantages of ORC at a glance:

• Includes all functionalities for successful operational risk management
• Common best-practice approach of the banks represented in the ORC working group of VöB-Service GmbH
• Supports audit-proof digitalization of the entire operational risk management process
• Is the leading software for operational risk management
• Can be used out-of-the-box
• Includes proven audit security
• Can be flexibly adapted to individual customer requirements

The following modules are currently available:

• ORC-RE (risk event): Workflow-supported recording of risk events
• ORC-RP (Risk Profile): Presentation of risk profiles (structured recording of expert estimates for qualitative assessment of the current risk situation)
• ORC-RC (Risk Checkpoints): Question-based risk inventory (self-assessment)
• ORC-RI (risk indicators): Presentation of risk indicators as an early warning system for a timely response to changes in the risk situation
• ORC-RA (reporting, risk analysis): Creation of graphical reports, cockpits, time- and event-driven notification
• ORC-RS (risk simulation): Calculation of the equity deposit based on the actual loss events and the loss estimates from the self-assessment
• ORC-RM (measures/emergency database): Workflow-supported and cross-module definition of measures and emergency plans for communicating and monitoring the risk management process
• ORC-RD (risk documents): Structured, historicized filing of operational risk management documents and provision of the documents to the respective authorized employees of the institution
• ORC-IC (Internal Control System): Serves to document, monitor and control the controls of an internal control system (ICS) integrated into the organizational and technical processes of the company
• ORC-RKC (Risk Consortium Client): Used to exchange loss event data with other institutions.