Philadelphia, PA (September 20, 2005)âThe Operational Riskdata eXchange
Association (ORX) and the Risk Management Association (RMA) today announced
an agreement whereby Simon Wills, RMAâs new director, based in Europe and
focusing on operational risk, will serve as the first executive director of
ORX. Under this agreement, RMA will provide ORX with general management,
sales and marketing, and related services.
"The appointment of Simon Wills marks a significant step in the evolution
of ORX and the next stage in the growth of the association," said Joe
Sabatini, ORX chair and Managing Director, J.P. Morgan Chase. "We are
delighted to have Simon as our first executive director, and we are looking
forward to working with RMA. Having spent the last four years developing
our processes, standards, and structures, the association is now poised for
an expansion in value and membership. Simon is absolutely the right person
to lead this effort."
RMA President and CEO Maurice H. Hartigan II said, "RMA is committed to
helping ORX achieve its mission. Throughout our 91-year history we have
served the needs of our institutional members, currently numbering 3,000.
We hope that our involvement with ORX will help the global industry realize
major synergies between our Key Risk Indicators Initiative and ORXâs
path-breaking work on loss data."
Charles Taylor, director of operational risk at RMA in Philadelphia, said,
"Simon is a recognized authority in the industry and brings to us and ORX a
deep knowledge of European public policy and global financial services
Previously, Wills was a director of the British Bankersâ Association (BBA),
where he led the representation of the British banking industry on the
reform of the Basel Capital Accord and other changes in the regulatory
framework. While at the BBA, Wills chaired the European Banking Federation
Basel Working Group.
Wills said, "Iâm hugely looking forward to working with and growing the
association. A great amount of work has been invested in ORX that can now bear fruit, to the benefit of the whole financial services industry."