When phishing scams are reported to Outlook what happens to them?

I reported two phishing scams to Outlook by clicking on the drop down "report phishing scam" in the Outlook mail app. Where does the phish e-mail go and is it reported to the genuine company, in this case a bank? Also, why can't a suspicious e-mail be forwarded to a reporting agency without opening it and exposing my computer and possibly my contact list to the bad guys?