ORX Annual Review
- 16 June 2020
Annual Review 2019: Championing op risk
Read our latest annual report to find out more about ORX, how we supported operational risk teams in 2019 and for our audited accounts.
Highlights from 2019 at ORX
Growing the ORX community to 100 organisations
As an association, we achieved a great deal in 2019. This included reaching the significant milestone of 100 members, and we’ve grown even more since then. To celebrate reaching 100 members, we made a donation to plant a tree on behalf of each of those 100 firms.
Developing industry-leading initiatives and research
In-line with our strategy and mission, 2019 saw ORX undertake research studies and initiatives to drive operational risk forwards and champion risk management. These included our work on a cyber service, creating a new reference taxonomy and leading a debate of the future of operational risk management.
Creating a cyber programme
With the help of our members, we’ve invested in developing our cyber risk offering over the last 18 months. We’ve built a strong community of second line risk managers and followed their lead in sharing data on controls and event impact.
Publishing an industry-leading taxonomy
In 2019 we published a new ORX Reference Taxonomy for operational risk. The taxonomy recorded the changing risk profile of financial services and offered a common reference point for firms undertaking their own work.
Kick-starting a conversation on reimagining operational risk
Last year, we began facilitating a conversation among senior risk managers in our membership on reimagining operational risk. Digitalisation is transforming financial services, and the consequences of this transformation will fall primarily in the operational risk portfolio. Following the impact of coronavirus, this discussion will become more important than ever.
2019 at ORX
See how our services can support operational risk management at your organisation
In addition to ORX Membership, we have two premium services that you can subscribe to. All our services are designed to give you the support you need for effective and efficient operational and non-financial risk management.