Compare yourself to the industry
Operational risk isn’t an exact science. Practice is constantly maturing and changing, so it's important to understand and benchmark practice in key areas.
Our practice benchmarks allow operational risk teams to compare their practice to the rest of the industry, so that they understand how they compare and where they can improve. Our practice benchmarks help to increase the efficiency and credibility of industry practice and inform supervisory policy. They reflect a wide range of practice from financial institutions all around the world.
What are practice benchmarks?
At ORX, we are working with the industry to develop practice benchmarks to help assess the maturity of an institution’s operational risk management practices against the industry. The maturity matrices address the key components of a specific risk management area.
Benefits of practice benchmarks:
- Benchmark your strengths and weaknesses against the wider industry
- Save time by discovering areas where your institution should focus effort
- Find out the common challenges and best current practice
- Compare your institution’s size, region and selected peer group with others
- Use your personalised benchmark in discussions with regulators and for internal support with board members
Receiving your own benchmark
Each maturity description outlines the components at three increasing levels of maturity. The participating institutions self-assess against each maturity description to receive a customised benchmark report.
Although we run the initial development of a new area of practice as a project, the individual benchmark reports can be provided at any time. The benchmark is free for ORX members and can be provided for a fee to non-members. The fee is refundable if you become a member of ORX within a year.
If you would like to know more about pricing, please contact us.
Request your own benchmark
Please get in touch if you would like to receive your own customised benchmark report.