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Practice Benchmarks:
Compare yourself to the industry 

Operational risk management isn’t an exact science and practice is constantly evolving. One of the big challenges is knowing how other firms are operating and understanding how your practice compares. This is where ORX Practice Benchmarks can help.

What are Practice Benchmarks?

Practice Benchmarks cover a number of key areas of the operational risk framework. They allow you to assess the maturity of your organisation's practices against the industry and help you understand where you're doing well and where you could improve.

They consist of a survey of participant's practices, an overall report identifying key industry trends and a personalised benchmark report showing your organisation's practice against that of the other participants.

Non-members take part for £1,000, free for ORX members

If you're not a member of ORX, you can still take part in a benchmark for a fee of £1,000, while ORX members can take part for free as part of their ORX Membership subscription. Our Practice Benchmarks are initially run as a standard ORX project. If you take part when they first launch, then you can be involved in any related group calls, webinars and roundtables as well as receiving the full report and personalised benchmark.

Get a Practice Benchmark at any time

Even if you weren't involved in the project initially, then you can still request your own personalised benchmark report for any of our Practice Benchmarks. For £1,000 you'll receive the personal report and the overall industry trends. Just get in touch and let us know which ones you'd like to take part in.

Take part in a Practice Benchmark to: 

  • 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
Get in touch to request your own Practice Benchmark report

Practice Benchmarks we're working on right now

Research
Three lines of defence practice benchmark
Simon Johnson
11 September 2020
The 3LOD is an accepted model for an effective risk management system. In this study, ORX is aiming to understand how the 3LOD is implemented in practice, its challenges and what best-practice might look like.
Read more

Take a look at some of our practice benchmarks

Practice benchmark
Operational risk ICAAP practice benchmark
Sarah Reed
20 February 2020
This report summarises key findings of the ICAAP governance and coordination practice benchmark. The study examined common industry practice for governing and coordinating the operational risk component of the Internal Capital Adequacy Assessment Process.
Read more
Practice benchmark
Scenario refresh and trigger process practice benchmark
Giuseppe Aloi
3 March 2020
This practice benchmark showed that the industry is adopting more dynamic approaches, which are better designed to meet business needs and are more focused on managing risks at the right time. However, there are still areas that could be improved.
Read more
Practice benchmark
RCSA practice benchmark
Esther Renfrew
28 January 2020
At the end of 2019, ORX ran a study on Risk Control Self Assessment (RCSA) with more than 70 banking and insurance firms based around the world. See what we found out.
Read more
Practice benchmark
Op risk framework design practice benchmark
Esther Renfrew
26 April 2019
Understand how your operational risk framework compares to others within the industry. This practice benchmark presents a range of practice and has created a typical framework for reference.
Read more
Practice benchmark
Control management practice benchmark
Annika Westphal
18 September 2018
In this practice benchmark study, we looked at maturity in control management. Our practice benchmarks support new data exchange, increasing the efficiency and credibility of practice, and informing supervisory policy and practice.
Read more
Practice benchmark
Operational Risk Appetite Practice Benchmark
Esther Renfrew
16 December 2017
The industry is progressing, but challenges remain. Our study helped to better understand the state of operational risk appetite within the financial services industry. See what we found out.
Read more
Practice benchmark
Outsourcing risk practice benchmark
Sarah Reed
29 October 2018
What does outsourcing do to your operational risk profile? Part of practice benchmark programme, this study identified common and best practices in managing the risk of a firm's outsourced/third-party portfolio.
Read more