Practice benchmarks

Compare yourself to the industry 

Operational risk isn’t an exact science. Practice is maturing, so there is an increasing appetite to understand and benchmark practice in key areas.

Financial institutions find it useful to compare themselves to the wider industry, so that they understand how they operate and where they can improve.

Our unique practice benchmarking reports help to increase the efficiency and credibility of industry practice and inform supervisory policy. The reports reflect a wide range of our members’ practice, covering up to one hundred institutions. 

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. 

Take a look at some of our practice benchmarks

Research
RCSA practice benchmark
Sarah Reed
27 March 2019
Sign up now to participate in the RCSA practice benchmark. This study will identify the range of practice around RCSAs and provide participants with individual maturity benchmarks.
Practice benchmark
Operational risk framework design
Esther Renfrew
18 January 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.
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.
Practice benchmark
Operational risk appetite with consequence 2017
Esther Renfrew
9 March 2018
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.
Research
Outsourcing risk
Sarah Reed
1 September 2017
How do you assess what outsourcing does to your operational risk profile? The ORX Outsourcing risk project will help you understand the new risks and operational impacts that have emerged as the industry has changed.