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.