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Practice benchmark programme:
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

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.
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.
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.
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.
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.
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.