Operational risk reporting standards
ORX continues to lead the way in setting the reporting standards by which the industry views operational risk events. By bringing together a wealth of knowledge and experience from our community of Members, we are able to produce Operational Risk Reporting Standards for both the banking and insurance industry.
Both sets of standards are maintained in collaboration with our Definitions Working Group. They are continually updated to reflect contemporary issues, and to meet the reporting requirements of our Members in an ever-changing landscape.
Our standards are the cornerstone of the ORX quality assurance framework, establishing the definitions and requirements for submitting data to ORX. This ensures our Members receive data of a comparible standard and in an agreed format.
As our standards are publicly available, Non-Members firms also able to benefit from using them to build taxonomies and categorise their operational risk events.
The latest edition of the Banking Operational Risk Reporting Standards (B-ORRS) was approved by the ORX Board in 2012. We are currently working on an updated version.
The B-ORRS is two separate documents. The first contains the definitions, while the second contains a detailed description of each of the data categories.
The first edition of the Insurance Operational Risk Reporting Standards (I-ORRS) was published in March 2015 to support the launch of our new Insurance service.
We developed them with leading global insurers to be in line with the CRO Forum high level operational risk definitions and, wherever possible, to be consistent with our Banking ORRS. Like the B-ORRS, the I-ORRS is in two sections and contains definitions and detailed descriptions.