Free reports & highlights

Support for everyone in the operational risk community

Explore the reports and highlights you can download from ORX for free to help support operational risk management, measurement and understanding at your organisation.

Don't forget, we also have other helpful resources including blogs and news articles, videos and podcasts. Although most of our full reports and papers are only available to our members, you can purchase a some of them through ORX Select.

Operational risk resources from ORX

ORX Reference Taxonomy

The ORX Reference Taxonomy for operational and non-financial risks is made up of the Event Type Taxonomy and the Cause and Impact Taxonomy.

Operational Risk Reporting Standards

Our reporting standards are recognised across the industry. We have specific standards available for both banks and insurers.

Free reports, summaries and highlights

Press release

Cyber threats, macroeconomic & geopolitical uncertainty to change risk landscape

4 May 2022

Speed of change is making assessing emerging risks difficult according to the ORX 2022 Operational Risk Horizon report, with cyber threats, macroeconomic change and geopolitical turbulence predicted to significantly influence the emerging risk landscape.

Press release

Insufficient investment, skills and data causing significant challenge to efforts to quantify cyber risk

Esther Britton

3 March 2022

Cyber is one of the top risks facing the financial services industry, but organisations are still working out the best way to quantify it, according to a report by ORX Cyber.

Press release

Constant fear of cyber threats puts information security at number one risk concern in financial services

Esther Britton

30 November 2021

Information security, including cyber, has topped a league table of operational risk concerns for risk professionals at global financial services organisations.

Press release

Digital transformation and technology top operational risk scenarios in 2021

Esther Britton

24 November 2021

Digital transformation and technology rank as the biggest concern for global banks and insurers in the 2021 operational risk scenarios according to the ORX Scenarios Insights into Material Risks 2021 report.

ORX Scenarios

ORX Scenarios: Insights into Material Risks 2021

Giuseppe Aloi

23 November 2021

Find out the key trends in operational risk scenario practice in 2021. Key themes include conduct, resilience and digitilisation.

ORX Scenarios

The ORX Scenarios Library 2021

Giuseppe Aloi

28 September 2021

The ORX Scenarios library is a database of operational risk scenarios shared by subscribers to the service. Download the free library highlights for exclusive insights into the ORX Scenarios library.

Press release

Operational risk losses reported by global banks continued to fall in 2020 despite the impact of Covid-19

Esther Britton

30 August 2021

Latest banking operational risk loss report shows a decline across the banking community, despite the impact of Coronavirus (Covid-19).

Report

Banking Operational Risk Loss Data Report 2021

Luke Carrivick

9 August 2021

Download the free summary of our latest Banking Operational Risk Loss Report, for insights into trends, frequency and severity of loss events in our global banking database. Or, find out how to buy the full report for even more data and information.

Report

Insurance Operational Risk Loss Data Report 2021

Steve Bishop

9 August 2021

Download the free summary of our latest Insurance Operational Risk Loss Report, for insights into trends, frequency and severity of loss events in our global insurance database. Or, find out how to buy the full report for even more data and information.

Press release

Banks must embrace fundamental shift in operational risk models to tackle multi-billion digital transformation safely

Esther Britton

23 July 2021

Risk leaders of global financial institutions must start managing risk in a far more active way to tackle their multi-billion pound commitments to digital transformation warns the latest ORX report, ‘Right time, right place’.

Report

Future of Op Risk: Right time, right place

Simon Wills

9 July 2021

Are you ready to manage risk in an increasingly digitalised world? Download the report, Right time, right place: drive for change in operational and non-financial risk, to find out.

ORX News

ORX News Deep Dive: Colpipe pay $4.4m ransom

John Bosnell

17 September 2021

Download the free operational risk Deep Dive from ORX News to find out why Colpipe paid a ransom of $4.4m following a cyber attack that disrupted their operations.

ORX Scenarios

Operational Risk Scenarios White Paper

Giuseppe Aloi

14 April 2021

What does the future hold for operational risk scenario analysis? Download the free Operational Risk Scenarios White Paper from ORX Scenarios to find out.

Report

Exploring Risk Exposure Methodologies

Annika Westphal

19 March 2021

This project explored the use of structured scenarios for operational risk measurement, specifically structured scenarios based on Bayesian networks. Download the free summary report for an overview of our key findings.

ORX Cyber

Cyber Risk Board Reporting Study 2020

Melanie Lavallin

18 December 2020

Download the report based on work with our cyber operational risk community to find out how the industry is approaching cyber and information security risk reporting to the Board.

Report

Addressing the regulatory challenge of operational resilience

Melanie Lavallin

1 December 2020

Operational resilience is a hot topic at right now. Find out how you can address the regulatory challenge posed by operational resilience right now.

ORX News

ORX News Deep Dive: Citibank loses USD 400 million

John Bosnell

26 November 2020

Download the free Deep Dive from ORX News to find out why Citibank was fined USD 400 million over poor risk management, data governance and control failures.

Report

ORX Cause & Impact Operational Risk Reference Taxonomy

Steve Bishop

24 November 2020

In response to feedback from operational risk teams, we are bringing forward the work we are going to progress this year to develop a Cause and Impact Reference Taxonomy building on the success of last year’s ORX Reference Taxonomy.

Report

Top Risk Review: October 2020

Steve Bishop

27 October 2020

Download the latest Top Risk Review from ORX, published in October 2020, to see how the operational risk landscape is changing and which risks you need to be ready for.

ORX Scenarios

ORX Scenarios: Insights into Material Risks 2020

Giuseppe Aloi

18 October 2020

Find out the key trends and analysis in scenario practice in 2020. Key themes include conduct, resilience and the importance of an agile operational risk framework.

Report

CCAR Benchmark 2020

Sarah Reed

15 December 2020

The Comprehensive Capital Adequacy Review (CCAR) is an essential annual supervisory requirement for banks conducting business in the United States. Sign up now to receive an individual benchmark to see how your submission compares with your peers'.

Report

Coronavirus: the first lessons

Simon Wills

10 July 2020

Read our latest report, Coronavirus: the first lessons - a view from the operational risk community, to see what the industry has learnt from the pandemic, where we succeeded and what we could do better in the future.

ORX Scenarios

Scenario Development Handbook: Pandemic

11 June 2020

In response to the coronavirus outbreak, ORX Scenarios have produced a pandemic Scenario Development Handbook to provide practical guidance on preparation, assessment and governance to support your development of scenario process.

Report

Covid Risk Review

Steve Bishop

8 June 2020

Find out how coronavirus has impacted operational risk profiles. Read the results of our survey of the ORX membership on the current operational risks facing us today.

ORX Cyber

Cyber risk management controls & indicators

Melanie Lavallin

28 February 2020

How is the industry implementing controls and indicators for cyber risk management? And what makes an effective indicator or control? Read the report from our study to find out.

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.

Report

Operational Risk Horizon 2020

10 February 2020

Download the ORX Operational Risk Horizon 2020 report to find out the top emerging and current operational risks for 2020 and beyond for banks and insurers. This report is based on a survey of financial firms.

Practice Benchmark

RCSA Practice Benchmark

Esther Renfrew

28 January 2020

RCSA is one of the most important tools in a firm’s operational risk management and control framework. But are you making the most of RCSA? This ORX Practice Benchmark can show you what you're doing right and what you could be doing better.

Report

ORX Event Type Operational Risk Reference Taxonomy

Steve Bishop

22 November 2019

Download the new ORX Event Type Reference Taxonomy for operational and non-financial risk (NFR). Working with Oliver Wyman, we've produced an updated level 1 and level 2 taxonomy.

Report

CCAR Benchmark 2019

Sarah Reed

1 November 2019

This study benchmarked CCAR operational risk modelling methods and outputs. It also included topics such as risk identification, scenario analysis, forecasting of legal losses, incorporating results into business as usual activities and top challenges.

Report

Machine learning in operational risk white paper

Annika Westphal

25 September 2019

This white paper makes a case for the use of advanced analytics, and specifically machine learning techniques, for operational risk management in financial firms. Download the white paper for more information.

ORX Cyber

Roles and responsibilities in cyber and information security risk management

Melanie Lavallin

24 September 2019

We surveyed 25 financial institutions establish where cyber and information security risk management responsibilities sit across the three lines of defence, and to identify those areas where there is confusion. See what we found out.

Report

ORX Scenarios: Insights into material risks 2019

Giuseppe Aloi

16 September 2019

Each year, we analyse our scenario library and produce a summary report on the results. Read the summary report for key trends and highlights.

ORX Cyber

Cyber and information security risk definitions

Melanie Lavallin

4 July 2019

Working with participants of the ORX Cyber and information security risk (CISR) programme, we have created definitions for cyber and information security risk that we'll use throughout the project.

Report

Risk-managing change

Simon Wills

26 June 2019

In collaboration with McKinsey & Company, we interviewed 16 Chief Risk Officers from leading financial organisations to see how they are managing change. Download the report and Checklist for Change to find out more.

Report

ICAAP methodology study

Annika Westphal

5 June 2019

Get the ICAAP methodology summary report to find out about the range of methodologies used when quantifying operational risk capital for ICAAP.

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.

ORX News

ORX News Deep Dive: British Airways data breach

John Bosnell

22 January 2019

British Airways suffers data breach compromising information on over 429,000 customer cards.

Report

Operational Risk Horizon 2019

21 January 2019

Benchmark your top current operational risks against your peers and identify emerging operational risk trends with the ORX Operational Risk Horizon study.

Report

CCAR Benchmark 2018

Sarah Reed

18 January 2019

Download the summary report from the ORX CCAR Benchmark 2018. The goal of this project was to provide participants with a benchmark of operational risk modelling methodologies, and model outputs for their 2018 CCAR submissions.

Report

Progress and challenges in model risk management

Annika Westphal

21 December 2018

Model risk is receiving increased attention from financial firms and regulators. Our report looks at model risk management practices and the progress that has been made since our 2016 study on this operational risk topic.

Practice Benchmark

Control Management Practice Benchmark

18 September 2018

In this Practice Benchmark study, we looked at maturity in control management. Download the summary report below for more information.

Report

EU-wide stress test benchmark 2018

Annika Westphal

31 May 2018

In 2018, we conducted a survey on the methodologies used in the operational risk component with 27 banks. Find out more and download the study summary.

Report

Operational Risk Horizon 2018

John Mears

21 March 2018

The Operational Risk Horizon was a new initiative from ORX offering two key benefits – the ability to benchmark your top current risks and to identify emerging risk trends.

Report

CCAR Benchmark 2017

Annika Westphal

13 March 2018

We ran this study for the third time to provide interested institutions with a benchmark of methodology and model outputs for their 2017 CCAR submissions. See what we found out.

Report

Understanding control management practices

Nick Benson

28 November 2017

Controls help an organisation to operate effectively, comply with policies, produce dependable information and conform with regulation. This research explored control frameworks are managed and the type of related data collected.

Report

The future of operational risk

Simon Wills

9 November 2017

In 2016 we began a study with McKinsey. We aimed to identify the strategic challenges that financial firms must address if they are to manage operational risk more effectively. Find out the results.

Report

Understanding Conduct Risk Practices

John Mears

26 October 2017

Although there is no common understanding of conduct risk, progress is being made our study on conduct risk showed. We explored its interaction with the operational risk management framework and the shared challenges faced by the industry.

Report

Capital Methodology survey 2016

17 January 2017

Every two years we carry out the Capital Methodology survey. It provides a detailed analysis of how the industry is building capital models, covering a wide range of model building aspects.

Report

How do banks manage model risk in 2016?

28 October 2016

This Snap Survey report explores how banks define, manage and mitigate model risk.

Report

Understanding emerging risk

John Mears

28 October 2016

In 2016, we began work to enhance industry understanding of how emerging risks are defined, identified and assessed and the structures in place to support this activity.

ORX News

Hitting the headlines

Annika Westphal

28 October 2016

Using data from the ORX News database, this report analyses the frequency and severity of losses in the financial services industry across 2014 and 2015.

Industry statement

Capital impact of the SMA 2016

Luke Carrivick

27 May 2016

Our response to Basel Committee on Banking Supervision's (BCBS) proposed Standardised Measurement Approach for Pillar I operational risk capital. Including our SMA capital requirements benchmark report, ORX Capital impact of the SMA.

Free reports & highlights

Support for everyone in the operational risk community

Operational risk resources from ORX

Free reports, summaries and highlights

ORX Membership