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Free resources:
Support for everyone in the operational risk community

ORX provides many free resources for managing and measuring operational risk that you don't need to be a member to access. Have a look to see what we offer!

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ORX reference taxonomy

This initiative provides a common language and enable meaningful conversations across the financial services industry. 

Reporting standards

ORX lead the way in setting the reporting standards for operational risk events that are used by banks and insurance firms across the globe.

Research findings

Discover key findings and analysis from our leading-edge research studies that are freely available to support your operational risk practice. 

Annual public loss reports

Banking annual public loss report
This is the only public report we publish on our global banking loss database.
Insurance annual public loss report
Explore key trends driving operational risk losses in the insurance sector today.
ORX News top 5 chart - March 2020
Industry news
5 largest operational risk losses: March 2020
John Bosnell
7 April 2020
Discover the 5 largest operational risk loss events recorded by the ORX News team in March 2020. This month's top 5 includes a loan calculator error, contractual accounting failures and AML failures.
Industry news
Bank evacuated after employee coronavirus case
John Bosnell
16 March 2020
Operational risk loss story of the month from ORX News: In February 2020, DBS Bank announced that it had evacuated employees from an office in Singapore after an employee was confirmed to be infected with coronavirus (COVID-19).
Industry news
5 largest operational risk losses: February 2020
John Bosnell
11 March 2020
Discover the 5 largest operational risk loss events recorded by the ORX News team in February 2020. This month's top 5 includes three cases of loan fraud and a loss of $170m in fraudulent securities offerings.
Climate risk
Press release
ORX launches climate risk discussion groups
Esther Britton
28 February 2020
ORX is bringing our member organisations together to discuss the increasing impact and importance of climate risk on operational and non-financial risk management.
Information
The three lines of defence model explained
Simon Johnson
26 February 2020
The three lines of defence (or 3LOD) model is an accepted regulated framework designed to facilitate an effective risk management system. Traditionally, this model is used because it provides a standardised and comprehensive risk management process.
Industry news
Bank fined USD 17.9m for failure to buy flood insurance
John Bosnell
21 February 2020
Operational risk loss story of the month from ORX News: In January 2020, the US Office of the Comptroller of the Currency (OCC) announced that it had ordered Citibank to pay a USD 18 million (EUR 16.2 million) civil money penalty.
Industry news
5 largest operational risk losses: January 2020
John Bosnell
18 February 2020
Discover the 5 largest operational risk loss events recorded by the ORX News team in January 2020. This month's top 5 includes two cases of loan fraud and a loss of $100m of currency reserves in alleged embezzlement.
Information
How can op risk benefit from machine learning?
Annika Westphal
17 February 2020
Our recently published white paper identified five key ways that operational and non-financial risk management could benefit from using machine learning techniques. Find out what they were.
Industry news
10 most popular loss events: ORX News Q4 2019
John Bosnell
31 January 2020
Find out which operational risk loss events were the most commonly read on ORX News from 1 Oct 2019-31 Dec 2019.
Industry news
ORX News digest of the month – December 2019
John Bosnell
27 January 2020
The ORX News team chooses a digest from the ORX News Service to share publicly each month. Read December's featured digest here: A US Financial Industry Regulatory Authority (FINRA) arbitration panel ordered UBS to pay $11.2m.
Industry news
Monthly Top 5 ORX News Losses – December 2019
John Bosnell
23 January 2020
Find out the five largest operational risk loss events recorded by the ORX News team in December 2019. This month includes fines by the competition agency and a bitcoin company founder defrauding investors of USD $468 million.
Latest news
10 of the most popular op risk updates from ORX in 2019
Esther Britton
22 January 2020
It was a busy 2019 for ORX. Just in case you missed something, here’s a quick round-up of ten of our most popular articles, reports and other updates.
Information
Six trends from the ORX Scenarios library in 2019
Giuseppe Aloi
6 December 2019
Since 2017, institutions have submitted more than 1,100 operational risk scenarios to the ORX Scenarios library. Read on for the key trends and insights from the library in 2019.
Industry news
Monthly Top 5 ORX News Losses – November 2019
John Bosnell
5 December 2019
The five largest operational risk loss events recorded by ORX News in November 2019, including Itau Unibanco being fined $903 million and Wells Fargo being fined $200 million.
Industry news
ORX News digest of the month – November 2019
5 December 2019
The ORX News team chooses a digest from the ORX News Service to share publicly each month. Read November's featured digest here: JPMorgan agrees to pay USD 3.8 million class action settlement over unpaid overtime
Industry news
Most viewed ORX News loss events in Q3 2019
John Bosnell
7 October 2019
Find out the ten most viewed operational risk loss events recorded by the ORX News team during the third quarter of 2019.
Blog
Five key elements for creating an op risk scenario storyline
Giuseppe Aloi
4 September 2019
Learn how to develop comprehensive scenario storylines. This blog focuses on cyber-related data breach.
Research
Four benefits of adopting the ‘umbrella’ approach to op risk management
Luke Carrivick
27 August 2019
What are the benefits of implementing 'umbrella' approach to operational risk management? Our study identified four main benefits – consistency and completeness; efficiency; effectiveness and agility.
Research
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.
Research
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.
Research
Insights into material risks: Scenario library summary 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.
Industry news
SMA implementation tracker
Luke Carrivick
15 October 2019
Find out which jurisdictions have confirmed their SMA plans and what the differences in implementation and capital impact are.
Research
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.
Information
How do scenarios help improve op risk management?
Luke Carrivick
3 June 2019
We asked our Head of Research and Information, Dr Luke Carrivick, a few questions about using scenarios as a method for improving operational risk management.
Industry news
Blockchain and operational risk: opportunities and challenges
Andréia Stephenson
13 July 2018
What might Blockchain mean for financial services, and operational risk in particular? A member of the ORX News team went to a summit in June to find out.

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