ORX News

News and blogs:
The latest news, updates and useful information from ORX

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Top 5 August
Industry news
Monthly Top 5 ORX News Losses – August 2019
John Bosnell
5 September 2019
Find out the five largest operational risk loss events recorded by the ORX News team in August 2019.
Industry news
ORX News digest of the month – August 2019
John Bosnell
5 September 2019
The ORX News team chooses a digest from the ORX News Service to share publicly each month. Read August's featured digest here: DSK Bank fined BGN 1 million after third parties access over 33,000 customers’ data
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.
Basel event types and the ORX reference taxonomy
Latest news
Over 60 taxonomies analysed for new reference taxonomy
Steve Bishop
28 August 2019
Working with a leading consultant, we've developed a draft of our enhanced reference taxonomy. At the moment the draft contains 16 level 1 risks, supported by 75-80 level 2 risks.
ORX four benefits of the operational risk umbrella
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.
Industry news
SMA implementation tracker
Luke Carrivick
8 August 2019
Find out which jurisdictions have confirmed their SMA plans and what the differences in implementation and capital impact are.
Industry news
Monthly Top 5 ORX News Losses – July 2019
John Bosnell
7 August 2019
Find out the five largest operational risk loss events recorded by the ORX News team in July 2019.
Newspaper
Industry news
ORX News digest of the month – July 2019
John Bosnell
7 August 2019
The ORX News team chooses a digest from the ORX News Service to share publicly each month. Read July's featured digest here: Capital One expects to pay USD 150 million after hacker steals information of 106 million individuals
Industry news
OSFI opts for standardised approach transition year ahead of SMA
Luke Carrivick
25 July 2019
On 18 July, OSFI announced its plans for moving to the SMA. In preparation, OSFI is introducing a transition year – in 2020, banks will revert to the Basel II standardised approach before changing to the SMA in 2021.
Blog
Nine highlights from our 2019 Analytics and Scenario Forum
Giuseppe Aloi
31 July 2019
More than 50 people attended our recent Analytics and Scenario Forum. Find out what they discussed.
Industry news
Most viewed ORX News loss events in Q2 2019
John Bosnell
11 July 2019
Find out the ten most viewed operational risk loss events recorded by the ORX News team during the second quarter of 2019.
Industry news
ORX News digest of the month – June 2019
John Bosnell
10 July 2019
The ORX News team chooses a digest from the ORX News Service to share publicly each month. Read June's featured digest here: Chilean banks face outsourcing failures
Industry news
Monthly Top 5 ORX News Losses – June 2019
John Bosnell
2 July 2019
Find out the five largest operational risk loss events recorded by the ORX News team in June 2019.
Latest news
2019 HORF reflects changing op risk environment
Roland Kennett
26 June 2019
The 2019 ORX Heads of Operational Risk Forum came at time of unprecedented change for the industry. Operational risk managers are facing new challenges across all areas.
Latest news
ORX wins Initiative of the Year at the 2019 Operational Risk Awards
Marina Vissaridis
17 June 2019
We are delighted to announce that ORX has won Initiative of the Year at the 2019 Operational Risk Awards. Held on 18 June 2019 in New York, the Operational Risk Awards honour excellence in op risk management and compliance.
Latest news
Aegon joins ORX
Marina Vissaridis
14 June 2019
We are pleased to announce that Aegon have joined ORX to become our 98th member institution.
Industry news
Loss data included in EBA's recommended implementation of SMA
Luke Carrivick
8 August 2019
On 2 July 2019, the EBA published the summary results of their work on the Basel III implementation assessment and QIS impact study. See what they recommended.
Latest news
Insurers meet for their annual European forum in Munich
Steve Bishop
13 June 2019
In May, representatives from 15 insurance firms gathered in Munich for the annual ORX European Insurance Forum. They discussed the priorities and challenges facing the industry today, RCSA and the future of op risk management and data.
Industry news
No place for historical losses in APRA's plans for op risk capital
Luke Carrivick
6 June 2019
In an industry consultation today the APRA set out its plans for adoption of the SMA to Pillar I Operational Risk capital. Find out more about their plans.
Latest news
Scenario library grows to over 1050 scenarios
Giuseppe Aloi
7 June 2019
The scenario library has just been published for 2019. It now has more than 1050 scenarios from over 45 institutions.
Industry news
Monthly Top 5 ORX News Losses – May 2019
John Bosnell
6 June 2019
Find out the five largest operational risk loss events recorded by the ORX News team in May 2019.
Industry news
ORX News digest of the month – May 2019
John Bosnell
6 June 2019
The ORX News team chooses a digest from the ORX News Service to share publicly each month. Read May's featured digest here: BoA suffers losses of USD 375,000 following cyberattack using GozNym malware
Latest news
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
ORX News digest of the month – April 2019
John Bosnell
10 May 2019
The ORX News team chooses a digest from the ORX News Service to share publicly each month. Read April's featured digest here: Zurich fined USD 5.1 million by DoJ over sale of products used for tax evasion
Industry news
Monthly Top 5 ORX News Losses – April 2019
John Bosnell
10 May 2019
Find out the five largest operational risk loss events recorded by the ORX News team in April 2019.
Latest news
ORX Annual report: Leading the way
Esther Britton
1 May 2019
Read our latest annual report to find out more about ORX, the value we provided in 2018, and how we'll be continuing to develop and grow in 2019.
Industry news
Most viewed ORX News loss events in Q1 2019
John Bosnell
26 April 2019
Find out the ten most viewed operational risk loss events recorded by the ORX News team during the first quarter of 2019.
Industry news
ORX News digest of the month – March 2019
John Bosnell
9 April 2019
The ORX News team chooses a digest from the ORX News Service to share publicly each month. Read March's featured digest here: Wells Fargo pays USD 17.4 million to investors through SEC share class initiative
Industry news
Monthly Top 5 ORX News Losses – March 2019
John Bosnell
9 April 2019
Find out the five largest operational risk loss events recorded by the ORX News team in March 2019.
Latest news
Exploring the impact of advanced analytics on op risk
Esther Britton
2 April 2019
What impact will artificial intelligence and machine learning have on operational and non-financial risk? Our new Machine Learning Working Group will explore this question.
Industry news
Most viewed ORX News loss events in Q1 2019
John Bosnell
26 April 2019
Find out the ten most viewed operational risk loss events recorded by the ORX News team during the first quarter of 2019.
Industry news
Digital continues to dominate the operational risk landscape
Margo Kane
4 March 2019
Digital continues to dominate the operational risk landscape
Industry news
Monthly Top 5 ORX News Losses – February 2019
John Bosnell
12 March 2019
Find out the five largest operational risk loss events recorded by the ORX News team in February 2019.
Industry news
ORX News digest of the month – February 2019
John Bosnell
13 March 2019
The ORX News team chooses a digest from the ORX News Service to share publicly each month. Read February's featured digest here: Bank of Valletta suspends services after hackers falsify transactions to steal EUR 13 million
Latest news
Annual Top 10 losses 2018
John Bosnell
8 February 2019
The ORX News annual review of the Top 10 largest operational risk loss events of 2018. All of the loss events covered are taken from the Top 5 largest loss event articles that are published every month.
Industry news
Monthly Top 5 ORX News Losses – January 2019
John Bosnell
20 February 2019
Find out the five largest operational risk loss events recorded by the ORX News team in January 2019.
Industry news
ORX News digest of the month – January 2019
John Bosnell
26 February 2019
The ORX News team chooses a digest from the ORX News Service to share publicly each month. Read January's featured digest here: Hackers access SEC EDGAR database to steal files and execute insider trades
Latest news
Groupe BPCE joins ORX
Marina Vissaridis
1 February 2019
We are pleased to announce that Groupe BPCE have joined ORX.
Latest news
ORX research programme: Q1-Q2 2019
Esther Britton
18 January 2019
We've just announced our Q1-Q2 2019 research programme, including operational risk framework design, the role and scope of operational risk, ICAAP methodology study and an RCSA practice benchmark.
Industry news
Monthly Top 5 ORX News Losses – December 2018
Margo Kane
11 January 2019
Find out the five largest operational risk loss events recorded by the ORX News team in December 2018.
Industry news
ORX News digest of the month – December 2018
Margo Kane
11 January 2019
The ORX News team chooses a digest from the ORX News Service to share publicly each month. Read December's featured digest here: Barclays receives USD 15 million fine for shortcomings in whistle-blower function
Industry news
Monthly Top 5 ORX News Losses – August 2018
Margo Kane
6 September 2018
Find out the five largest operational risk loss events recorded by the ORX News team in August.
Industry news
Most viewed ORX News loss events in Q4 2018
Margo Kane
4 January 2019
Find out the ten most viewed operational risk loss events recorded by the ORX News team during the fourth quarter of 2018.
Industry news
ORX News digest of the month – November 2018
Margo Kane
12 December 2018
The ORX News team chooses a digest from the ORX News Service to share publicly each month. Read November's featured digest here: JPMorgan and Citibank pay $21m over SIBOR
Industry news
Monthly Top 5 ORX News Losses – November 2018
Margo Kane
12 December 2018
Find out the five largest operational risk loss events recorded by the ORX News team in November 2018.
Latest news
How our reference taxonomy can help the industry improve operational risk management
Luke Carrivick
15 July 2019
By clearly capturing relevant risks, the ORX taxonomy is intended to be a reference point for financial institutions across the globe, supporting them in their move from ‘passive’ to ‘active’ risk management.
Latest news
The ORX research catalogue is now available
Marina Vissaridis
22 November 2018
Did you know we've published nearly 50 research projects? See what ones you've missed in our new research catalogue.
Industry news
Most viewed ORX News loss events in Q3 2018
Margo Kane
9 October 2018
Find out the ten most viewed operational risk loss events recorded by the ORX News team during the third quarter of 2018.
Industry news
Monthly Top 5 ORX News Losses – October 2018
Margo Kane
12 November 2018
Find out the five largest operational risk loss events recorded by the ORX News team in October.
Industry news
ORX News digest of the month – October 2018
Margo Kane
12 November 2018
The ORX News team chooses a digest from the ORX News Service to share publicly each month. Read October's featured digest here.
Industry news
ORX News digest of the month – September 2018
Margo Kane
9 October 2018
The ORX News team chooses a digest from the ORX News Service to share publicly each month. Read September's featured digest here.
Industry news
Monthly Top 5 ORX News Losses – September 2018
Margo Kane
8 October 2018
Find out the five largest operational risk loss events recorded by the ORX News team in September.
Industry news
ORX News digest of the month – August 2018
Margo Kane
10 September 2018
The ORX News team chooses a digest from the ORX News Service to share publicly each month. Read August's featured digest here.
Industry news
Monthly Top 5 ORX News Losses – July 2018
Margo Kane
7 August 2018
Find out the five largest operational risk loss events recorded by the ORX News team in July.
Industry news
ORX News digest of the month – July 2018
Margo Kane
7 August 2018
The ORX News team chooses a digest from the ORX News Service to share publicly each month. Read July's featured digest here.
Industry news
Roland Kennett gives IFF insights on the outlook for operational risk
Esther Britton
25 July 2018
Our Head of Membership and Services Development, Roland Kennett, recently spoke to The International Faculty of Finance (IFF) about what the future looks like for operational risk in the finance sector.
Industry news
Most viewed ORX News loss events in Q2 2018
Margo Kane
24 July 2018
Find out the ten most viewed operational risk loss events recorded by the ORX News team during the second quarter of 2018.
Latest news
Annual insurance loss report now published
Marina Vissaridis
17 July 2018
Every year we produce a high-level summary of our global insurance operational loss database. We've just released this year's report.
Latest news
Annual banking loss report now published
Marina Vissaridis
17 July 2018
Every year we produce a high-level summary of our global banking operational loss database. We've just released this year's report.
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.
Latest news
Changing ORX: The way forward
Marina Vissaridis
2 July 2018
Our 2018 annual report – Changing ORX: The way forward – shows how our new strategy will support our membership as the world of operational risk changes.
Industry news
Monthly Top 5 ORX News Losses – June 2018
Margo Kane
10 July 2018
Find out the five largest operational risk loss events recorded by the ORX News team in June.
Industry news
ORX News digest of the month – June 2018
Margo Kane
10 July 2018
The ORX News team chooses a digest from the ORX News Service to share publicly each month. Read June's featured digest here.
Industry news
IMF cyber risk paper uses ORX News data
John Bosnell
28 June 2018
Antoine Bouveret, an economist at the International Monetary Fund (IMF), has published a working paper “Cyber Risk for the Financial Sector: A Framework for Quantitative Assessment”, which used ORX News data as its main input.
Latest news
Five key topics discussed at HORF 2018
Esther Britton
22 June 2018
The umbrella function, material operational risk, supporting the change agenda, proactive operational risk management and how best to leverage data and techniques top the bill at this year's HORF.
Industry news
Monthly Top 5 ORX News Losses – May 2018
Margo Kane
12 June 2018
Find out the five largest operational risk loss events recorded by the ORX News team in May.
Industry news
ORX News digest of the month – May 2018
Margo Kane
11 June 2018
The ORX News team chooses a digest from the ORX News Service to share publicly each month. Read May's featured digest here.
Industry news
Monthly Top 5 ORX News Losses – April 2018
Margo Kane
14 May 2018
Read about the five largest operational risk loss events recorded by the ORX News team in April.
Industry news
ORX News digest of the month – April 2018
Margo Kane
9 May 2018
The ORX News team chooses a digest from the ORX News Service to share publicly each month. Read April's featured digest here.
Industry news
Most viewed ORX News loss events in Q1 2018
Margo Kane
11 April 2018
Find out the five most viewed operational risk loss events recorded by the ORX News team during the first quarter of 2018.
Latest news
Siam Commercial Bank joins ORX
Marina Vissaridis
20 April 2018
We are pleased to announce that Siam Commercial Bank (SCB) have joined ORX.
Industry news
Monthly Top 5 ORX News Losses – March 2018
Margo Kane
9 April 2018
See the five largest operational risk loss events recorded by the ORX News team in March.
Industry news
ORX News digest of the month 2017
Margo Kane
19 January 2018
The ORX News featured digest is handpicked by the ORX News team. It's a detailed look at one of the most interesting losses reported in the media that month.
Industry news
ORX News digest of the month – March 2018
Margo Kane
9 April 2018
The ORX News team chooses a digest from the ORX News Service to share publicly each month. Read March's featured digest here.
Industry news
Monthly Top 5 ORX News Losses – February 2018
Margo Kane
12 March 2018
Find out the five largest operational risk loss events recorded by the ORX News team in February.
Industry news
ORX News digest of the month – February 2018
Margo Kane
12 March 2018
The ORX News team chooses a digest from the ORX News Service to share publicly each month. Read February's featured digest here.
Latest news
Claudia Meyer joins ORX Board of Directors
Marina Vissaridis
23 February 2018
We are pleased to announce that Claudia Meyer has joined the ORX Board of Directors.
Latest news
Annual Top 10 ORX News Losses 2017
Margo Kane
21 February 2018
The ORX News annual review of the Top 10 largest operational risk loss events of 2017. All of the loss events covered are taken from the Top 5 largest loss event articles that are published every month.
Industry news
Monthly Top 5 ORX News Losses – January 2018
Margo Kane
12 February 2018
Read about the five largest operational risk loss events recorded by the ORX News team in January.
Industry news
ORX News digest of the month – January 2018
Margo Kane
12 February 2018
The ORX News team chooses a digest from the ORX News Service to share publicly each month. Read January's featured digest here.
Thought leadership
The death of operational risk?
Luke Carrivick
9 February 2018
Luke Carrivick, Head of Research and Information at ORX, challenges recent reports on the 'death of operational risk'.
Latest news
Nomura joins ORX
Marina Vissaridis
25 January 2018
The Operational Riskdata eXchange Association (ORX), the world’s leading operational risk association, is pleased to announce that Nomura Holdings, Inc. has joined the Association.
Latest news
ORX Chairman Mark Cooke discusses role of the umbrella function
Esther Britton
19 January 2018
Mark Cooke, Global Head of Operational Risk at HSBC and the chairman of the ORX board, was recently interviewed by the Center for Financial Professionals on the role of operational risk as an umbrella function.
Industry news
Monthly Top 5 ORX News Losses 2017
Margo Kane
19 January 2018
The ORX News Top 5 losses records the biggest operational risk events in the financial services industry every month.