Changing ORX: The way forward
- 2 July 2018
This year we published our first annual report. The report, Changing ORX: The way forward, shows how our new strategy will support our membership as the world of operational risk changes.
It also includes a letter from our chairman, Mark Cooke, looks at our main acheivements in 2017 and contains our audited accounts.
Measuring our success in 2017
Last year five new institutions joined the association, bringing up our membership to 97. We also had five new subscribers to the ORX News service and a further three to the ORX Scenarios service.
Throughout 2017, we continued to move away from risk measurement and more towards risk management. We successfully delivered many new projects, including The future of operational risk study, a CCAR stress testing benchmark and research on conduct risk practices.
Transforming ORX: The 2018 strategy
We intend to tackle new challenges and continue to shift our focus from risk measurement to risk management.
– Mark Cooke, Chairman of ORX
This year is about looking forward and implementing a new strategy. In line with our members' wishes, we will continue to shift our focus more towards risk management.
This will involve investing in our new offer to meet the new challenges; maximising the value from historic investments, and becoming a more effective organisation. It will also mean making the most of the platform we already have.
Our new offer centres on four key areas:
- Thought leadership – our research will focus on new challenges, advancing industry practice and informing supervisory policy
- Risk information – we'll provide that describes the industry risk profile and information that helps explain and manage material risk
- Practice benchmarking – we'll improve efficiency and credibilty by creating practice standards and benchmarks
- Our collaborative network – we'll continue to use our platform to explore new ideas and create global communities
We'll also focus on supervisory policy. We recognise that we are well placed to record the impact of new international and regional supervisory rules and co-ordinate industry response, so we'll explore the impact of the new Basel III rules and provide a space to debate how the industry can meet new standards.
We are ambitious for ORX because we believe operational risk is important and increasing, and operational risk management is challenging. Our strategy and business plan aim to help members make progress together.
– Simon Wills, Executive Director of ORX
Find out more
If you'd like to know more about the new ORX strategy, or our acheivements in 2017, please download the report below.