Two ORX Forums held last week
- 12 March 2018
Last week, we hosted two successful forums in London – the European Insurance Forum and the Operational risk appetite project phase 2 roundtable. Both events were well-attended and prompted useful discussions on key topics.
Insurance Forum 2018 – Europe
Twenty insurers from around the world met to talk about all things operational risk. Discussions focussed on how to become an active risk manager; control environments; the impact of digitalisation on risk management; risk appetite; operational risk as an umbrella risk function; and developing business friendly risk taxonomies. We're holding a second insurance forum in North America later this year.
Free attendance at ORX insurance forums is one of the many advantages of joining our Insurance Service. Members of the service also benefit from access to quality research, being able exchange loss data to a common standard, and collaborating with a global network of insurance operational risk professionals.
Operational risk appetite roundtable 2018
Thirty members (banks and insurers) got together to discuss non-financial metrics linked to risk appetite during a roundtable following the survey part of phase two of our operational risk appetite project.
We discussed and tried to agree on what made an effective non-financial metric. We also considered what should be reported to the Board, how frequently it should be reported, and to what level of granularity. We explored some examples around cyber and conduct. The participants of the study will receive an inventory of 400 metrics that have been submitted and have been deemed effective.
About the project
Phase one of our study on operational risk appetite looked at current practices and industry maturity. Following the success of this, we have now begun phase two which focuses on non-financial metrics.