Updated Banking Operational Risk Reporting Standards
- 12 April 2018
We've just released a revision to our current Banking Operational Risk Reporting Standards (B-ORRS). The update outlines new reporting requirements for tax events (see section 3.2.4).
The change requires our members to report both interest and legal costs when there is a prior underlying operational risk event, even when no penalty is imposed.
We made this alteration after a period of consultation with the ORX banking community, and the update has been approved by our Definitions Working Group.
The ORX Operational Risk Reporting Standards
We produce standards for the both the insurance and banking sectors. Because we make our standards publicly available, many firms are able to use them to inform their reporting practices and operational risk event collection.
If you would like a copy of either Insurance Operational Risk Reporting Standards (I-ORRS) or the B-ORRS, please get in touch.