News, blogs & updates

The latest operational risk information from ORX

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Operational risk news, blogs & research updates...

Press release

ORX marks 20th anniversary with new platform to bring together innovative digital risk management solutions into one secure space

Simon Wills

21 November 2022

: ORX, the world’s largest operational risk association marks its 20-year anniversary this month by launching iDP – a first-of-a-kind platform which brings together a new generation of risk management and data visualisation applications.

ORX News

Top 5 ORX News Losses: Q4 2022

Lily Richardson

9 November 2022

Each month, the ORX News team publish a list of the five largest losses reported in the previous month. Find out which operational risk loss events have had the most impact recently in the monthly top five losses of Q4 2022 from ORX News.

Latest news

Podcast: Control libraries, top 5 losses and focus on climate

Esther Britton

31 October 2022

The latest episode of the ORX Operational Risk Podcast is now available. Episode 22 explores the recently released control library. The ORX News team then look at the latest operational risk losses and do a focus on climate.

Latest news

Introducing iDP

Simon Wills

20 October 2022

Standing for Innovation Data Platform, iDP is a first-of-a-kind digital platform on which ORX can launch a new generation of risk management and data visualisation applications.

ORX News

Top 5 ORX News Losses: Q3 2022

Lily Richardson

11 October 2022

Insights

8 ways to optimise your controls practice

Steve Bishop

5 October 2022

Optimising internal controls is a challenge for many financial firms. Here’s 8 ways you could improve your practice.

Press release

ORX launches world first industry-wide controls library for operational risk

Esther Britton

5 September 2022

We’re delighted to announce that together with McKinsey & Company as a knowledge partner, we’ve launched a world first industry-wide controls library for operational risk.

ORX Scenarios

The ORX Scenarios Library 2022

Simon Johnson

9 August 2022

The ORX Scenarios library is a database of operational risk scenarios shared by subscribers to the service. Find out how it can support scenario practice at your firm.

Latest news

Podcast: Top Risk Review, top 5 losses and focus on data management

Esther Britton

4 August 2022

The latest episode of the ORX Operational Risk Podcast is now available. Episode 20 explores the Top Risk Review, ORX News top 5 operational risk losses and has a focus on data management.

Information

ORX response to EBA environmental risks consultation

Steve Bishop

4 August 2022

Take a look at our response to the EBA consultation. We've worked with our members to put this response letter together.

Press release

Op risk losses reported by global banking companies continue to fall

Esther Britton

21 July 2022

Our latest Annual Banking Operational Risk Loss Data report reveals a decline in total gross loss across the banking community.

Press release

Op risk losses reported by global insurance companies continue to fall

Esther Britton

21 July 2022

Our latest Annual Insurance Operational Risk Loss Data report reveals a decline in total gross loss across the insurance community.

Insights

Climate & Operational Risk: The ORX approach

John Bosnell

20 July 2022

View the paper which sets out how we currently believe the industry is considering climate and operational risk, as well as how we will enhance our existing data and services to support members.

ORX News

Top 5 ORX News Losses: Q2 2022

Lily Richardson

12 July 2022

Latest news

Podcast: Climate and op risk, ORX News top 5 and focus on data management

Esther Britton

28 June 2022

The latest episode of the ORX Operational Risk Podcast is now available. Episode 19 explores the climate and operational risk, followed by the ORX News top 5 operational risk losses and a focus on data management.

Industry news

Focus on climate continues with BCBS principles and EBA discussion paper on environmental risks

John Bosnell

22 June 2022

The regulatory focus on climate continues as the Basel Committee for Banking Supervision publishes its principles for climate-related risks. This follows the EBA discussion paper on environmental risks.

Latest news

2022 Operational Risk Loss reports published

Esther Britton

20 June 2022

Our latest Annual Operational Risk Loss reports are now available. The reports (one for banking and one for insurance) cover global operational risk loss data from 2016-2021.

Report

Insurance Operational Risk Loss Data Report 2022

Steve Bishop

6 June 2022

Download the free summary of our latest Insurance Operational Risk Loss Report, for insights into trends, frequency and severity of loss events in our global insurance database. Or, find out how to buy the full report for even more data and analysis.

Report

Banking Operational Risk Loss Data Report 2022

Luke Carrivick

6 June 2022

Download the free summary of our latest Banking Operational Risk Loss Report, for insights into trends, frequency and severity of loss events in our global banking database. Or, find out how to buy the full report for even more data and analysis.

Latest news

Podcast: Innovating risk management, ORX News top 5 and focus on ESG

Esther Britton

28 May 2022

The latest episode of the ORX Operational Risk Podcast is now available. Episode 18 explores the topic of innovation in risk management followed by the ORX News top 5 operational risk losses and a focus on ESG.

Press release

Cyber threats, macroeconomic & geopolitical uncertainty to change risk landscape

4 May 2022

Speed of change is making assessing emerging risks difficult according to the ORX 2022 Operational Risk Horizon report, with cyber threats, macroeconomic change and geopolitical turbulence predicted to significantly influence the emerging risk landscape.

Report

Operational Risk Horizon 2022

25 April 2022

Part of our risk landscape work, the 2022 Operational Risk Horizon study gives you a comprehensive industry view of emerging risks. Buy the study for a holistic view of the emerging risk landscape and to understand how risks are connected.

Latest news

Podcast: Operational risk horizon, top 5 losses and cyber warfare

Esther Britton

29 April 2022

The latest episode of the ORX Operational Risk Podcast is now available. Episode 17 looks at the latest Operational Risk Horizon report, the ORX News top 5 operational risk losses and includes a focus on cyber warfare.

ORX News

Top 5 ORX News Losses: Q1 2022

Lily Richardson

7 April 2022

Read the five largest operational risk losses that were reported by ORX News each month in Q1 2022.

Press release

ORX announces senior promotions to support growing membership

Esther Britton

4 April 2022

ORX has announced a host of senior promotions to support its growing membership of global banking and insurance organisations.

Latest news

Podcast: Operational resilience, top 5 losses and sanctions

Esther Britton

30 March 2022

The latest episode of the ORX Operational Risk Podcast is now available. Episode 16 looks at operational resilience, the ORX News Top 5 operational risk losses and includes a focus on sanctions.

Industry news

Highlights from ORX member roundtable on Ukraine conflict

21 March 2022

On 9 March we were joined by 70 representatives from our member firms for a roundtable to discuss the operational risk impacts of the war in Ukraine. Read on for an overview of the main themes from the sessions.

Press release

Insufficient investment, skills and data causing significant challenge to efforts to quantify cyber risk

Esther Britton

3 March 2022

Cyber is one of the top risks facing the financial services industry, but organisations are still working out the best way to quantify it, according to a report by ORX Cyber.

Latest news

Podcast: Cyber risk quantification, top 5 losses and deepfakes

Esther Britton

24 February 2022

The latest episode of the ORX Operational Risk Podcast is now available. Episode 15 looks at cyber risk quantification, the ORX News top 5 operational risk losses and includes a deep dive into deepfakes.

Insights

The year ahead for operational risk

Roland Kennett

21 February 2022

Find out what our LeadersConnect community is focusing on for 2022, including how to move to optimised and active risk management.

Latest news

2022 communities, projects and events plan

Roland Kennett

16 February 2022

Take a look at what we have planned for our members this year, including the launch of new working groups, the studies we'll be doing and our calendar of events.

ORX News

Top 5 ORX News Losses: Q4 2021

Lily Richardson

12 January 2022

Do you know which operational risk loss events have had the most impact recently? Read on for the 5 largest operational risk losses reported by ORX News in Q4 2021.

Latest news

Podcast: Top 5 losses of 2021 from ORX News

Esther Britton

21 December 2021

Our latest podcast is now available - listen to this short, end of year episode from the ORX News team rounding up the five largest operational risk losses of 2021.

Latest news

5 most popular ORX resources of 2021

Esther Britton

1 December 2021

Explore some of the most popular free operational risk resources published by ORX in 2021, including the operational risk taxonomy, loss data reports and the ORX Scenarios white paper

Press release

Constant fear of cyber threats puts information security at number one risk concern in financial services

Esther Britton

30 November 2021

Information security, including cyber, has topped a league table of operational risk concerns for risk professionals at global financial services organisations.

Press release

Digital transformation and technology top operational risk scenarios in 2021

Esther Britton

24 November 2021

Digital transformation and technology rank as the biggest concern for global banks and insurers in the 2021 operational risk scenarios according to the ORX Scenarios Insights into Material Risks 2021 report.

Blog

What is the operational risk exposure from cryptoassets?

Luke Carrivick

9 November 2021

Given the rapid rise in the valuation of some cryptoassets, they are increasingly hard to avoid. A recent study estimated that within the UK 2.3m individuals hold cryptoassets, and nearly 80% of adults are familiar with them. Read the blog for more info.

Blog

EU and UK postpone implementation of Basel III

Luke Carrivick

5 November 2021

The European Commission has confirmed that the new EU rules to implement the final part of the Basel III agreement will come into effect in 2025. Find out more about what's happening and what it means for you.

ORX News

Top 5 ORX News Losses: Q3 2021

8 October 2021

Do you know which operational risk loss events have had the most impact recently? Read on for the 5 largest operational risk losses reported by ORX News in Q3 2021.

Latest news

Podcast: Right time, right place report

Esther Britton

8 September 2021

In this episode of the ORX Operational Risk Podcast, Simon Wills, Luke Carrivick and Mark Cooke explore how operational risk can step up and support financial organisations as they go through rapid transformation.

Press release

Operational risk losses reported by global banks continued to fall in 2020 despite the impact of Covid-19

Esther Britton

30 August 2021

Latest banking operational risk loss report shows a decline across the banking community, despite the impact of Coronavirus (Covid-19).

ORX Cyber

Key themes in overseeing cyber supplier risk exposure

Melanie Lavallin

29 July 2021

In June 2021, we ran a research study with subscribers of our ORX Cyber service exploring how financial firms approach the oversight of supply chain cyber risk exposure. The results of the study highlighted 5 key themes - find out what they are.

ORX Scenarios

How to use operational risk scenarios for more proactive risk management

Esther Britton

27 July 2021

At ORX we’re focusing on how to support financial organisations to become more proactive in their risk management. Find out you can do this using operational risk scenario analysis.

Press release

Banks must embrace fundamental shift in operational risk models to tackle multi-billion digital transformation safely

Esther Britton

23 July 2021

Risk leaders of global financial institutions must start managing risk in a far more active way to tackle their multi-billion pound commitments to digital transformation warns the latest ORX report, ‘Right time, right place’.

ORX News

Top 5 ORX News Losses: Q2 2021

12 July 2021

Do you know which operational risk loss events have had the most impact recently? Read on for the 5 largest operational risk losses reported by ORX News in Q2 2021.

Information

Four principles of active risk management

Simon Wills

22 June 2021

As financial firms adapt to the new normal following Covid and digitalisation continues at pace, their operational risk profiles are undergoing significant change. Read the four key principles of active operational risk management.

Latest news

How to further embed the three lines of defence model

Simon Johnson

25 May 2021

Our Three Lines of Defence (3LOD) Practice Benchmark identified four key ways financial firms can further embed the 3LOD model. Find out how to further embed 3LOD at your organisation.

Press release

Emerging tech is industry's top emerging operational risk

Esther Britton

24 May 2021

The recent ORX Operational Risk Horizon study identified emerging technology as the industry's most concerning emerging operational risk. Find out why.

Information

ORX Annual Review

Esther Britton

12 May 2021

Download our latest Annual Review, covering January-December 2020, to hear from the Chair of the ORX Board, Lisa Broomer, and for our highlights from 2020.

Blog

Basel consultation on resilience and op risk management results in few revisions

Luke Carrivick

22 April 2021

Find out the key changes to the principles for operational resilience and the principles for the sound management of operational risk (PSMOR), from the recent Basel consultation and what they mean for operational risk managers.

Latest news

Podcast: Operational Risk Horizon 2021

Esther Britton

15 April 2021

In this episode, we discuss some of the main findings from the Operational Risk Horizon study, including the top identified emerging risks and setting out the definition of an emerging operational risk.

ORX News

Top 5 ORX News Losses: Q1 2021

12 April 2021

Do you know which operational risk loss events have had the most impact recently? Read on for the 5 largest operational risk losses reported by ORX News in Q1 2021.

Latest news

Podcast: Three lines of defence

Esther Britton

11 March 2021

The latest episode of the ORX Operational Risk Podcast is now available. This episode looks at how financial firms have implemented the 3LOD model, the challenges they've faced embedding it and how they've adapted it.

Loss data

What can we learn from a decade of operational risk loss data?

Esther Britton

1 March 2021

Operational risk losses have decreased in both value and frequency over the last ten years recent analysis by ORX shows. In our recent study, we looked at operational risk losses submitted by financial organisations between 2010 and 2019.

Latest news

Podcast: Introducing ORX Cyber

Esther Britton

11 February 2021

Take a listen to the latest podcast from ORX. This one looks at the current cyber risk management landscape, the challenges facing cyber risk managers and learn more about our new service, ORX Cyber.

ORX News

ORX News digests of the month: Q4 2020

25 January 2021

The ORX News team chooses a digest from the ORX News service to share publicly each month which highlights a particularly interesting operational risk loss event. Read all the featured digests of Q4 2020.

ORX News

10 most popular loss events: ORX News Q4 2020

John Bosnell

19 January 2021

Find out which operational risk loss events were the most commonly read on ORX News from 1 October 2020 to 31 December 2020.

ORX News

Impact of coronavirus on operational risk: ORX News round-up

John Bosnell

18 December 2020

ORX News is providing a regular round-up of the operational risk impacts of coronavirus on financial firms worldwide, including its impact on operations and what actions firms are taking to help clients.

Blog

6 ways to address the challenges of operational resilience

Melanie Lavallin

1 December 2020

Operational resilience is a hot topic at the moment. Find out how you can address the regulatory challenge posed by operational resilience right now.

ORX News

ORX News Deep Dive: Citibank loses USD 400 million

John Bosnell

26 November 2020

Download the free Deep Dive from ORX News to find out why Citibank was fined USD 400 million over poor risk management, data governance and control failures.

Press release

ORX publishes Cause and Impact Taxonomy

Esther Britton

25 November 2020

We've delighted to announce that we've extended the ORX Reference Taxonomy to include a new Cause and Impact Taxonomy. Find out more about the new taxonomy.

Industry news

Top 5 ORX News Losses: Q4 2020

13 January 2021

Read the 5 largest operational risk losses reported by ORX News each month in Q4 2020 to find out which loss events have had the most impact recently.

Press release

Top 5 operational risks in October 2020

Esther Britton

6 November 2020

The latest operational risk review from ORX found that information security (including cyber) risk once again topped the list of the most concerning operational risk facing financial firms today. Find out the rest of the top 5.

Insights

Top 5 operational risk scenarios of 2020

Giuseppe Aloi

10 November 2020

Find out which operational risks firms are most likely to be creating scenarios for in 2020. Our analysis shows the top 5 are conduct, external fraud, technology, transaction processing & execution and financial crime.

Industry news

The key changes to PSMOR and what they mean for operational risk

Luke Carrivick

22 October 2020

The BCBS recently proposed some changes to the PSMOR. Luke Carrivick takes a look at the changes and explains what they mean for operational risk.

Press release

Conduct and business disruption top concerns in scenarios library

Esther Britton

18 October 2020

Our latest report on the operational risk scenarios in the ORX Scenarios library shows that conduct and business disruption are top of financial firms' agendas at the moment.

Industry news

10 most popular loss events: ORX News Q3 2020

John Bosnell

12 October 2020

Find out which operational risk loss events were the most commonly read on ORX News from 1 July 2020 to 30 September 2020.

Industry news

ORX News digests of the month: Q3 2020

12 October 2020

Blog

Why operational risk measurement remains important despite SMA

Sarah Astill

28 September 2020

Despite the change to the SMA, capital models remain important and popular with financial firms and our membership. Find out why the industry still values operational risk measurement and capital models.

Latest news

Top 5 cyber risks and how they've changed in the pandemic

Melanie Lavallin

17 September 2020

A recent ORX study showed that cyber and information security risks have changed as a result of coronavirus. We surveyed cyber experts in our operational risk community to find out more - here are the top 5 level 2 cyber risks.

Industry news

ORX to respond to BCBS resilience & PSMOR consultations

Luke Carrivick

16 September 2020

Find out what's in the BCBS operational resilience consultation and their recent update to the principles for the sound management of operational risk and how ORX is coordinating an industry response.

Press release

CCAR benchmark study shows firms face 3 new challenges

Esther Britton

4 September 2020

The latest CCAR benchmark study from ORX showed that firms faced three main new challenges in 2020 – timing and resources, modelling and macro-economic factors. Read the summary report for more information.

Latest news

Welcoming the new ORX Chair, Lisa Broomer

Esther Britton

25 August 2020

At the ORX AGM in June, Lisa Broomer from JPMorgan Chase, Head of Firmwide Operational Risk Capital and Stress Team at JPMorgan, was elected the new Chair of the ORX Board for 2020.

Blog

Five lessons operational risk can learn from the pandemic

Amy Lauder

18 August 2020

The world’s largest operational risk association, ORX, recently published a report on the key lessons businesses can learn from dealing with the coronavirus (Covid-19) pandemic.

Industry news

Top 5 ORX News Losses: Q3 2020

12 October 2020

Read the 5 largest operational risk losses reported by ORX News each month in Q3 2020 to find out which loss events have had the most impact recently.

Latest news

How coronavirus has impacted operational risk profiles and firm's responses

Esther Britton

30 July 2020

Read this interview with one of the ORX researchers to learn more about how the pandemic is changing operational risk profiles, what the industry is doing in response and what could be the long-term effects.

Blog

The invisible co-worker

27 July 2020

Read this thought piece from Mark Cooke, former Chair of ORX on the impact of coronavirus on operational risk and how the workplace will change in response.

Press release

Operational risk reports show losses decrease

Esther Britton

23 July 2020

ORX have just released their latest annual operational risk loss reports for the banking and insurance sectors. Both reports show that operational risk losses have decreased again – but what will the impact of coronavirus (Covid-19)?

Industry news

BCBS Basel III update shows little progress

Luke Carrivick

16 July 2020

The BCBS has published its Eighteenth progress report on adoption of the Basel regulatory framework, confirming that very few jurisdictions have formally made progress on their implementation of the revised operational risk framework.

Industry news

10 most popular loss events: ORX News Q2 2020

John Bosnell

15 July 2020

Find out which operational risk loss events were the most commonly read on ORX News from 1 April 2020 to 30 June 2020.

Press release

ORX publishes report on lessons learnt for op risk from coronavirus

Esther Britton

14 July 2020

The report, developed from conversations with more than 100 of ORX’s member organisations, looks at what went well and what could have been improved in operational risk's response to the coronavirus pandemic.

Blog

Regulators mirror banks on climate risk challenges

Simon Johnson

30 June 2020

Recent papers have shown that climate risk management challenges faced by banks are reflected in the problems faced by regulators. Read this analysis to find out more.

Press release

Global operational risk association announces changes to its Board of Directors

Amy Lauder

16 June 2020

ORX, the world’s largest operational risk association with a membership of over 100 financial organisations from around the world has today announced changes to its Board of Directors.

Insights

Operational risk & coronavirus: how are firms responding?

Luke Carrivick

5 June 2020

We're continually working with the financial organisations that are members of ORX to see how they are responding to coronavirus (Covid-19) from an operational risk management perspective. Here's what they telling us...

ORX Scenarios

What risk drivers and impacts should you consider for pandemic scenarios?

Giuseppe Aloi

4 May 2020

Read more highlights from ORX Scenario discussions on pandemics, including the most significant risk drivers, for example staff absence and IT infrastructure capacity, and impacts such as HR and legal costs and conduct and processing errors.

Blog

Do operational risk taxonomies have a future?

Simon Wills

28 April 2020

ORX has recently published a new reference taxonomy for operational risk. It has been positively received by members, the industry and by supervisors. But, given the rise of advanced analytics, do taxonomy have a future?

Blog

What impact is coronavirus having on cyber risk profiles?

Steve Bishop

20 April 2020

Find out how of coronavirus (Covid-19) is affecting a financial firm's cyber risk profile. Key impacts include an increase in cyber attacks, the vulnerabilities of working from home and third and fourth party risks.

Blog

Coronavirus impact on fraud, conduct & reputation

Luke Carrivick

21 April 2020

How is coronavirus impacting fraud, conduct and reputational risk profiles? Here are some of the highlights of our conversations with senior operational risk managers at financial firms.

Latest news

5 current coronavirus priorities for op risk managers

Luke Carrivick

9 April 2020

Find out what the current coronavirus priorities for operational risk managers at financial firms are, including maintaining business-critical services, deploying debt relief packages and increasing internal collaboration.

Insights

Operational resilience & coronavirus: A UK perspective

Simon Johnson

7 August 2020

Read the key discussion points from our discussions with ORX member organisations active in the UK on the impact of coronavirus on operational resilience in financial institutions.

ORX Scenarios

Six top takeaways on creating pandemic scenarios

Giuseppe Aloi

7 April 2020

The ORX Scenarios team have been discussing best practice and guidance for creating pandemic scenarios with our network of practitioners. Read our key takeaways here, including ideas for creating a pandemic scenario storyline here.

Blog

Observations on the impact of coronavirus on op risk management

Luke Carrivick

20 March 2020

Luke Carrivick, Head of Research & Information at ORX, shares his observations on the impact coronavirus has had on operational risk management in financial services so far.

Information

The three lines of defence (3LOD) 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, it's used because it provides a standardised and comprehensive process. Find out more about the 3LOD.

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.

Press release

ORX plants 100 trees to celebrate 100th member

Esther Britton

24 January 2020

ORX is delighted to announce that this month we gained our 100th member. To celebrate reaching this important milestone, we've planted 100 trees – one for each of our current members.

Looking for more news, blogs and research updates from ORX? Take a look at the archive page...