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News, blogs & updates:
The latest operational risk information from ORX

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If you're specifically looking for updates from ORX News (including top 5 operational risk losses and stories of the month), then you can find them all on the ORX News resources page.

Operational risk news, blogs & research updates...

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Top 5 chart May 2021
ORX News
5 largest operational risk losses: May 2021
John Bosnell
10 June 2021
Discover the 5 largest operational risk loss events recorded by the ORX News team in May 2021. This month's top 5 includes three fines by European Commission over EGB trading cartel and a fine for aiding US taxpayers avoid paying tax.
Read more
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.
Read more
Information
ORX Annual Review
Esther Britton
12 May 2021
Download our latest Annual Review, covering January-December 2020, to read our audited accounts, hear from the Chair of the ORX Board, Lisa Broomer, and for our highlights from 2020.
Read more
Top 5 chart April 2021
ORX News
5 largest operational risk losses: April 2021
John Bosnell
11 May 2021
Discover the 5 largest operational risk loss events recorded by the ORX News team in April 2021. This month's top 5 includes fines over user funds in fraud claims, AML failings, and unpaid interest on mortgage funds held in escrow.
Read more

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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.
Read more
Research
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.
Read more
ORX Scenarios
Operational Risk Scenarios White Paper
Giuseppe Aloi
14 April 2021
What does the future hold for operational risk scenario analysis? Download the free Operational Risk Scenarios White Paper from ORX Scenarios to find out.
Read more
Top 5 chart March 2021
ORX News
5 largest operational risk losses: March 2021
John Bosnell
12 April 2021
Discover the 5 largest operational risk loss events recorded by the ORX News team in March 2021. This month's top 5 includes two fines over tax evasion and a fine over deceptive student debt relief practices.
Read more
Research
Operational Risk Horizon 2021
Melanie Lavallin
8 April 2021
Find out which emerging operational risks you need to be aware of in our annual Operational Risk Horizon report. Buy the report to help you identify, manage and report on emerging risks.
Read more
Research
Exploring Risk Exposure Methodologies
Annika Westphal
19 March 2021
This project explored the use of structured scenarios for operational risk measurement, specifically structured scenarios based on Bayesian networks. Download the free summary report for an overview of our key findings.
Read more
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. 
Read more
ORX News
5 largest operational risk losses: February 2021
John Bosnell
10 March 2021
Discover the 5 largest operational risk loss events recorded by the ORX News team in February 2021. This month's top 5 includes overpaid student loan subsidies, a settlement for deceptive conduct, and a defrauded loan based on forged documents.
Read more
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.
Read more
ORX News
5 largest operational risk losses: January 2021
John Bosnell
12 February 2021
Discover the 5 largest operational risk loss events recorded by the ORX News team in January 2021. This month's top 5 includes settlements over alleged bribery and corruption, an overcharge on payment processing fees, and AML and record-keeping failures.
Read more
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.
Read more
ORX News
Bank fined GBP 26.1 million by FCA over poor treatment of customers in arrears
John Bosnell
25 January 2021
In December 2020, the UK’s Financial Conduct Authority (FCA) fined Barclays Bank £26.1 million ($34.8 million) over its treatment of customers who fell into arrears or experienced financial difficulties between 2014 and 2018.
Read more
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.
Read more
Information
What will ORX work on in 2021?
Simon Wills
15 January 2021
Take a look at the operational risk research projects and initiatives we have planned for 2021 – including The Future of Operational Risk and Top Risk Reviews – and find out how you could get involved in our work this year.
Read more
ORX News
5 largest operational risk losses: December 2020
John Bosnell
13 January 2021
Discover the 5 largest operational risk loss events recorded by the ORX News team in December 2020. This month's top 5 includes a fine for misleading investors on its insurance financing, a fictitious securities purchase, and deceptive mortgage practices.
Read more
Industry 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.
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Industry news
5 largest operational risk losses: November 2020
John Bosnell
9 December 2020
Discover the 5 largest operational risk loss events recorded by the ORX News team in November 2020. This month's top 5 includes fines over irregular use of public funds, over inadequate internal controls in fiduciary business, and FIFA allegations.
Read more
Industry news
Bank ordered to repay millions in interest by FCA over timeshare loans mis-selling
John Bosnell
9 December 2020
On 4 November 2020, the Financial Times (FT) reported that Barclays had been ordered to repay millions in interest on timeshare loans that were mis-sold in Malta by its subsidiary Barclays Partner Finance (BPF).
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Research
Addressing the regulatory challenge of operational resilience
Melanie Lavallin
1 December 2020
Operational resilience is a hot topic at right now. Find out how you can address the regulatory challenge posed by operational resilience right now.
Read more
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.
Read more
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.
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Research
ORX Cause & Impact Operational Risk Reference Taxonomy
Steve Bishop
24 November 2020
In response to feedback from operational risk teams, we are bringing forward the work we are going to progress this year to develop a Cause and Impact Reference Taxonomy building on the success of last year’s ORX Reference Taxonomy.
Read more
Industry news
5 largest operational risk losses: October 2020
John Bosnell
10 November 2020
Discover the 5 largest operational risk loss events recorded by the ORX News team in October 2020. This month's top 5 includes fines over poor risk management, a fine over unsafe data practices and due diligence, and a fine over mismanagement of funds.
Read more
Industry news
Bank fined €13.5m for failing to submit SARs in time
John Bosnell
10 November 2020
In October 2020, Deutsche Bank accepted a €13.5m administrative fine for failing to submit Suspicious Activity Reports (SARs) in a timely fashion.
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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.
Read more
Research
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.
Read more
Research
Top Risk Review: October 2020
Steve Bishop
27 October 2020
Download the latest Top Risk Review from ORX, published in October 2020, to see how the operational risk landscape is changing and which risks you need to be ready for. 
Read more
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.
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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.
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ORX Scenarios
ORX Scenarios: Insights into Material Risks 2020
Giuseppe Aloi
18 October 2020
Find out the key trends and analysis in scenario practice in 2020. Key themes include conduct, resilience and the importance of an agile operational risk framework.
Read more
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.
Read more
Industry news
Bank pays USD 4.5 m to CFTC for flaws in audio preservation system
John Bosnell
12 October 2020
In September 2020, three Citigroup entities were ordered by the CFTC to pay $4.5m over a design flaw in their audio preservation system, which saw subpoenaed recordings deleted from the system.
Read more
Industry news
5 largest operational risk losses: September 2020
John Bosnell
12 October 2020
Discover the 5 largest operational risk loss events recorded by the ORX News team in September 2020. This month's top 5 includes spoofing metals and US Treasury markets, a mini-bond fraud, and a class action suit over ERISA breaches.
Read more
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.
Read more
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.
Read more
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.
Read more
Industry news
Banks pay out fines for cyber-related breaches
John Bosnell
15 September 2020
This month's story combines two separate events where Bank of Ireland and Capital One were fined for cyber-related breaches.
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Industry news
5 largest operational risk losses: August 2020
John Bosnell
14 September 2020
Discover the 5 largest operational risk loss events recorded by the ORX News team in August 2020. This month's top 5 includes a clerical error, a fine over overdraft enrollment practices, and a failure to establish cyber risk management processes.
Read more
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.
Read more
Research
CCAR Benchmark 2020
Sarah Reed
15 December 2020
The Comprehensive Capital Adequacy Review (CCAR) is an essential annual supervisory requirement for banks conducting business in the United States. Sign up now to receive an individual benchmark to see how your submission compares with your peers'.
Read more
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.
Read more
Latest news
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.
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Industry news
Australian Banks pay out for incorrectly paying employees
John Bosnell
17 August 2020
Over the course of 2019 and 2020, two of Australia’s big four banks, Westpac and Commonwealth Bank (CBA), have begun the process of repaying thousands of staff who had been underpaid as a result of systems errors at both institutions.
Read more
Industry news
5 largest operational risk losses: July 2020
John Bosnell
10 August 2020
Discover the 5 largest operational risk loss events recorded by the ORX News team in July 2020. This month's top 5 includes a fine for compliance failures, SEC charges over retirement plans disclosure failures, and debt write-downs on pension funds.
Read more
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.
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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.
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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)?
Read more
Research
Insurance Operational Risk Loss Data Report 2020
Steve Bishop
23 July 2020
Our latest report on the insurance operational risk loss data in the ORX databases show that operational risk losses have decreased in the financial sector for another year running. Read the report for trends and analysis of the data.
Read more
Research
Banking Operational Risk Loss Data Report 2020
Sarah Astill
23 July 2020
Our latest report on the banking operational risk loss data in the ORX databases show that operational risk losses have decreased in the financial sector for another year running. Read the report for trends and analysis of the data.
Read more
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.
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Blog
FRB announces banks must complete 2nd CCAR in 2020
Sarah Reed
15 July 2020
The FRB released the CCAR stress testing results last month, including the announcement that banks must complete a second stress test exercise. Read more about the results.
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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.
Read more
Industry news
5 largest operational risk losses: June 2020
John Bosnell
15 July 2020
Discover the 5 largest operational risk loss events recorded by the ORX News team in June 2020. This month's top 5 includes a fine for deficiencies in AML measures, misrepresenting the value of reserves, and improper fees and illegal interest rates.
Read more
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.
Read more
Research
Coronavirus: the first lessons
Simon Wills
10 July 2020
Read our latest report, Coronavirus: the first lessons - a view from the operational risk community, to see what the industry has learnt from the pandemic, where we succeeded and what we could do better in the future.
Read more
Industry news
Messaging app to pay USD 18.5 million over unregistered offering of securities
John Bosnell
10 July 2020
On 26 June 2020, the US Securities and Exchange Commission (SEC) announced that it had obtained court approval of a settlement with messaging app, Telegram, who agreed to pay a fine of USD 18.5 million over an unregistered securities offering.
Read more
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.
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Press release
Bank ABC joins ORX as membership continues to grow during pandemic
Esther Britton
24 June 2020
We’re delighted to announce that Bank ABC, headquartered in the Kingdom of Bahrain, has joined ORX. This innovative bank is our first member from the Middle East, and we hope they will be the start of a developing ORX community in that region.
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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.
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Research
Scenario Development Handbook: Pandemic
Lily Loneragan
11 June 2020
In response to the coronavirus outbreak, ORX Scenarios have produced a pandemic Scenario Development Handbook to provide practical guidance on preparation, assessment and governance to support your development of scenario process.
Read more
Industry news
5 largest operational risk losses: May 2020
John Bosnell
8 June 2020
Discover the 5 largest operational risk loss events recorded by the ORX News team in May 2020. This month's top 5 includes a fake email scam, trade order routing misrepresentations, and misleading customers about charges for trade execution services.
Read more
Industry news
Bank to pay USD 2.5 million to settle class action over cryptocurrency credit card fees
John Bosnell
8 June 2020
Operational risk loss story of the month from ORX News: In May 2020, JPMorgan Chase agreed to pay $2.5m to settle a class action suit over credit card fees it charged customers who bought cryptocurrency using their Chase credit card.
Read more
Research
Covid Risk Review
Steve Bishop
8 June 2020
Find out how coronavirus has impacted operational risk profiles. Read the results of our survey of the ORX membership on the current operational risks facing us today.
Read more
Research
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...
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Information
Webinar: How to create a pandemic scenario
Esther Britton
26 May 2020
Learn about creating an operational risk scenario for a pandemic with this webinar from the ORX Scenarios team. The discussion includes risk drivers, impacts, risk identification and how scenario practice could change post-coronavirus.
Read more
Industry news
Bank fined for miscalculating its capital need
John Bosnell
15 May 2020
Operational risk loss story of the month from ORX News: In April, the Swedish financial regulator Finansinspektionen (FI) fined insurance company Skandia Liv $3.5m for miscalculating its capital need. Read the whole story from the ORX News service.
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Industry news
5 largest operational risk losses: April 2020
John Bosnell
15 May 2020
Discover the 5 largest operational risk loss events recorded by the ORX News team in April 2020. This month's top 5 includes a failure to offer loan modifications, a money laundering scheme, and unregistered trading of securities.
Read more

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