What will ORX work on in 2021?
- 15 January 2021
Supporting digital transformation
ORX exists to advance the management and measurement of operational and non-financial risk in the global financial services industry. We know that increasingly many of you are being impacted by digital transformation – not only affecting your wider organisation’s operating environment, but also the work of your own risk team.
That’s why in 2021, we are setting out our new 3-year strategy to transform ORX, so that we can provide the best support for our community in managing operational and non-financial risk in a digitalised world. Our new strategy will involve leveraging digital technologies and new ways of working to transform how we provide services to our members and subscribers, what services we provide and how we engage with you.
Helping financial services prepare for the future
This year is the first step on our transformation journey, and we're excited to be launching new services, research projects and events that will all help build the foundations for the road ahead.
Even if you're not a member, then you'll still have the chance to get involved in some of our projects. Just keep an eye out on our website and social media for updates and information when new projects launch. Don't forget, you can also join ORX as either a member or subscriber at any time throughout the year.
What projects have we got planned for 2021?
Research focused on digitalisation and the future of operational risk
Our members are at the heart of ORX, so we've created a programme of projects for 2021 that revolves around the things they've told us are most important to operational risk teams right now.
In response to the feedback from the hundreds of meetings we had with our members last year, in 2021 we’re embarking on a mission to help them navigate the strategic future of operational and non-financial risk in a digitalised world. This includes further work on how data can be used to enhance operational risk management – for example, our Data Excellence Programme and exploring the use of metrics and indicators.
In risk measurement, we will run a project focused on stress testing, in addition to other popular annual studies such as benchmarking capital and reports on the global loss databases. And, in response to our members' feedback, in the 'material risks in focus' area, we’ll be expanding our resilience community and continuing with the Top Risk Reviews launched in 2020.
The official launch of ORX Cyber
Our new service, ORX Cyber, is now up and running. ORX Cyber is a unique operational risk management service created specifically for cyber and information security risk professionals in the second line of defence. The service combines loss data exchange with collaboration and research to provide insights and information to effectively manage and measure this key risk.
We already have over 20 organisations subscribing to ORX Cyber, and if your firm isn't involved yet there's still time to sign up and save money on the full subscription price.
What to expect from ORX Cyber in 2021:
- Quarterly cyber and information security event data exchange
- A unique controls & indicators library allowing comparison with peers
- Two research studies (one in Q2, one in Q4) to enhance understanding of cyber risk
- Regular community working groups and an ORX Cyber Forum
Continued development of ORX News and ORX Scenarios
We'll also continue to focus on our other premium services in 2021. Our activities for ORX Scenarios will include a Scenario Development Handbook on anti-money laundering scenarios and a Practice Benchmark focused on the end-to-end scenario process, as well as the annual update of the Scenario Library. While the ORX News service will continue to report on global operational risk events and provide industry trends and analysis.
How to get involved
If you're already a member of ORX, you can take part in our strategic development, operational risk management, operational risk measurement and material risk in focus projects for free as part of your annual ORX Membership subscription. ORX Cyber and ORX Scenarios projects are open to all subscribers to those services.
However, even if you're not a member or a subscriber there are still plenty of opportunities for you to take part in our work for a small fee as part of ORX Select. As the various projects and initiatives open for registration, we'll share information on our website, on LinkedIn and Twitter and through our email newsletter letting you know how and if you can get involved.