10 of the most popular op risk updates from ORX in 2019
- 22 January 2020
It was a busy 2019 for ORX. Just in case you missed something, here’s a quick round-up of ten of our most popular articles, reports and other updates.
1. Operational Risk Taxonomy
In the second half of 2019, we worked with Oliver Wyman to develop a new taxonomy for operational and non-financial risk. This was an update of our award-winning taxonomy published in 2018. The ORX Reference Taxonomy has proved to be incredibly popular with operational risk professionals, and with regulators.
2. Operational Risk Horizon 2019
Back in January, we published our always popular Operational Risk Horizon report. The report lists the top current and emerging operational risks facing the industry, as chosen by our members. We’re currently working on finalising our 2020 version, so keep an eye out for that being published next month!
3. Annual loss reports
Each year we publish two reports on the operational risk loss data in our global databases – one for the banking sector and one for insurance. The reports look at the key trends in the frequency and severity of the loss events in the data and give you unique insights into operational risk losses that you couldn’t access anywhere else.
4. Cyber risk programme
Cyber and information security risks are higher on the agenda than ever before. Throughout 2019, we’ve worked with a group of cyber risk specialists from our member firms to see how we best support firms in managing this pressing risk. We ran a number of mini studies and projects with the group and published some of the outputs to the industry. Our plan is to launch a cyber risk management service later this year.
5. ORX News top 5s
Every month we publish a round-up of the top five stories from ORX News. The ORX News team summarises operational risk losses that are publicly reported in the global media. The top fives are a breakdown of the largest operational risk losses published by the ORX News team each month. They’re a great way of keeping in touch with what’s happening in the industry.
6. Five elements for a scenario storyline
Have you ever wondered what you need to create a scenario storyline? In one of our most-read blogs of 2019, Giuseppe Aloi, Scenario Programme Manager, explained what you need to design a good storyline for cyber-related data breaches.
7. Operational risk framework design practice benchmark
This was another one of our early research projects in 2019. We worked with 43 financial institutions to understand how they manage their operational risk frameworks. Using this information, we created a reference framework which allows firms to compare the way they manage risk to their peers.
8. Six trends from the ORX Scenarios library in 2019
It’s rare to get an insight into a financial organisation’s actual scenarios. This is one of the reasons why ORX Scenarios is so valuable to its subscribers. This article explores six of the trends evident in the scenario library in 2019.
9. SMA implementation tracker
Throughout last year we kept track of which regulators had announced their implementation plans for the SMA. In some cases, we also wrote some analysis on the regulators’ plans.
10. Understanding conduct risk practices
This report from 2017 continued to be popular in 2019. That’s not surprising considering the increased level of supervisory scrutiny of conduct issues. The report can help you understand industry practice around conduct risk.