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News, blogs & updates archive

This page holds our older operational risk news stories, blogs and research updates. To find our newest content, view our latest stories and updates.

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 & updates...

ORX Scenarios
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
Press release
ORX creates industry’s first cyber risk controls and indicators library
Esther Britton
14 May 2020
We're delighted to announce that ORX has launched our new controls and indicators library for cyber and information security risk management. Find out how the library will improve cyber risk management in the financial sector.
Read more
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.
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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?
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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.
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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.
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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.
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Standards
Capturing operational risk impacts of coronavirus
John Bosnell
6 January 2021
Read our updated guidance on capturing the operational risk impacts due to the coronavirus pandemic, including which specific impacts to include and exclude and areas where we could make further refinements.
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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.
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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.
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Press release
Groupama and New York Life bring ORX membership to 102
Esther Britton
26 March 2020
We are pleased to welcome Groupama and New York Life to ORX, bringing the number of ORX member firms up to 102. They'll benefit from exclusive access to operational risk data, research a global network of op risk experts.
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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.
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Press release
ORX brings operational risk community together to discuss resilience
Esther Britton
17 March 2020
Throughout 2020, we’ll be running a series of discussion groups focused on operational resilience. The groups will give operational risk professionals at our member organisations the chance to discuss this important topic
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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.
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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.
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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.
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Insights
Six trends from the ORX Scenarios library in 2019
Giuseppe Aloi
6 December 2019
Since 2017, institutions have submitted more than 1,100 operational risk scenarios to the ORX Scenarios library. Read on for the key trends and insights from the library in 2019.
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Information
Three cases for machine learning in op risk
Annika Westphal
29 November 2019
Our analysis showed that there are three main areas where machine learning can be used in operational risk – fraud detection, text-mining for data augmentation and data quality assurance.
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Latest news
ORX News API launched
John Bosnell
27 November 2019
We've just launched an API, meaning you can now integrate ORX News data with your own systems, making it even more valuable.
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Insights
Four challenges of distributing cyber operational risk management responsibilities
Melanie Lavallin
13 November 2019
Financial institutions face four key challenges when distributing roles and responsibilities for cyber risk management, including lack of clarity; conflict of interest; resource and capacity; and low board-level understanding of cyber and IT.
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Press release
ORX publishes reference taxonomy for operational and non-financial risk
Esther Britton
21 November 2019
Following on from our award-winning level 1 taxonomy, which was published in 2018, the new ORX Reference Taxonomy delves deeper into level 2 risks.
Read more
Information
How to use ORX News to support your scenario practice
John Bosnell
29 October 2019
Did you know that you could use ORX News to support your firm’s operational risk scenario programme? Focused solely on operational risk, the ORX News service brings together publicly reported loss events from around the world.
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Industry news
European Commission publishes public consultation on Basel III reforms
Luke Carrivick
15 October 2019
On Friday 11 August the European Commission published a public consultation document in “Implementing the final Basel III reforms in the EU”.
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Industry news
SMA implementation tracker
Luke Carrivick
15 October 2019
Find out which jurisdictions have confirmed their SMA plans and what the differences in implementation and capital impact are.
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Blog
Five key elements for creating an op risk scenario storyline
Giuseppe Aloi
4 September 2019
Learn how to develop comprehensive scenario storylines. This blog focuses on cyber-related data breach.
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Blog
Four benefits of adopting the ‘umbrella’ approach to op risk management
Luke Carrivick
27 August 2019
What are the benefits of implementing 'umbrella' approach to operational risk management? Our study identified four main benefits – consistency and completeness; efficiency; effectiveness and agility.
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Blog
Nine highlights from our 2019 Analytics and Scenario Forum
Giuseppe Aloi
31 July 2019
More than 50 people attended our recent Analytics and Scenario Forum. Find out what they discussed.
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Blog
Nine highlights from our 2019 Analytics and Scenario Forum
Giuseppe Aloi
31 July 2019
More than 50 people attended our recent Analytics and Scenario Forum. Find out what they discussed.
Read more
Industry news
OSFI opts for standardised approach transition year ahead of SMA
Luke Carrivick
25 July 2019
On 18 July, OSFI announced its plans for moving to the SMA. In preparation, OSFI is introducing a transition year – in 2020, banks will revert to the Basel II standardised approach before changing to the SMA in 2021.
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Latest news
2019 HORF reflects changing op risk environment
Roland Kennett
26 June 2019
The 2019 ORX Heads of Operational Risk Forum came at time of unprecedented change for the industry. Operational risk managers are facing new challenges across all areas.
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Latest news
ORX wins Initiative of the Year at the 2019 Operational Risk Awards
Marina Vissaridis
17 June 2019
We are delighted to announce that ORX has won Initiative of the Year at the 2019 Operational Risk Awards. Held on 18 June 2019 in New York, the Operational Risk Awards honour excellence in op risk management and compliance.
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Industry news
No place for historical losses in APRA's plans for op risk capital
Luke Carrivick
6 June 2019
In an industry consultation today the APRA set out its plans for adoption of the SMA to Pillar I Operational Risk capital. Find out more about their plans.
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Blog
How do scenarios help improve op risk management?
Luke Carrivick
3 June 2019
We asked our Head of Research and Information, Dr Luke Carrivick, a few questions about using scenarios as a method for improving operational risk management.
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Latest news
Exploring the impact of advanced analytics on op risk
Esther Britton
2 April 2019
What impact will artificial intelligence and machine learning have on operational and non-financial risk? Our new Machine Learning Working Group will explore this question.
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Press release
Digital continues to dominate the operational risk landscape
4 March 2019
Digital and information security risks came out top in the latest, annual ORX Operational Risk Horizon study. Information security (including cyber risk) was first in the list of current operational risks.
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Blog
Blockchain and operational risk: opportunities and challenges
Andréia Stephenson
13 July 2018
What might Blockchain mean for financial services, and operational risk in particular? A member of the ORX News team went to a summit in June to find out.
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Latest news
Five key topics discussed at HORF 2018
Esther Britton
22 June 2018
The umbrella function, material operational risk, supporting the change agenda, proactive operational risk management and how best to leverage data and techniques top the bill at this year's HORF.
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Latest news
How our work to create a new taxonomy can help improve operational risk management
Luke Carrivick
12 May 2018
By clearly capturing relevant risks, the ORX taxonomy is intended to be a reference point for financial institutions across the globe, supporting them in their move from ‘passive’ to ‘active’ risk management.
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Blog
The death of operational risk?
Luke Carrivick
9 February 2018
Luke Carrivick, Head of Research and Information at ORX, challenges recent reports on the 'death of operational risk'.
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ORX News
Top 5 ORX News Losses: Q4 2018
4 January 2019
Read the five largest operational risk losses that were reported by ORX News each month in Q4 2018.
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ORX News
Top 5 ORX News Losses: Q3 2018
6 October 2018
Read the 5 largest operational risk losses that were reported by ORX News each month in Q3 2018.
Read more
ORX News
Top 5 ORX News Losses: Q2 2018
6 July 2018
Read the five largest operational risk losses that were reported by ORX News each month in Q2 2018.
Read more
ORX News
Top 5 ORX News Losses: Q1 2018
6 April 2018
Read the five largest operational risk losses that were reported by ORX News each month in Q1 2018.
Read more
ORX News
Annual Top 10 ORX News Losses 2017
21 February 2018
The ORX News annual review of the Top 10 largest operational risk loss events of 2017. All of the loss events covered are taken from the Top 5 largest loss event articles that are published every month.
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Industry news
Monthly Top 5 ORX News Losses 2017
19 January 2018
The ORX News Top 5 losses records the biggest operational risk events in the financial services industry every month.
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Industry news
ORX News digest of the month 2017
19 January 2018
The ORX News featured digest is handpicked by the ORX News team. It's a detailed look at one of the most interesting losses reported in the media that month.
Read more
Industry news
Monthly Top 5 ORX News losses 2016
Oliver Simao
31 October 2016
Read the top five largest operational risk losses from ORX News for each month of 2016.
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Industry news
ORX News digest of the month 2016
Oliver Simao
1 November 2016
The ORX News featured digest is handpicked by the ORX News team. It's a detailed look at one of the most interesting losses reported in the media that month.
Read more

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