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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...

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
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
Research
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.
Read more
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.
Read more
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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Research
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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Research
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.
Read more
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.
Read more
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 launches climate risk discussion groups
Esther Britton
28 February 2020
ORX is bringing our member organisations together to discuss the increasing impact and importance of climate risk on operational and non-financial risk management.
Read more
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
Read more
Practice Benchmark
Scenario Refresh & Trigger Process Practice Benchmark
Giuseppe Aloi
3 March 2020
This Practice Benchmark showed that the industry is adopting more dynamic approaches, which are better designed to meet business needs and are more focused on managing risks at the right time. However, there are still areas that could be improved.
Read more
ORX Cyber
Cyber risk management controls & indicators
Melanie Lavallin
28 February 2020
How is the industry implementing controls and indicators for cyber risk management? And what makes an effective indicator or control? Read the report from our study to find out.
Read more
Information
The three lines of defence 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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Practice Benchmark
Operational Risk ICAAP Practice Benchmark
Sarah Reed
20 February 2020
This report summarises key findings of the ICAAP governance and coordination Practice Benchmark. The study examined common industry practice for governing and coordinating the operational risk component of the Internal Capital Adequacy Assessment Process.
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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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Research
Operational Risk Horizon 2020
10 February 2020
Download the ORX Operational Risk Horizon 2020 report to find out the top emerging and current operational risks for 2020 and beyond for banks and insurers. This report is based on a survey of financial firms.
Read more
Practice Benchmark
RCSA Practice Benchmark
Esther Renfrew
28 January 2020
RCSA is one of the most important tools in a firm’s operational risk management and control framework. But are you making the most of RCSA? This ORX Practice Benchmark can show you what you're doing right and what you could be doing better.
Read more
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.
Read more
Research
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.
Read more
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.
Read more
Research
ORX Event Type Operational Risk Reference Taxonomy
Steve Bishop
22 November 2019
Download the new ORX Event Type Reference Taxonomy for operational and non-financial risk (NFR). Working with Oliver Wyman, we've produced an updated level 1 and level 2 taxonomy.
Read more
Information
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.
Read more
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
Research
CCAR Benchmark 2019
Sarah Reed
1 November 2019
This study benchmarked CCAR operational risk modelling methods and outputs. It also included topics such as risk identification, scenario analysis, forecasting of legal losses, incorporating results into business as usual activities and top challenges.
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.
Read more
Press release
BCP become 99th member of ORX
Esther Britton
28 October 2019
We’re pleased to announce that Banco de Crédito del Perú (BCP) have just joined ORX, becoming our 99th member.
Read more
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.
Read more
Research
Machine learning in operational risk white paper
Annika Westphal
25 September 2019
This white paper makes a case for the use of advanced analytics, and specifically machine learning techniques, for operational risk management in financial firms. Download the white paper for more information.
Read more
ORX Cyber
Roles and responsibilities in cyber and information security risk management
Melanie Lavallin
24 September 2019
We surveyed 25 financial institutions establish where cyber and information security risk management responsibilities sit across the three lines of defence, and to identify those areas where there is confusion. See what we found out.
Read more
Research
ORX Scenarios: Insights into material risks 2019
Giuseppe Aloi
16 September 2019
Each year, we analyse our scenario library and produce a summary report on the results. Read the summary report for key trends and highlights.
Read more
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.
Read more
Press release
Over 60 taxonomies analysed for new reference taxonomy
Steve Bishop
28 August 2019
Working with a leading consultant, we've developed a draft of our enhanced reference taxonomy. At the moment the draft contains 16 level 1 risks, supported by 75-80 level 2 risks.
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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.
Read more
ORX Cyber
Cyber and information security risk definitions
Melanie Lavallin
4 July 2019
Working with participants of the ORX Cyber and information security risk (CISR) programme, we have created definitions for cyber and information security risk that we'll use throughout the project.
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.
Read more
Thought leadership
Risk-managing change
Simon Wills
26 June 2019
In collaboration with McKinsey & Company, we interviewed 16 Chief Risk Officers from leading financial organisations to see how they are managing change. Download the report and Checklist for Change to find out more.
Read more
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.
Read more
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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Press release
Aegon joins ORX
Marina Vissaridis
14 June 2019
We are pleased to announce that Aegon have joined ORX to become our 98th member institution.
Read more
Latest news
Insurers meet for their annual European forum in Munich
Steve Bishop
13 June 2019
In May, representatives from 15 insurance firms gathered in Munich for the annual ORX European Insurance Forum. They discussed the priorities and challenges facing the industry today, RCSA and the future of op risk management and data.
Read more
ORX Scenarios
The ORX Scenarios Library
Giuseppe Aloi
11 March 2021
The ORX Scenarios library is a database of operational risk scenarios shared by subscribers to the service.
Read more
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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Research
ICAAP methodology study
Annika Westphal
5 June 2019
Get the ICAAP methodology summary report to find out about the range of methodologies used when quantifying operational risk capital for ICAAP.
Read more
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.
Read more
Practice Benchmark
Op Risk Framework Design Practice Benchmark
Esther Renfrew
26 April 2019
Understand how your operational risk framework compares to others within the industry. This Practice Benchmark presents a range of practice and has created a typical framework for reference.
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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.
Read more
Research
The Umbrella Function: Role & Scope of Op Risk
Sarah Reed
28 March 2019
This study builds on our 2018 work looking at the role op risk can play as an 'umbrella function'. By surveying a wide range of institutions, we looked at change on a broader scale and found that op risk management is indeed shifting at an industry level.
Read more
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.
Read more
Research
Operational Risk Horizon 2019
21 January 2019
Benchmark your top current operational risks against your peers and identify emerging operational risk trends with the ORX Operational Risk Horizon study.
Read more
Research
CCAR Benchmark 2018
Sarah Reed
18 January 2019
Download the summary report from the ORX CCAR Benchmark 2018. The goal of this project was to provide participants with a benchmark of operational risk modelling methodologies, and model outputs for their 2018 CCAR submissions.
Read more
Research
Progress and challenges in model risk management
Annika Westphal
21 December 2018
Model risk is receiving increased attention from financial firms and regulators. Our report looks at model risk management practices and the progress that has been made since our 2016 study on this operational risk topic.
Read more
Research
Operational Risk: The Umbrella Function
Luke Carrivick
6 December 2018
At ORX we're exploring this concept of operational risk as an umbrella function with our membership. We interviewed and surveyed 13 institutions to discover the how the umbrella approach was being implemented, the benefits and the challenges.
Read more
Practice Benchmark
Outsourcing risk practice benchmark
Sarah Reed
29 October 2018
What does outsourcing do to your operational risk profile? Part of practice benchmark programme, this study identified common and best practices in managing the risk of a firm's outsourced/third-party portfolio.
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Practice Benchmark
Control Management Practice Benchmark
Annika Westphal
18 September 2018
In this Practice Benchmark study, we looked at maturity in control management. Buy the Practice Benchmark to find out how you control manage
Read more
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.
Read more
Research
Understanding Conduct Risk Practices
John Mears
26 October 2017
Although there is no common understanding of conduct risk, progress is being made our study on conduct risk showed. We explored its interaction with the operational risk management framework and the shared challenges faced by the industry.
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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.
Read more
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.
Read more
Research
EU-wide stress test benchmark 2018
Annika Westphal
31 May 2018
In 2018, we conducted a survey on the methodologies used in the operational risk component with 27 banks. Find out more and download the study summary.
Read more
Research
Operational Risk Horizon 2018
John Mears
21 March 2018
The Operational Risk Horizon was a new initiative from ORX offering two key benefits – the ability to benchmark your top current risks and to identify emerging risk trends.
Read more
Research
CCAR Benchmark 2017
Annika Westphal
13 March 2018
We ran this study for the third time to provide interested institutions with a benchmark of methodology and model outputs for their 2017 CCAR submissions. See what we found out.
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Thought leadership
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'.
Read more
Practice Benchmark
Operational Risk Appetite Practice Benchmark
Esther Renfrew
16 December 2017
The industry is progressing, but challenges remain. Our study helped to better understand the state of operational risk appetite within the financial services industry. See what we found out.
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Research
Understanding control management practices
Nick Benson
28 November 2017
Controls help an organisation to operate effectively, comply with policies, produce dependable information and conform with regulation. This research explored control frameworks are managed and the type of related data collected.
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Research
The future of operational risk
Simon Wills
9 November 2017
In 2016 we began a study with McKinsey. We aimed to identify the strategic challenges that financial firms must address if they are to manage operational risk more effectively. Find out the results.
Read more
Research
Future of loss information
Esther Britton
6 July 2017
Throughout 2017 we're running a project reviewing how loss information could evolve to meet the changing requirements of operational risk management.
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Research
Capital Methodology survey 2016
Matthew Rees
17 January 2017
Every two years we carry out the Capital Methodology survey. It provides a detailed analysis of how the industry is building capital models, covering a wide range of model building aspects.
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Research
How do banks manage model risk in 2016?
Paul Minter
28 October 2016
This Snap Survey report explores how banks define, manage and mitigate model risk.
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Research
Understanding emerging risk
John Mears
28 October 2016
In 2016, we began work to enhance industry understanding of how emerging risks are defined, identified and assessed and the structures in place to support this activity.
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Research
Hitting the headlines
Annika Westphal
28 October 2016
Using data from the ORX News database, this report analyses the frequency and severity of losses in the financial services industry across 2014 and 2015.
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Industry statement
Capital impact of the SMA
Luke Carrivick
27 May 2016
Our response to Basel Committee on Banking Supervision's (BCBS) proposed Standardised Measurement Approach for Pillar I operational risk capital. Including our SMA capital requirements benchmark report, ORX Capital impact of the SMA.
Read more

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