ORX brings operational risk community together discuss resilience
- 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 with each other and to discover how other financial institutions are addressing resilience. We also hope to learn how and where ORX can help our members and the wider financial industry.
Operational resilience key focus for the industry
The latest ORX Operational Risk Horizon report highlighted resilience as an important area for financial organisations to focus on. Resilience covers a wide range of contemporary risk categories – including cyber, infrastructure attacks, third party failures and physical events. These discussion groups will give our members a platform to engage with their peers and talk about the challenges and issues around resilience from the perspective of operational and non-financial risk.
Initially, each call will cover five main agenda points:
- Regional background and regulator position on operational resilience
- Definitions of operational resilience and organisational responses
- Current activities and progress to date
- How does operational resilience link to operational risk framework?
- What can ORX do to support developments in this area?
A regional perspective
We plan to run the discussion groups to cover different regions, including ORX members in the UK, USA, Canada, Europe, South Africa and Asia Pacific. We will also hold a separate discussion group for insurers.
Once all the groups have met and discussed the issues, we will hold a wrap up session for everyone involved. In this session, we'll recap the main themes identified in each of the regional calls, as well as provide an opportunity for participants to discuss common challenges and potential solutions with their peers on a global level.
Get an in-focus look at operational resilience
Operational resilience touches on a wide range of risks and themes. Although it was only specifically mentioned by 10% of participants in the 2020 ORX Operational Risk Horizon, the broad scope of operational resilience meant we felt it deserved to be explored in futher detail. Therefore, we made operational resilience one of the 'risks in focus' in the Operational Risk Horizon report.
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