ORX Cause and Impact Taxonomy 2020
- 18 May 2020
At ORX, we've been refocusing some of our activities to help support the industry’s response to the coronavirus pandemic. This has included bringing forward the work we are going to progress this year to develop a Cause and Impact Reference Taxonomy, building on the success of last year’s ORX Reference Taxonomy.
Creating the new taxonomy
We will be collaborating with Oliver Wyman and a panel of operational risk experts from the ORX membership to develop the cause and impact references. We aim to publish the taxonomy in the final quarter of 2020 which will include reference taxonomies, guidance, and an accompanying report. The cause and impact references will be fully compatible with the 2019 ORX Risk Taxonomy, which is freely available to download here.
Our members will be contributing to the project by providing ORX with their organisation's cause and impact taxonomy and flags/themes. Having this input from operational risk experts means we can be sure that we produce a high-quality taxonomy which you can be used as a reference point and a resource to inform enhanced operational and non-financial risk management.
How can the taxonomy help you?
The Cause and Impact Taxonomy will allow institutions to benchmark and review their cause, event and impact taxonomies. By completing the set of reference taxonomies and supporting the bow-tie approach to categorising risk data, it will improve your understanding of the risk and control environment at your firm, while also supporting an enhanced analysis.
It can also help you to develop your own taxonomy if your firm does not currently have one.
Want to receive project updates?
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