ORX launches climate risk discussion groups
- 28 February 2020
As an emerging risk, climate change's importance has increased rapidly. It's quickly climbing the agenda of financial organisations around the world, driven by the heightened focus it's received from the public, the media, governance and regulators. Businesses are now having to respond in earnest to the threats and questions it poses. And financial firms are no different.
ORX is delighted to announce that we are providing a platform for the operational risk community to discuss this important and challenging risk specifically through the lens of operational and non-financial risk management. We're hosting a series of regional member discussion groups to give people the chance to share their views on the impact of climate change on operational risk, and to help them identify common challenges and potential solutions.
A space to debate important topics
The groups will discuss questions such as:
- What is the current level of internal and external (e.g. regulatory) focus on climate change?
- Which operational risks come under the scope of climate charge?
- Which operational risk tools are being using to assess exposure to climate change?
We are always on the lookout for ways we can further support the operational risk discipline, and we're pleased that we can use our position as the world's largest operational risk association in the financial sector to create this opportunity. Through these discussions, participants will be able to discuss this hot topic in detail with fellow operational risk professionals. During these conversations, we will also look to find ways in which ORX – either through existing or potential data and research – can further support operational risk teams in the management of climate change risk.
These climate change discussions are open to member organisations to join. If your organisation is not a member of ORX but you are interested in understanding more about our work on climate change, please get in touch.
Download the Operational Risk Horizon report for an in-focus look at climate change and operational risk
In the 2020 version of the ORX Operational Risk Horizon, two-thirds of participants included a risk related to climate change in their submissions. Because of this dramatic increase, we explored climate change in detail in the 'Risks in focus' section, looking at what traditional risks are being affected and what's driving the dramatic increase in focus on climate change.
If you have a press enquiry or would like ORX to comment regarding climate change in a media story, please contact our Communications Manager, Amy Lauder