ORX publishes report on lessons learnt for op risk from coronavirus

Global operational risk management association, ORX, have published a report exploring what operational risk functions the financial sector has learnt from the coronavirus (Covid-19) pandemic. The report, developed from conversations with more than 100 of ORX’s member organisations, looks at what went well and what could have been improved.

Headline findings

• Operational risk reacted fast to keep financial organisations going
• More clarity over third party dependencies could have reduced risk and vulnerabilities
• Operational risk scenarios were not built for events as severe as the pandemic
• Operational risk profiles have changed quickly, and the function needs adjust accordingly
• Organisations can use the crisis as an opportunity to evaluate practices, processes and controls

Download the report for more

As part of our commitment to supporting the whole operational risk discipline, and in recognition of the unique challenge coronavirus presents, we've made our coronavirus-related resources freely available outside of our membership. To read our findings in full, download the report:

ORX Coronavirus the first lessons - a view from the operational risk community