ORX Operational Risk Podcast
Trusted insights into effective operational risk management
Welcome to The ORX Operational Risk Podcast, bringing you insights and discussion about important operational risk topics.
You can listen to all our podcast episodes on this page, or subscribe through Apple Podcasts, Spotify or anywhere else you get your podcasts from to make sure you never miss an episode. Just search for ' The ORX Operational Risk Podcast' to find us.
Latest episodes
Episode 31: Key findings from the ORX Operational Risk Horizon 2023 report
In this episode of the ORX Operational Risk Podcast, we take a look at some of the key findings and outcomes from our recently published Operational Risk Horizon 2023 report. For the past five years, our annual Operational Risk Horizon study has been canvassing industry opinion on the most significant, emerging operational and non-financial risks. This year, the report examines the main emerging risks, but also at the external macroenvironment factors influencing these, as well as delving down into the top emerging risks areas.
Episode resources and links
ORX members get free access to the Operational Risk Horizon 2023 report here. It is also accompanied by an interactive visualisation that allows members to explore the emerging risk factors, particularly their interconnected nature.
The Operational Risk Horizon 2023 report and visualisation are also available for any firm to purchase, and can be done so via this page on our website. You can find out more about this year’s study and report on this page too.
Episode 30: ORX News top 5 operational risk losses of March 2023 and a deep dive into the collapse of Credit Suisse and Silicon Valley Bank
In this episode of the ORX Operational Risk Podcast, the ORX News team take a look at the five largest operational risk losses of March 2023 and a deep dive into the collapse of Credit Suisse and Silicon Valley Bank (SVB). With an operational risk perspective, they talk about risk culture, governance, the role of social media, and UBS’s takeover of Credit Suisse. For SVB, they also look into market and interest rate issues and the possible changes to the regulatory landscape for “smaller” banks.
Episode resources and links
You can read a summary of the top 5 operational risk losses discussed in this episode.
ORX News subscribers can read the full In Focus articles for further details about the collapse of Credit Suisse and SVB, including a timeline of events on the ORX News website here: https://news.orx.org/node/11636 and https://news.orx.org/node/11682
ORX members can also read the In Focus articles on the collapse of Credit Suisse and SVB here: https://members.orx.org/orx-news/orx-news-focus-collapse-credit-suisse and https://members.orx.org/orx-news/orx-news-focus-collapse-silicon-valley-bank
Episode 29: ORX Scenarios: Greenwashing Scenario Development Handbook
In this episode of the ORX Operational Risk Podcast, the ORX Scenarios team take a look at the most recent publication in the ORX Scenarios service – the Greenwashing Scenario Development Handbook, which is a step-by-step guide to creating a greenwashing scenario and builds on previous work that ORX has done in the climate space. The team cover why they chose to focus on greenwashing, why this handbook, and how it’s different to previous ORX Scenarios handbooks.
The Greenwashing Scenario Development Handbook is currently available to ORX Scenarios subscribers only but will be made available for non-subscribers to purchase soon. Please look out for this on our website and we will also update the podcast show notes with a link when it becomes available.
Episode resources and links
You can explore our available resources from the ORX Scenarios service here.
Episode 28: ORX News top 5 operational risk losses of February 2023 and a focus on key findings from the 2022 Year in Review report
In this episode of the ORX Operational Risk Podcast, the ORX News team take a look at the five largest operational risk losses of February 2023 and discuss the key findings from the 2022 Year in Review report. They also cover the impact of trade finance fraud by looking at two separate stories reported by the ORX News team, including the recent cases involving Trafigura and HSBC.
Episode resources and links
You can read a summary of the top 5 operational risk losses discussed in this episode. ORX News subscribers can read the full Year in Review 2022 report on the ORX News website here: https://news.orx.org/node/11565
ORX News subscribers can also read more on the stories covered in this episode via the ORX News website at: https://news.orx.org/node/11566, https://news.orx.org/node/9403 and https://news.orx.org/node/10797
Episode 27: How to manage Cyber risk scenarios
In this episode of the ORX Operational Risk Podcast, the ORX Cyber and ORX Scenarios teams collaborate to take a look at the highlights of our recent Managing Cyber Risk Scenarios study, including what the study was about, why we decided to focus on this topic, and covering our key findings from the outputs of the study.
Episode resources and links
You can find out more on Managing Cyber Risk Scenarios and download a free guide here.
Episode 26: ORX News top 5 operational risk losses of January 2023 and a focus on the S for Social in ESG
In this episode of the ORX Operational Risk Podcast, the ORX News team take a look at the five largest operational risk losses of January 2023 and, in recognition of International Women’s Day on 8th March, focus on the S for Social in ESG (Environmental, Social and Governance) by looking at materialised losses stemming from gender discrimination and sexual harassment in the workplace. They also give a brief look into which controls may have failed and ultimately led to regulatory fines and settlements from the recently published ORX Reference Control Library.
Episode resources and links
You can read a summary of the top 5 operational risk losses discussed in this episode.
You can also find out more about the ORX Reference Control Library and how to purchase it here.
ORX News subscribers can read more on the ESG stories covered in this episode via the ORX News website at: https://news.orx.org/node/11271 and https://news.orx.org/node/11354
Episode 25: Global operational risk priorities in 2023, ORX News top 5 operational risk losses of December 2022 and a focus on cryptocurrency
In the first half of this episode, ORX's newly appointed Executive Director, Dr Luke Carrivick, is joined by senior research colleagues to explore the following 5 key focuses:
- Developing the strategy for risk management
- Understanding the complex and interconnected risk landscape
- Managing Cyber – the number 1 top risk reported by our members
- Enhancing risk management and measurement practices
- The need to innovate and use new technology
Following this, the ORX News team take a look at the five largest operational risk losses of December 2022 as reported by the ORX News team, as well as explore the rise and fall of the bankrupt cryptocurrency exchange, FTX, looking into the ripple effects on the global crypto markets and the “future” of crypto.
Episode resources and links
You can read a summary of the top 5 operational risk losses discussed in this episode.
You can also read about our ambitious plan for 2023.
Episode 24: ORX News top 5 operational risk losses of November 2022 and the top 5 largest losses of the year
In this final episode of the ORX Operational Risk Podcast for 2022, the ORX News team take a look at the five largest operational risk losses of November 2022 and cover this year’s Top 5 largest losses, including discussing how the ORX News team applied the ORX Reference Taxonomy to those events, as well as commenting on recent findings from the latest Top Risk Review published earlier this month.
Episode resources and links
You can read a summary of the top 5 operational risk losses discussed in this episode.
The latest Top Risk Review report is available to ORX members on our member-only website. Non-members can find out more and order a copy of the report to purchase here.
You can also find out the latest news on the ORX Reference Taxonomy.
Episode 23: ORX Scenarios Library 2022, ORX News top 5 operational risk losses of October 2022 and focus on cyber-related events
In the first half of this episode, Simon Johnson and Rob Reay-Jones take a look at the ORX Scenarios Library and consider some of the findings from this year’s submission.
The ORX News team then take a look at the five largest operational risk losses reported by the ORX News team in October 2022 and explore a series of cyber-related data breaches which led to regulatory changes in Australia, as well as some findings from the ORX Cyber service regarding data on cyber events.
Episode resources and links
The full ORX Scenarios Insights into Material Risks 2022 report is available to members and subscribers, and will be available publicly soon. You can find out more about this year’s ORX Scenarios Library here.
You can also read a summary of the top 5 operational risk losses discussed in this episode. ORX News subscribers can also access Deep Dives for more information at: https://news.orx.org/search/deep-dive.
Episode 22: Control libraries, ORX News top 5 operational risk losses and focus on climate
In the first part of this episode, Luke Carrivick interviews Steve Bishop on developments in operational risk controls and finds out more about the new ORX Reference Control Library.
The ORX News team then take a look at the five largest operational risk losses reported by the ORX News team in September 2022 and explore the topic of climate, including greenwashing and the impact of Hurricane Ian.
Episode resources and links
If you're an ORX member, you can explore the ORX Reference Control Library for free. If you're not a member then the library is available to purchase. You can also read a summary of the top 5 operational risk losses discussed in this episode.
If you subscribe to ORX News, then you can access the climate news round-up at: https://news.orx.org/node/11289.
Episode 21: ORX News Top 5 losses of August 2022 and the final part of the data management series
In this shorter episode of the ORX Operational Risk Podcast, the ORX News team take a look at the five largest operational risk losses of August 2022 and finish their data management series.
Episode resources and links
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on the ORX News resources webpage.
Episode 20: Top Risks Review, ORX News top 5 operational risk losses and focus on data management
In the first half of this episode, Steve Bishop and Emilie Odin talk through the recent ORX Top Risk Review. They explore the key themes and top risks identified in the study, including information security and cyber, third part and data management.
Fern Ashcroft and Stanca Oproiu take a look at the five largest operational risk losses reported by the ORX News team in June 2022 and continue their series on data management.
Episode resources and links
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on the ORX News resources webpage. ORX News subscribers can also access Deep Dives for more information at https://news.orx.org/node/10936 and https://news.orx.org/node/7201.
ORX members can download the latest Top Risk Review report for free on our website and non-members can purchase it as part of the Risk Landscape package.
Episode 19: Climate and operational risk, ORX News top 5 operational risk losses and focus on data management
In the first section of this episode, Steve Bishop, Esther Renfrew, John Bosnell and Natasha Craig discuss climate and operational risk. They look at how financial institutions are approaching climate-related risks and what ORX is doing to support our membership with this challenge. They also explore the impact of climate on operational risk using some real-life examples reported by ORX News.
Fern Ashcroft then joins Natasha Craig for the regular section from ORX News, The team take a look at the five largest operational risk losses of May 2022 and begin a short series focusing on data management.
Episode resources and links
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on the ORX News resources webpage. ORX members can access all our available climate resources on the members-only website.
Episode 18: Innovating risk management, ORX News top 5 and focus on ESG
Join Simon Wills, ORX Executive Director, and Mark Cooke as they explore how risk can innovate. They also introduce a new initiative – iDP (innovation data platform) – which can help risk managers overcome the barriers to innovation.
The ORX News team then take a look at the five largest operational risk losses of April 2022 and do a short focus section on ESG.
This episode features Simon Wills, Mark Cooke, Fern Ashcroft and Stanca Oproiu.
Episode resources and links
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on the ORX News resources webpage. If you'd like to learn more about iDP head over to: https://idp.orx.org/.
Episode 17: Operational risk horizon, ORX News top 5 operational risk losses and focus on cyber warfare
Join the ORX research team as they look at the findings from the latest ORX Operational Risk Horizon Study, which explores emerging risks.
The ORX News team then take a look at the five largest operational risk losses of March 2022 and do a short focus section on cyber warfare.
This episode features Esther Renfrew, Simon Johnson, Emilie Odin, Lily Richardson, Fern Ashcroft and Natasha Craig.
Episode resources and links
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on the ORX News resources webpage.
The Operational Risk Horizon 2022 report is available to all ORX members on the member-only website, or for non-members to purchase for just £900.
Episode 16: Operational resilience, ORX News Top 5 operational risk losses and focus on sanctions
Join the ORX research team as they look at how financial organisations are overcoming some of the practical hurdles associated with developing and implementing operational resilience frameworks. The discussion is based on a recent report which was produced in collaboration with our Operational Resilience Working Group.
The ORX News team then take a look at the five largest operational risk losses of February 2022 and, in light of the conflict in Ukraine, do a short focus section on sanctions.
This episode features Steve Bishop, Melanie Lavallin, Emilie Odin, Lily Richardson, Fern Ashcroft and Thomas Neale.
Episode resources and links
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on the ORX News resources webpage. The operational resilience report is available to all ORX members on the members-only website.
Episode 15: Cyber risk quantification, ORX News top 5 operational risk losses and deep dive into deepfakes
Join the team from ORX Cyber as they explore cyber risk quantification in financial services, following the publication of a recent report on this topic. The ORX News team then take a look at the five largest operational risk losses of January 2022 and do a deep dive into deepfake voice cloning.
This episode features Steve Bishop, Melanie Lavallin, Katherine Charalambous, Lily Richardson, Fern Ashcroft and Natasha Craig.
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on the ORX News resources webpage and the Deep Dive mentioned is available to download for free.
Episode 14: Five biggest operational risk losses of 2021 with ORX News
Do you know which operational risk loss events cost the most in 2021? Join Tom, Fern and Lily from the ORX News team for this special end-of-year episode as they countdown the five biggest operational risk losses of the year as reported by the ORX News service.
Episode resources and links
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on the ORX News resources webpage.
Episode 13: Insights into material risks in 2021 from ORX Scenarios
Join the team from ORX Scenarios as they discuss this year’s Insights into Material Risks report. The team look at the trends and themes they’ve spotted in the annual upload and explore what factors are driving the top risks. Themes include conduct, digitilisation and resilience.
About the ORX Scenarios: Insights into Material Risks 2021 report
Find out which operational risks financial firms most commonly created operational risk scenarios for in 2021 in this free report from ORX Scenarios. Created using information shared by over 50 financial organisations, the ORX Scenarios: Insights into Material Risks 2021 report gives you a global picture of scenario practice in 2021.
Episodes 11 & 12: Right Time, Right Place: The drive for change in operational risk
Part 1
Part 2
Operational and non-financial risk (ONFR) management has an opportunity to step up like never before and support financial organisations as they go through a period of rapid transformation.
To do so will mean making operational and non-financial risk resilient by using innovative technologies, which then enable risk leaders to innovate how they serve the business and actively add value. In this two-part episode of the ORX Operational Risk Podcast, Simon Wills, Luke Carrivick and Mark Cooke explore how operational risk can do this in detail.
This discussion follows the publication of a recent report that explores the future of operational risk in light of rapid digitalisation and other changes in the financial services industry. This report sets out two elements of operational and non-financial risk management – “Optimise” and “Active” – explaining how optimisation will only go so far in terms of keeping pace with the rapidly changing risk profile.
Related resources
Episode 10: Developments in operational resilience in the financial sector
In this episode of the ORX Operational Risk Podcast, Steve Bishop, Melanie Lavallin and Luke Carrivick discuss the work being done in financial services to develop and implement approaches to operational resilience. They look at the challenges faced by financial firms around the world.
This podcast follows the publication of a recent report which is available exclusively to our members – Progressing operational resilience. This report is partly based on the activities and discussions held with our Operational Resilience Working Group, which has been running since 2020.
Related resources
Episode 9: How operational risk scenarios are evolving for the future of risk management
In this episode, Giuseppe Aloi, ORX Scenarios manager, is joined by Luke Carrivick and Steve Bishop from ORX to discuss how scenario analysis has evolved over the last decade and how it will continue to develop. This conversation follows a series of discussions we held with operational risk experts, scenario experts and the heads of operational risk on the role of scenarios at their firms.
From these discussions, we created a white paper – Operational Risk Scenarios: From Risk Measurement to Risk Management and Beyond – which is available to download for free. This podcast builds on the white paper, with Giuseppe, Luke and Steve looking at how scenario analysis at financial institutions has moved from an initial focus on modelling and measurement to playing a key role during the pandemic and, finally, exploring how scenarios are evolving to support proactive operational risk management.
Related resources
Episode 8: Operational Risk Horizon
In our latest podcast, we share key findings from our recently published Operational Risk Horizon study for 2021. This study is run annually at the start of the year and looks to gather industry views on the top emerging risks. In this podcast. The team who worked on the project discuss the key takeaways from the study and the definition of an emerging operational risk.
Related resources
Episode 7: Enhancing the three lines of defence model in operational risk
Simon Johnson, Esther Renfrew and Maddy Beckett from ORX discuss the value of the three lines of defence (3LOD) model in operational risk management. This follows the publication of the ORX Practice Benchmark on enhancing the 3LOD model, released earlier this year.
They explore what the 3LOD is meant to achieve and it's benefits. They also discuss how our benchmark study shows it's working in practice, what challenges organisations face when implementing it and how views of the model differ across the three lines.
Related resources
Episode 6: The cyber risk management landscape in 2021
In this episode, Melanie Lavallin and Steve Bishop discuss the current risk management landscape and the challenges facing cyber and information security risk managers today. They touch on the impact of the pandemic and digitalisation, and look at the work ORX has carried out so far on cyber and information security risk.
They then discuss how our new service, ORX Cyber, can help financial organisations overcome the challenges they face in this area through collecting and sharing data, building a community, helping organisations understand their risk exposure and research studies.
Related resources
Episode 5: Developing a new taxonomy for today's operational risk landscape
Luke Carrivick and Steve Bishop from ORX and Thomas Ivell from Oliver Wyman discuss the development of their recently published cause and impact taxonomy and why a new taxonomy for operational and non-financial risk was needed.
Related resources
Episode 4: The latest trends in operational risk scenarios with the ORX Scenarios Team
Each year, following the annual scenario submissions, we produce a report exploring the trends and changes seen in the ORX Scenarios library. In this webinar, the ORX Scenarios team discuss the key trends seen in this year's library (focusing on conduct and business disruption) and how these trends vary by region.
They also look at the impact of the coronavirus pandemic on operational risk scenario practice. The full version of this report is available exclusively to firms that subscribe to ORX Scenarios, but we've also created a highlights report that you can download.
Related resources
Episodes 2 & 3: Lessons from the industry's response to the coronavirus pandemic
Part 1
Part 2
Simon Wills, Luke Carrivick of ORX and Mark Cooke of HSBC discuss the operational risk industry's response to the coronavirus pandemic in this two-part podcast.
The discussion is based on the outcomes and findings of work ORX did with a group of their member financial organisations to see how operational risk teams in the finance sector were responding to the pandemic. The report looks at what went well, what could have been improved and identifies key learnings.
Related resources
Episode 1: Developing operational risk scenarios for a pandemic
Join the ORX Scenarios team for insights on how to develop operational risk scenarios for a pandemic. This episode features a panel of experts from ORX who either work in the ORX Scenarios service or have experience with scenario programmes at financial firms.
In response to the coronavirus (Covid-19) outbreak, ORX Scenarios have produced a pandemic Scenario Development Handbook to support the development of pandemic scenarios in financial institutions. This handbook provides practical guidance on preparation, assessment, and governance for pandemic scenarios, summarising the views from recent discussions with the ORX Scenarios community from over 50 institutions across the globe.