Material Risk Identification practice benchmark
- 11 August 2020
Exploring material risk identification in operational risk management
In this practice benchmark, we're aiming to understand the concepts and practice behind material risk identification programmes in the financial industry.
The practice benchmark is free for all firms who are members of ORX, and we already have more than 50 financial institutions registered. If you're not an ORX member then you can still take part. Please complete the form here, or alternatively contact Roland Kennett.
This study will focus on three key concepts relative to material risk identification:
- How organisations define materiality internally (what is the definition of material, how do firms establish what is material in terms of risk).
- The method firms use to identify their material risks within their organisation (who is involved, what is the process, how is it communicated, and what is the approval or validation approach).
- To find out what process(es) are used to determine materiality in quantitative terms.
One of the main benefits of ORX practice benchmarks is the chance to see how your firm specifically compares to others in the industry. If you're not an ORX member then you can still take part. Please complete the form here, or alternatively contact Roland Kennett.
What will I get from the practice benchmark?
All participants will receive a summary report showing current industry practice and future evolution, as well as an individual customised benchmark report showing your material risk identification practice against your peers. You'll also be able to participate in virtual roundtables and webinars to share experience and ideas with peers. If you're not an ORX member then you can still take part. Please complete the form here, or alternatively contact Roland Kennett.
What will I need to do to take part?
Participants in this study will be asked to complete an online survey asking specific questions around their material risk identification process.
As an ORX member, it's free to take part in this practice benchmark. Prices for organisations who aren't members of ORX are on request. Please complete the form here, or alternatively contact Roland Kennett.
About ORX practice benchmarks
The ORX practice benchmark series explores specific areas of operational and non-financial risk practice in detail. It helps you understand what is standard practice across the industry, what areas you're ahead your peers in and where you could improve.
We've already conducted a number of practice benchmarks. Whether you're a member of ORX or not, you can request an individual report for any of the benchmarks we've carried out at any time.