Operational Risk Horizon 2021
- 13 November 2020
Discover the top emerging risks facing the industry in 2021 and beyond
We've just launched the latest ORX Operational Risk Horizon study, and the 2021 project will be slightly different from our previous Risk Horizon studies. This project will help financial firms to see which operational risks should be on their radar.
Registration for this study has now closed, but if you would like to know more about it or how you could be involved in future please contact us.
This year, to complement our newly implemented Top Risk Reviews which survey our membership twice a year on the biggest operational risks facing them right now (read the latest version here), the Operational Risk Horizon will focus on emerging risks, alongside specific risk themes.
The study will be carried out in two parts – the first will explore how different financial organisations define emerging risks and the second will survey participants on their top emerging risks.
As usual, the Horizon study is free for all of our members to take part in because it's included in their ORX Membership subscription. The study is also open to non-members of ORX for a fee of £750.
How the study will be run
Part 1: How do you define an emerging risk? (December)
In the first phase of the study, we will look at how participants define emerging risks, referring back to our 2016 emerging risk methodology work. The definition we proposed back in 2016 was:
"Emerging risks are those that have the potential to add to or increase a firm's current key risks in the next 18-36 months."
Scanning the horizon: Emerging risk methodology, 2016
We will revisit this definition with our participants and look at what timeline they use in their definitions for their emerging risks.
Part 1 is now live and the survey is due to close on 8 December 2020. This work will inform and shape part 2 of the 2021 Operational Risk Horizon.
Part 2: Sharing your top emerging risks (January)
Once we have an agreed definition of what constitutes an emerging risk, we'll survey participants asking them for their top emerging risks. The survey will also focus on some specific, material emerging risk themes – for example 'digitisation, concentration and systemic risk'.
If you've taken part, you'll be invited to join us at a roundtable for a discussion of the initial findings. The survey results and discussion themes will then be collated and analysed in a full report which will be shared with participants.