ORX Reference Taxonomy 2019

ORX taxonomies:
Developing op risk taxonomies for the current landscape

Our strategic priority was to create a common point of reference for operational risk taxonomies, laying the foundations which allow industry debate and consistent industry sharing of insights and data going forward."
Simon Wills, Executive Director, ORX

In 2018, we launched our award-winning level 1 reference taxonomy. This was the result of months of work done with over forty financial institutions from our membership.

In May 2019 we announced that we are now working on expanding our taxonomy to go deeper into level 2 risks. For this second stage of our initiative, we collaborated with global consulting firm, Oliver Wyman. We've now published the new version of the ORX Reference Taxonomy for operational and non-financial risk, which updates the level 1 risks in the 2018 version and dives further into level 2 risks.

Continuing to develop the ORX Reference Taxonomy in 2020

This year, we are working on a cause and impact taxonomy, allowing us to provide an even more comprehensive resource for the industry.

ORX work on operational risk taxonomies

The ORX Cause & Impact Taxonomy 2020

This year, we're again collaborating with Oliver Wyman and experts from the ORX membership to develop the cause and impact references. 

The ORX Reference Taxonomy 2019

This taxonomy builds on the 2018 one, going deeper into level 2 risks. We worked with Oliver Wyman on this initiative.

The ORX Industry Taxonomy 2018

This major new initiative developed an industry level 1 reference taxonomy. Use our reference taxonomy to see how yours compares.

Other taxonomy resources...

Do operational risk taxonomies have a future?
Simon Wills
28 April 2020
ORX has recently published a new reference taxonomy for operational risk. It has been positively received by members, the industry and by supervisors. But, given the rise of advanced analytics, do taxonomy have a future?
Press release
ORX publishes reference taxonomy for operational and non-financial risk
Esther Britton
21 November 2019
Following on from our award-winning level 1 taxonomy, which was published in 2018, the new ORX Reference Taxonomy delves deeper into level 2 risks.
Press release
Over 60 taxonomies analysed for new reference taxonomy
Steve Bishop
28 August 2019
Working with a leading consultant, we've developed a draft of our enhanced reference taxonomy. At the moment the draft contains 16 level 1 risks, supported by 75-80 level 2 risks.
Latest news
ORX wins Initiative of the Year at the 2019 Operational Risk Awards
Marina Vissaridis
17 June 2019
We are delighted to announce that ORX has won Initiative of the Year at the 2019 Operational Risk Awards. Held on 18 June 2019 in New York, the Operational Risk Awards honour excellence in op risk management and compliance.
Latest news
How our reference taxonomy can help the industry improve operational risk management
Luke Carrivick
15 July 2019
By clearly capturing relevant risks, the ORX taxonomy is intended to be a reference point for financial institutions across the globe, supporting them in their move from ‘passive’ to ‘active’ risk management.

Find out more about the ORX taxonomy

If you want to know more about our work to develop an operational and non-financial risk taxonomy, please get in touch.

Contact ORX