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Op risk taxonomy:
Building an industry taxonomy

“Organisations are telling us that the operational risk landscape has evolved to the point that the event-driven Basel taxonomy wasn’t fully supporting their risk management activities.”
Luke Carrivick, Head of Research and Information at ORX

In 2018, we launched our award-winning “level 1” operational risk/non-financial risk (NFR) reference taxonomy. This was the result of months of work done with over forty financial institutions from our membership.

Our resulting reference taxonomy received lots of interest from all levels of the operational risk industry – including winning industry initiative of the year at the operational risk awards 2019. 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 are collaborating with global consulting firm, Oliver Wyman.

Find out more about phase one and two

Developing an industry op risk taxonomy: phase two
Working with Oliver Wyman, we're extending our phase one taxonomy to go deeper into level 2 risks. The new taxonomy will be published soon.
Developing an industry op risk taxonomy: phase one
This major new initiative developed an industry level 1 reference taxonomy. Use our reference taxonomy to see how yours compares.

Other taxonomy resources...

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