ORX Reference Taxonomy:
A taxonomy for the current risk 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
The ORX Reference Taxonomy for operational and non-financial risks is made up of the Event Type Taxonomy and the Cause and Impact Taxonomy. The Event Type Taxonomy was published in 2019 and covers level 1 and level 2 risks. It includes more 'contemporary' risks, such as conduct, cyber and third party, while not moving completely away from the Basel Event Types.
Following this, it was clear that complementary cause and impact categories would support the understanding and use of the Event Type Taxonomy. So, in 2020 we created the Cause and Impact Taxonomy.
Download the taxonomies for free
Part of our mission at ORX is to support the management and measurement of operational risk beyond our membership. This is why we provide so many of our resources for free. The complete ORX Reference Taxonomy, consisting of both the Event Type and the Cause and Impact Taxonomies, is available for you to download and start to use at your firm for free.
Find out more about how to use the taxonomy at your firm
To help the operational risk community get the most from the ORX Reference Taxonomy, we've created guidance which is available to purchase alongside it. The guidance gives you detail on each level 1 risk, explains how to use flags and risk themes to add further context and insights to your data, provides information and definitions for specific cause categories and more.