ORX Operational Risk Reference Taxonomies

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.

Download the ORX Operational Risk Reference Taxonomy

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.

Get more from the ORX Reference Taxonomy with the guidance documentation

ORX work on operational risk taxonomies

ORX Event Type Operational Risk Taxonomy

Free to download, this taxonomy covers event type level 1 and level 2 risks for operational and non-financial risk.

ORX Cause & Impact Operational Risk Taxonomy

This taxonomy complements the Event Type Taxonomy and covers causes and impacts to provide even more insight.

Blog
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.
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 work to create a new taxonomy can help improve operational risk management
Luke Carrivick
12 May 2018
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 Reference Taxonomy

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

Contact ORX