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 covers level 1 and level 2 risks, including more 'contemporary' risks, such as conduct, cyber and third party. The Cause and Impact Taxonomy complements the Event Type Taxonomy and covers causes and impacts to provide even more insight.
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.