Research

Research into operational risk management and measurement is a core part of what we do.

ORX research magnifying glass

Our projects

The ideas for projects come from our members, and often come out of working group meetings or our forums. We always seek approval from our members for our annual programme of work – without their input, our research projects would not be a success.

Not only do they suggest the topics, but our members are involved throughout the life of a project. They contribute their knowledge, experience and expertise, ensuring that each project delivers what our they need.

We also work with non-members on our projects and would be happy to hear from you if there is a particular project that you would like to contribute towards. If so, please get in touch.

This year's research programme reflects the changing nature of operational risk as it continues to evolve.

Explore some of our current projects

Thought leadership
Risk-managing change
Simon Wills
5 December 2018
This study focuses on the challenges involved in managing change risk. Done in partnership with McKinsey, it will be based on interviews with leading CROs
Research
Operational Risk Horizon 2018/19
Margo Kane
9 November 2018
Benchmark your top current operational risks against your peers and identify emerging operational risk trends with the ORX Operational Risk Horizon study.
Research
Operational Risk: The Umbrella Function
Sarah Reed
2 August 2018
If you picture operational risk as an umbrella, what does it cover? At ORX we're exploring this concept of operational risk as an umbrella function.
Research
CCAR benchmark 2018
Sarah Reed
5 July 2018
Following the success of the CCAR benchmark 2017, we are kicking off this year's benchmark study.

Take a look at a selection of our completed projects

Research
Capital Benchmarking Survey
Sarah Astill
7 May 2018
The 2018 Capital Benchmarking Survey provides a unique insight into levels of capital held by peer institutions. Members are asked to review their practice, methodology and output so it can be peer reviewed.
Research
Control management practice benchmark
Annika Westphal
18 September 2018
In this practice benchmark study, we looked at maturity in control management. Our practice benchmarks support new data exchange, increasing the efficiency and credibility of practice, and informing supervisory policy and practice.
Research
EU-wide stress test benchmark 2018
Annika Westphal
31 May 2018
In 2018, we conducted a survey on the methodologies used in the operational risk component with 27 banks. Find out more and download the study summary.
Research
Outsourcing risk
Sarah Reed
1 September 2017
How do you assess what outsourcing does to your operational risk profile? The ORX Outsourcing risk project will help you understand the new risks and operational impacts that have emerged as the industry has changed.
Research
Operational Risk Horizon 2017/18
John Mears
21 March 2018
The Operational Risk Horizon was a new initiative from ORX offering two key benefits – the ability to benchmark your top current risks and to identify emerging risk trends.
Research
Future of loss information
Esther Britton
6 July 2017
Throughout 2017 we're running a project reviewing how loss information could evolve to meet the changing requirements of operational risk management.
Research
Operational risk appetite with consequence 2017
Esther Renfrew
9 March 2018
The industry is progressing, but challenges remain. Our study aimed to better understand the state of operational risk appetite within the financial services industry. See what we found out.
Research
Understanding Conduct Risk Practices
John Mears
25 June 2018
Although there is no common understanding of conduct risk, progress is being made our study on conduct risk showed. We explored its interaction with the operational risk management framework and the shared challenges faced by the industry.
Research
CCAR benchmark 2017
Annika Westphal
13 March 2018
We ran this study for the third time to provide interested institutions with a benchmark of methodology and model outputs for their 2017 CCAR submissions. See what we found out.
Research
Understanding control management practices 2017
Nick Benson
28 November 2017
Controls help an organisation to operate effectively, comply with policies, produce dependable information and conform with regulation. This research explored control frameworks are managed and the type of related data collected.
Research
The future of operational risk
Simon Wills
9 November 2017
In 2016 we began a study with McKinsey. We aimed to identify the strategic challenges that financial firms must address if they are to manage operational risk more effectively. Find out the results.
Research
Annual Insurance Loss Report 2018
Steve Bishop
5 July 2018
This is our second annual report on the ORX insurance operational risk loss database. It examines trends in operational risk loss within the insurance and reinsurance industry. Read the full report here.
Research
How do banks manage model risk in 2016?
Paul Minter
28 October 2016
This Snap Survey report explores how banks define, manage and mitigate model risk.
Research
Understanding emerging risk
John Mears
28 October 2016
In 2016, we began work to enhance industry understanding of how emerging risks are defined, identified and assessed and the structures in place to support this activity.
Research
Annual Banking Loss Report 2018
Luke Carrivick
5 July 2018
This is our eighth annual report on the largest banking operational risk loss database. Read the full report here.
Research
Hitting the headlines
Annika Westphal
28 October 2016
Using data from the ORX News database, this report analyses the frequency and severity of losses in the financial services industry across 2014 and 2015.
Research
Capital Methodology survey 2016
Matthew Rees
17 January 2017
Every two years we carry out the Capital Methodology survey. It provides a detailed analysis of how the industry is building capital models, covering a wide range of model building aspects.
Research
AMA Capital Benchmarking Survey
Matthew Rees
17 January 2017
The AMA Capital Benchmark Survey provides a unique insight into levels of capital held by peer institutions.
Working together

Benefiting from our research

The full results of our research are usually only available to project participants. However, because we want to see the advancement of the operational risk as a discipline, we always try to produce summaries and cut-down versions for our non-participating Members. And some of these we make publicly available.

Collaborating with experts

Occasionally, we will work with industry and academic partners where there is an opportunity, and do so through an open selection process. If you are interested in being an ORX research partner then please get in touch.

These are some of the academic papers which we have supported over the years:

  • Operational Loss Scaling by Exposure Indicators: Evidence from the ORX Database (7 October 2008)
  • Observed Correlations and Dependencies Among Operational Losses in the ORX Consortium Database (27 November 2008)
  • Challenges in Measuring Operational Risk from Loss Data (9 September 2009)
A specialist
team
of researchers
Input and data from
100s
of industry experts
Learn from
dozens
of research projects