Operational risk management:
Supporting you with day-to-day practices

ORX can help you improve the day-to-day management of operational and non-financial risk at your financial services organisations. Our operational risk management work includes research studies and Practice Benchmarks that guide your practice and enhance your understanding of operational risk. Subjects covered so far include:

RCSA
Controls and indicators
Outsourcing/third party management

If your organisation is a member of ORX (check if you're a member), then you can take part in our research studies and read the results for free – head over to our member-only site for more information. If you're not a member, then you can still take part in some of our projects or access the reports for a small fee. Take a look at our individual operational risk management projects for research highlights and pricing.

Operational risk management study reports and results

Research

Material Risk Identification Study

Simon Johnson

25 March 2021

This report will help you understand the concepts and practice behind material risk identification programmes in the operational risk discipline in the financial industry.

Research

Three Lines of Defence Practice Benchmark

Simon Johnson

11 September 2020

The 3LOD is an accepted model for effective operational risk management. This Practice Benchmark lets you understand how the 3LOD is implemented in practice, its challenges and how your practice compares.

ORX Cyber

Cyber Risk Board Reporting Study 2020

Melanie Lavallin

18 December 2020

Download the report based on work with our cyber operational risk community to find out how the industry is approaching cyber and information security risk reporting to the Board.

ORX News

ORX News Deep Dive: Citibank loses USD 400 million

John Bosnell

26 November 2020

Download the free Deep Dive from ORX News to find out why Citibank was fined USD 400 million over poor risk management, data governance and control failures.

Research

Top Risk Review: October 2020

Steve Bishop

27 October 2020

Download the latest Top Risk Review from ORX, published in October 2020, to see how the operational risk landscape is changing and which risks you need to be ready for.

ORX Scenarios

ORX Scenarios: Insights into Material Risks 2020

Giuseppe Aloi

18 October 2020

Find out the key trends and analysis in scenario practice in 2020. Key themes include conduct, resilience and the importance of an agile operational risk framework.

Research

Coronavirus: the first lessons

Simon Wills

10 July 2020

Read our latest report, Coronavirus: the first lessons - a view from the operational risk community, to see what the industry has learnt from the pandemic, where we succeeded and what we could do better in the future.

Research

Scenario Development Handbook: Pandemic

Lily Loneragan

11 June 2020

In response to the coronavirus outbreak, ORX Scenarios have produced a pandemic Scenario Development Handbook to provide practical guidance on preparation, assessment and governance to support your development of scenario process.

Research

Covid Risk Review

Steve Bishop

8 June 2020

Find out how coronavirus has impacted operational risk profiles. Read the results of our survey of the ORX membership on the current operational risks facing us today.

Practice Benchmark

Scenario Refresh & Trigger Process Practice Benchmark

Giuseppe Aloi

3 March 2020

This Practice Benchmark showed that the industry is adopting more dynamic approaches, which are better designed to meet business needs and are more focused on managing risks at the right time. However, there are still areas that could be improved.

Practice Benchmark

Operational Risk ICAAP Practice Benchmark

Sarah Reed

20 February 2020

This report summarises key findings of the ICAAP governance and coordination Practice Benchmark. The study examined common industry practice for governing and coordinating the operational risk component of the Internal Capital Adequacy Assessment Process.

Research

Operational Risk Horizon 2020

10 February 2020

Download the ORX Operational Risk Horizon 2020 report to find out the top emerging and current operational risks for 2020 and beyond for banks and insurers. This report is based on a survey of financial firms.

Practice Benchmark

RCSA Practice Benchmark

Esther Renfrew

28 January 2020

RCSA is one of the most important tools in a firm’s operational risk management and control framework. But are you making the most of RCSA? This ORX Practice Benchmark can show you what you're doing right and what you could be doing better.

Research

Machine learning in operational risk white paper

Annika Westphal

25 September 2019

This white paper makes a case for the use of advanced analytics, and specifically machine learning techniques, for operational risk management in financial firms. Download the white paper for more information.

ORX Cyber

Roles and responsibilities in cyber and information security risk management

Melanie Lavallin

24 September 2019

We surveyed 25 financial institutions establish where cyber and information security risk management responsibilities sit across the three lines of defence, and to identify those areas where there is confusion. See what we found out.

Research

ORX Scenarios: Insights into material risks 2019

Giuseppe Aloi

16 September 2019

Each year, we analyse our scenario library and produce a summary report on the results. Read the summary report for key trends and highlights.

Research

ORX Event Type Operational Risk Reference Taxonomy

Steve Bishop

22 November 2019

Download the new ORX Event Type Reference Taxonomy for operational and non-financial risk (NFR). Working with Oliver Wyman, we've produced an updated level 1 and level 2 taxonomy.

Practice Benchmark

Op Risk Framework Design Practice Benchmark

Esther Renfrew

26 April 2019

Understand how your operational risk framework compares to others within the industry. This Practice Benchmark presents a range of practice and has created a typical framework for reference.

Industry news

ORX News Deep Dive: British Airways data breach

John Bosnell

22 January 2019

British Airways suffers data breach compromising information on over 429,000 customer cards.

Research

Progress and challenges in model risk management

Annika Westphal

21 December 2018

Model risk is receiving increased attention from financial firms and regulators. Our report looks at model risk management practices and the progress that has been made since our 2016 study on this operational risk topic.

Practice Benchmark

Outsourcing risk practice benchmark

Sarah Reed

29 October 2018

What does outsourcing do to your operational risk profile? Part of practice benchmark programme, this study identified common and best practices in managing the risk of a firm's outsourced/third-party portfolio.

Practice Benchmark

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.

Practice Benchmark

Operational Risk Appetite Practice Benchmark

Esther Renfrew

16 December 2017

The industry is progressing, but challenges remain. Our study helped to better understand the state of operational risk appetite within the financial services industry. See what we found out.

Research

Understanding control management practices

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

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.

Browse by other areas of operational risk...

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Material risks in focus

Operational risk management: Supporting you with day-to-day practices

Operational risk management study reports and results

Browse by other areas of operational risk...

Op risk management

Operational risk management:
Supporting you with day-to-day practices