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Operational risk management

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

ORX enables better day-to-day management of operational and non-financial risk in financial services organisations, including being able to assess your practices against others.

Our operational risk management work includes research studies and practice benchmarks that guide your practice and enhance your understanding of operational risk. Subjects covered include:

  • Risk appetite
  • Controls
  • Risk assessment
  • Key risk indicators (KRIs)
  • Outsourcing/third party management

Talk to us today about participating in a research study or practice benchmark

Current operational risk management studies

Research
Material Risk Identification study
Sarah Reed
19 November 2020
In this study, ORX is aiming to understand the concepts and practice behind material risk identification programmes in the financial industry.
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Research
Three lines of defence practice benchmark
Simon Johnson
11 September 2020
The 3LOD is an accepted model for an effective risk management system. In this study, ORX is aiming to understand how the 3LOD is implemented in practice, its challenges and what best-practice might look like.
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Operational risk management study reports and results

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.
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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.
Read more
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. 
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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.
Read more
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.
Read more
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.
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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.
Read more
Practice benchmark
Scenario refresh and 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.
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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.
Read more
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.
Read more
Practice benchmark
RCSA practice benchmark
Esther Renfrew
28 January 2020
At the end of 2019, ORX ran a study on Risk Control Self Assessment (RCSA) with more than 70 banking and insurance firms based around the world. See what we found out.
Read more
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.
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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.
Read more
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.
Read more
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.
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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.
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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.
Read more
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.
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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.
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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.
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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.
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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.
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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.
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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.
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Browse by other areas of operational risk...

Op risk measurement and data
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Op risk strategic development
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Material risks in focus
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Op risk management

Find out how ORX can support operational risk management at your firm.

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