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Reports & white papers:
Informing better op risk management

Read highlights, summaries and full reports from our published research studies, which are freely available to support your operational risk practice.

While members of ORX get immediate access to the full findings of our studies, we also regularly share key highlights, summaries and reports publicly. Explore our studies to learn something new about operational and non-financial risk.

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Research
CCAR benchmark 2019
Sarah Reed
12 March 2019
You can now sign up to take part in the 2019 CCAR benchmark. This study provides participants with a benchmark of methodology and model outputs for their 2019 CCAR submissions.
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.
Research
Annual Banking Loss Report 2019
Luke Carrivick
24 September 2019
Do you know which business lines account for the most operational risk losses in the banking sector? Or the total gross loss of the events? Read the 2019 edition of our Annual Banking Loss Report to find out this and much more.
ORX Annual Insurance Loss Report topline stats
Research
Annual Insurance Loss Report 2019
Steve Bishop
24 September 2019
Do you know which business lines account for the most operational risk losses in the insurance sector? Or the total gross loss of the events? Read the 2019 edition of our Annual Insurance Loss Report to find out this and much more.
Research
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
Insights into material risks: Scenario library summary 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
Cyber and information security risk definitions
Melanie Lavallin
4 July 2019
Working with participants of the ORX Cyber and information security risk (CISR) programme, we have created definitions for cyber and information security risk that we'll use throughout the project.
Thought leadership
Risk-managing change
Simon Wills
26 June 2019
In collaboration with McKinsey & Company, we interviewed 16 Chief Risk Officers from leading financial organisations to see how they are managing change. Download the report and Checklist for Change to find out more.
Practice benchmark
Op risk framework design practice benchmark
Esther Renfrew
18 January 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.
Research
ICAAP methodology study
Annika Westphal
5 June 2019
Get the ICAAP methodology summary report to find out about the range of methodologies used when quantifying operational risk capital for ICAAP.
Research
Umbrella phase 2: role and scope of operational risk
Sarah Reed
28 March 2019
The development of operational risk into an 'umbrella' function was a key observation in the Future of Operational Risk study and was explored in our 2018 umbrella study. We're now extending this work to the rest of our membership.
Research
Operational Risk Horizon 2019
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 highlights 2018

Research
Operational Risk: The Umbrella Function
Luke Carrivick
22 August 2019
At ORX we're exploring this concept of operational risk as an umbrella function with our membership. We interviewed and surveyed 13 institutions to discover the how the umbrella approach was being implemented, the benefits and the challenges.
Research
CCAR benchmark 2018
Sarah Reed
18 January 2019
Following the success of the CCAR benchmark 2017, we are kicking off this year's benchmark study.
Research
Developing an industry op risk taxonomy: phase one
Nick Benson
15 July 2019
Our major new initiative helped to develop a reference industry operational risk taxonomy. Use our reference taxonomy to see how yours compares.
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.
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.
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.
Research
Operational Risk Horizon 2018
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.

Browse research by area of op risk

Op risk measurement & data
Day-to-day op risk management
Op risk strategic development
Material risks in focus

Research highlights 2017

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 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.
Practice benchmark
Operational risk appetite with consequence 2017
Esther Renfrew
9 March 2018
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
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
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 highlights 2016 and earlier

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
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
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 projects

Want to know what research studies we're working on right now?

Explore our current research studies