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Reports & white papers:
Informing op risk management & practice

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.

High-speed train
ORX Scenarios
Operational Risk Scenarios White Paper
Giuseppe Aloi
14 April 2021
What does the future hold for operational risk scenario analysis? Download the free Operational Risk Scenarios White Paper from ORX Scenarios to find out.
Research
Operational Risk Horizon 2021
Melanie Lavallin
8 April 2021
Find out which emerging operational risks you need to be aware of in our annual Operational Risk Horizon report. Buy the report to help you identify, manage and report on emerging risks.
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.
Exploring Risk Exposure Methodologies report cover
Research
Exploring Risk Exposure Methodologies
Annika Westphal
19 March 2021
This project explored the use of structured scenarios for operational risk measurement, specifically structured scenarios based on Bayesian networks. Download the free summary report for an overview of our key findings.
Loss data
What can we learn from a decade of operational risk loss data?
Esther Britton
1 March 2021
Operational risk losses have decreased in both value and frequency over the last ten years recent analysis by ORX shows. In our recent study, we looked at operational risk losses submitted by financial organisations between 2010 and 2019.
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 Board Reporting Study
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.
Research
Addressing the regulatory challenge of operational resilience
Melanie Lavallin
1 December 2020
Operational resilience is a hot topic at right now. Find out how you can address the regulatory challenge posed by operational resilience right now.
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.
ORX Cause and Impact Operational Risk Taxonomy
Research
ORX Cause & Impact Operational Risk Reference Taxonomy
Steve Bishop
24 November 2020
In response to feedback from operational risk teams, we are bringing forward the work we are going to progress this year to develop a Cause and Impact Reference Taxonomy building on the success of last year’s ORX Reference Taxonomy.
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
CCAR Benchmark 2020
Sarah Reed
15 December 2020
The Comprehensive Capital Adequacy Review (CCAR) is an essential annual supervisory requirement for banks conducting business in the United States. Sign up now to receive an individual benchmark to see how your submission compares with your peers'.
Research
Banking Operational Risk Loss Data Report 2020
Sarah Astill
23 July 2020
Our latest report on the banking operational risk loss data in the ORX databases show that operational risk losses have decreased in the financial sector for another year running. Read the report for trends and analysis of the data.
Research
Insurance Operational Risk Loss Data Report 2020
Steve Bishop
23 July 2020
Our latest report on the insurance operational risk loss data in the ORX databases show that operational risk losses have decreased in the financial sector for another year running. Read the report for trends and analysis of the data.
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.
ORX Cyber
Cyber risk management controls & indicators
Melanie Lavallin
28 February 2020
How is the industry implementing controls and indicators for cyber risk management? And what makes an effective indicator or control? Read the report from our study to find out.
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.

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

2019 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.
Research
CCAR Benchmark 2019
Sarah Reed
1 November 2019
This study benchmarked CCAR operational risk modelling methods and outputs. It also included topics such as risk identification, scenario analysis, forecasting of legal losses, incorporating results into business as usual activities and top challenges.
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.
ORX Cyber
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.
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.
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.
Research
The Umbrella Function: Role & Scope of Op Risk
Sarah Reed
28 March 2019
This study builds on our 2018 work looking at the role op risk can play as an 'umbrella function'. By surveying a wide range of institutions, we looked at change on a broader scale and found that op risk management is indeed shifting at an industry level.
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
Operational Risk Horizon 2019
21 January 2019
Benchmark your top current operational risks against your peers and identify emerging operational risk trends with the ORX Operational Risk Horizon study.

2018 highlights

Research
CCAR Benchmark 2018
Sarah Reed
18 January 2019
Download the summary report from the ORX CCAR Benchmark 2018. The goal of this project was to provide participants with a benchmark of operational risk modelling methodologies, and model outputs for their 2018 CCAR submissions.
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.
Research
Operational Risk: The Umbrella Function
Luke Carrivick
6 December 2018
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.
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. Buy the Practice Benchmark to find out how you control manage
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
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.

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.
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
Understanding Conduct Risk Practices
John Mears
26 October 2017
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
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
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.

2016 highlights 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
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.
Industry statement
Capital impact of the SMA
Luke Carrivick
27 May 2016
Our response to Basel Committee on Banking Supervision's (BCBS) proposed Standardised Measurement Approach for Pillar I operational risk capital. Including our SMA capital requirements benchmark report, ORX Capital impact of the SMA.

Research projects

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

Explore our current research studies