Umbrella phase 2: role and scope of operational risk

  • 18 January 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.

In the 2018 study, we surveyed and interviewed 13 institutions. Our aim was to provide a high-level understanding of how different firms approached the umbrella: the challenges faced by operational risk and second line functions during the transformation, and the benefits they are seeing as it has been adopted.

Following the interest we received in our initial work, we have now launched a follow-up study that is open to all the ORX membership.

About the phase 2 study

Now that we've published the thought leadership report on the umbrella function, a number of the project participants, along with the broader ORX membership, are interested in a view of the umbrella based on a larger representation of institutions.

The objective of this second phase is to do just that. We are inviting firms to participate in a short survey to benchmark the industry as a whole in their journey towards the umbrella.

Who can take part

ORX member firms who did not take part in the first phase of this study are invited to participate in this short survey and see a comparison of the different ways in which the umbrella takes form for different institutions. Participants need not internally refer to the umbrella concept, as the study is simply about the scope and responsibility of operational risk.

What you get

Participants from both phases will be invited to a webinar to discuss the challenges and benefits of the umbrella function, as well as to receive a short report which describes the different approaches that firms have taken on their journey. This report will deliver a wider view of the transformational process for different firms.

Contact us

If you'd like to more about this study, or about our other work, please get in touch.

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