Operational Risk Reporting Standards
Setting the standard for the operational risk discipline
ORX continues to lead the way in setting the reporting standards by which the industry views operational risk events. By bringing together a wealth of knowledge and experience from our community of members, we are able to produce high-quality operational risk reporting standards for both the banking and insurance industry.
Our standards ensure our members receive data of a comparable standard and in an agreed format, but many other financial firms also benefit from using them to support their operational risk event collection and reporting practices.
About the reporting standards
Both sets of standards are maintained in collaboration with our Definitions Working Groups. They are continually updated to reflect contemporary issues and to meet the reporting requirements of our members in an ever-changing landscape.
The current edition of the banking operational risk reporting standards (B-ORRS) was approved by the ORX Board in 2016. Our latest revision to this edition outlines new reporting requirements for tax events (see section 3.2.4).
The B-ORRS is in two parts - the first outlines the definitions and reporting requirements, the second contains a detailed description of each of the data categories.
The first edition of the insurance operational risk reporting standards (I-ORRS) was published in March 2015 to support the launch of our new Insurance service.
We developed them with leading global insurers to be in line with the CRO Forum high-level operational risk definitions and, wherever possible, to be consistent with our Banking ORRS. Like the B-ORRS, the I-ORRS is in two sections and contains definitions and detailed descriptions.
How to capture coronavirus losses?
How can financial firms capture the operational impacts of coronavirus (Covid-19)? Take a look at our guidance which we produced by working with experts from our member organisations – it sets out what should be included as an operational risk loss and what shouldn't.