Recently, the ORX Scenarios team conducted a survey to identify key topics of interest for 2024 and to ensure that the service continues to deliver value to our subscribers.
The survey had 46 responses and focused on the three main elements of ORX Scenarios: networking, practice, and data.
Average score is out of four, where one is poor and four is excellent
ORX Scenarios development in 2024 based on survey feedback
Using the responses, we are looking at how we can add even more value to each of those three key areas.
1. ORX Scenarios networking and community
More customised training
We have been offering a range of standard training sessions to all subscribing firms. However, this year we will provide sessions that are more tailored and bespoke for each organisation. Subscribers can request training on recent outputs alongside the standard training sessions
Scenario In Focus topics
These virtual sessions provide a space for in-depth discussion about different scenario topics. Our survey showed that our subscribers would find these even more useful if we linked them to our projects and publications. So, we will review the topics for these sessions this year to involve more discussion around the service outputs.
2. Scenario practice studies and guidance
Provide more summaries
Our subscribers said they would like more easily digestible summaries, so we will use our quarterly information sessions to provide regular summaries, synopses and actionable how-to guides.
Continue the Scenario Analysis Workbook series
In Q4 2023, we started to produce Scenario Analysis Workbooks. The workbooks provide practical support for developing, analysing, and reviewing the key quantitative and qualitative components of the most material scenarios in our subscribers’ portfolios. We plan to expand this series in the second half of 2024. If your firm subscribes to ORX Scenarios, then you can visit this page to explore the current workbooks - including cyber risk events and damage to an organisation's physical assets.
Benchmarking practice
Another key benefit of ORX Scenarios, which is valued highly by our subscribers is the ability to compare practice and benchmark portfolios. To support this further, this year we will conduct a practice benchmark study on the end-to-end scenario process. More information about this benchmark will be available towards the end of Q1 2024.
3. Scenario data
Help subscribers to get more from the library reports
The ORX Scenarios Library is a database of scenarios shared by financial firms around the world. ORX Scenarios subscribers can use the library to identify gaps in their own portfolios, create new scenarios and validate and compare existing ones. The survey tells us that the data collected in the library is useful and valuable. However, to help our subscribers get maximum benefit from the range of available library reports we should continue to offer training and guidance and do more to encourage take up.
What to look forward to in 2024
In 2024, we have several projects planned including the recent release of our Scenario Reference Handbook, a practice benchmark, an AI Scenarios Handbook, and continuing to expand our workbook series.
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How to get involved in ORX Scenarios
Scenarios Community
If your institution subscribes to ORX Scenarios, then you can join our active network of scenario practitioners. The community gives you the chance to collaborate with a global network of scenario experts. Our Scenarios Community encompasses a wide range of work relating to the use of scenarios in operational risk management and measurement.
Scenario Working Group
The ORX Scenarios Working Group (SWG) is part of the wider ORX Scenarios Community and is made up of a smaller number of scenario practitioners from subscribing firms who attend online meetings, actively engage in discussions and work on specific tasks and projects.
Scenarios in Focus
Launched in the second half of 2022, the Scenarios in Focus meetings are small, informal sessions which allow our subscribers to explore specific topics in depth in small groups. The sessions are subscriber-led and focus on what interests them the most.
