The ORX Reference Process and Service Library is a new industry-developed resource, created with McKinsey & Company as knowledge partners, to support better risk management. Built with input from 50 financial firms, it helps you benchmark, build and enhance your process and service libraries.
Your new tool, built by the industry, to support better risk decisions
What Is the ORX Process and Service Library?
The ORX Reference Process and Service Library is the latest addition to our suite of reference standards for operational and non-financial risk (ONFR) management. Created with McKinsey & Company as a knowledge partner, and in collaboration with our global membership, this new library is based on 60,000 processes and services submitted by 50 banks and insurers.
As the most comprehensive resource of its kind, the library helps firms build, benchmark and enhance their process and service libraries and lays the groundwork for future industry data sharing.
50
firms shared data
60000
data points shared
How to use the library
Using a structured process and service view offers real, practical advantages for risk managers in both risk management and process management.
Risk management benefits
Control effectiveness and optimisation
The library helps make sure there are no gaps in the control environment across the full end-to-end process. It also supports control standardisation, rationalisation and automation.
Third-party review
The library can improve visibility and oversight of third-party activities along the end-to-end process.
Process management benefits
Process optimisation
By standardising processes, the library improves efficiency and makes it easier to automate processes.
Organisational design
The library is good tool for helping shape organisational structure around services and processes.
How the ORX Process and Service Library helps you
This library isn’t just a list - it’s a valuable tool to help you strengthen your risk and process management capabilities. Here's how it can support you.
Using the library as a benchmark
Identify gaps or duplication
Built using data from 50 member firms, the library offers a solid reference point to help you identify gaps or overlaps in your current process and service library.
Demonstrate material completeness
You can use the library to show to show material completeness to both internal governance and external regulators.
Map your internal library
You can map your internal library to the ORX version to identify missing elements or for comparison. The ORX library covers all major business lines, including insurance and a wide range of processes. So, it is important that you consider your internal business mix, especially if your organisation doesn’t align directly with the full scope of the ORX library. Use the ORX Level 1 service definitions to account for variation in where lower-level services may sit in your own business hierarchy.
Using the library as a base for development and upgrades
Accelerate the development of your process and service library
If you’re just starting out - or planning a major upgrade - the ORX library can be a key input to guide and speed up your development. You’ll still need to tailor it to fit your business structure and service model, but the library gives you a strong head start.
How to access the library
The ORX Reference Process and Service Library is available free to ORX members and also for non-member institutions to purchase on the ORX website.
