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Discover the most recent publications from ORX in our latest monthly round up. Stay up to date with the latest releases from ORX Membership, ORX Cyber, ORX News, and ORX Scenarios. Explore the wealth of knowledge and resources available from ORX to elevate your risk management practices.
ORX Membership
- Reports: Banking Operational Risk Loss Data Report 2024 and the Insurance Operational Risk Loss Data Report 2024 – these reports provide an overview of the key characteristics of operational risk loss data and identify current industry trends in the frequency and severity of operational risk loss events in our global banking and global insurance loss databases.
- Active Project: Data Science Working Group use case collection – as part of the work with the Data Science Working Group, ORX is collecting data science use cases put in place to support or inform operational risk management. Members can submit cases and they will be added to the collection and shared anonymously with firms who have contributed.
- Active Project: Improving ORX’s data exchange services – we have a clear vision of what the future of data exchange looks like, and we want to continue to be at the forefront of the industry in this area. We are therefore improving our data services and building a next generation platform for effective data exchange – launching in mid-2025.
- Infographics: 2024 Banking Operational Risk Loss Data Infographics and 2024 Insurance Operational Risk Loss Data Infographics – these infographics provide an overview of the key statistics from the C2 2024 loss data cycle for both banking and insurance operational risk loss data submitted to ORX.
- Visualisation tool: Banking Loss Data Map Explorer – this tool allows you to explore the ORX operational risk loss data at a more granular level than ever before, including the ability to zoom and drag to navigate to any countries of interest and see a risk profile for each country.
- Blog: Observations on operational resilience industry maturity – this blog summarises key points from the recent UK Financial Conduct Authority (FCA) publication on their observations and insights on how firms have prepared to comply with operational resilience requirements (PS21/3) so far, while also reflecting on observations from four years of running our Operational Resilience Working Group.
- Blog: EBA consults on new op risk loss taxonomy – significant alignment to ORX – this blog discusses the European Banking Authority (EBA) recently launched consultation on operational risk loss data collection, including a new draft risk event taxonomy. We cover why this is significant, the connection to the ORX Taxonomy, what you need to know about their plans including key features of the EBA’s proposed taxonomy, the focus of the consultation and what it will cover, and next steps that ORX will take in response to this.
- Blog: Global banks report lowest operational risk losses in a decade – this blog provides a summary of the Banking Operational Risk Loss Data Report 2024 revealing that global banks have experienced the lowest operational risk losses in a decade.
- Blog: Lowest levels of loss in five years seen at global insurance firms – this blog provides a summary of the Insurance Operational Risk Loss Data Report 2024 revealing the lowest losses in risk for insurers since 2018.
- Blog: C2 2024 loss data and infographics published – this blog provides a summary of the C2 2024 loss data cycle publication for global banking, global insurance and our regional services.
- Blog: Emerging risks in 2024: a comparative analysis for insurers and banks – this blog provides further analysis on the key results from the Operational Risk Horizon 2024 report, uncovering the unique differences in emerging risks between insurers and banks.
- Event: RiskMinds 2024 – we’re delighted that ORX is the exclusive operational risk partner of the RiskMinds International 2024 live event in London on 18–21 November.
ORX Cyber
- Infographics: 2024 ORX Cyber Event Data Infographics – this infographic provides an overview of the aggregated event data submitted to ORX Cyber in the C2 2024 cycle, which covered 435 events across banking and insurance.
ORX News
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Blog: Top 5 ORX News Losses: Q2 2024 – find out which operational risk loss events have had the most impact in the monthly top five losses of Q2 2024 so far from ORX News.
- Podcast: ORX News top 5 operational risk losses May 2024 and a focus on two events caused by human error – listen to this podcast for an overview of the top 5 largest operational risk losses in May 2024 and a focus on the fat finger error which recently cost Citi $139 million dollars and another case which cost Barclays $1.5 billion dollars.
- Webinar: ORX News In Focus Webinar 2024 – for the third year running, the ORX News team is hosting a dedicated ORX News In Focus Webinar. They will be sharing updates on 'What’s happening in the op risk world'. The session will include the latest industry loss events, along with trends, themes and analysis, and a round-up of key global developments.
ORX Scenarios
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Resources: ORX Scenarios Process Benchmark and Research Study 2024 – the intial outputs from this study include the individual benchmark reports to participating institutions with peer benchmark reports available on request, a summary benchmark report, and the Maturity Matrix supporting the benchmarking. The study leverages the largest benchmarking and practice dataset ever collected by ORX Scenarios, with nearly 90 institutions taking part. Further outputs from the study, including a comprehensive industry report, will be published later this year.
