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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 enhance your risk management practices.
ORX Membership
- Library: ORX Reference Process and Service Library – this Library is an essential reference guide to typical processes and services within financial organisations, covering both banks and insurers. We developed the Library working with McKinsey & Company as knowledge partners and with the support of our members. It's based on data collected from nearly 50 banks and insurance firms based around the world.
- Report: Top Risk Review H2 2024: Insurance Analysis Report – following the recent publication of our Top Risk Review H2 2024, we've developed an Insurance Analysis Report to provide additional analysis and commentary on how participants from insurance firms responded to the survey with the crucial role they played in our largest Top Risk Review survey to date. The report identifies and prioritises the key risks that need to be addressed.
- Report: The drive towards digital ONFR management – this report explores how financial institutions are embracing digitalisation to enhance operational and non-financial risk (ONFR) management. It highlights the progress being made in adopting data-driven approaches and advanced technologies, such as machine learning and genAI, to support financial institutions in managing risks effectively and safely at the speed required in today’s digital landscape.
- Blog: Firms must adapt now or risk falling behind – this blog outlines four key areas of transformation from our white paper: Our strategic vision for operational and non-financial risk.
- Blog: Strategies for creating new risk capabilities and insights – this blog summarises five elements of successful ONFR management from our white paper: Our strategic vision for operational and non-financial risk.
- Blog: Economic capital modelling in 2024 – a diverging picture – this blog highlights key takeaways and innovations in economic capital modelling, focusing on the global implementation of the new Standardised Approach.
- Blog: Top risks for insurance firms revealed in H2 2024 – this blog provides a summary of the top risks facing insurance firms, based on insights from our largest ORX survey to date for the H2 2024 Top Risk Review. It captures key risks from the newly developed Insurance Analysis Report, which identifies and prioritises key areas that need to be addressed.
- Blog: What is our vision for successful operational and non-financial risk management? – this blog summarises key insights from 50 CROs and other senior risk leaders from financial organisations discussing the future of operational and non-financial risk (ONFR) in our strategic vision for operational and non-financial risk.
- Podcast: Our vision for the future of operational and non-financial risk in financial services – in this podcast episode, Simon Wills, Luke Carrivick, and Steve Bishop discuss our strategic vision for operational and non-financial risk. They explore how changes have impacted operational and non-financial risk (ONFR) profiles and priorities, as well as look at why this transformation requires a shift in the approach to risk management.
ORX News
- Blog: Top 5 ORX News Losses: Q4 2024 – find out which operational risk loss events have had the most impact in the monthly top five losses in Q4 2024 so far in this summary from ORX News.
- Podcast: ORX News top 5 losses in October 2024 and a focus on insurance and third party risk events – listen to this podcast episode to hear the ORX News team cover the five largest operational risk losses of October 2024, as well as a data deep dive focusing on three common areas in which third party risk events materialise: cyber, infrastructure, and supplier. The team also cover a deep dive looking into the largest loss of 2024 so far which cost TD Bank over three billion dollars, and two insurance reports providing a five-year overview and analysis of insurance data from the ORX News service.
ORX Scenarios
- Resource: Scenario Analysis Workbook Series – the series has expanded with four new workbooks covering ORX level 2 risk types, including inadequate business continuity planning or event management; money laundering and terrorism financing; processing or execution failure relating to clients and products; and software failure. We now have a total of 15 workbooks available and we will continue to roll out further workbooks in 2025.
- Report: Scenario Library Extended Highlights 2024 report – the 2024 Scenario Library Highlights Report has been updated to include additional regional analysis and more information on climate risk scenarios. The report provides an overview of the current scenario analysis landscape and analysis of the composition of the current Scenario Library, as well as a breakdown by risk category, severity, business area, institution type, and region. It also provides analysis of key correlations within the Scenario Library data.
- Report: ORX Scenarios: Insights into Material Risks 2024 – developed using data and information shared in the ORX Scenario Library, this report offers a global view of operational risk scenario portfolio trends. It also provides in-depth analysis of the top 5 most represented risk types in the library, and our growing bank of climate risk scenarios.
- Report: ORX Scenarios: State of the Industry report 2024 – this report provides insight into the industry’s main scenario process enhancement priorities along with practical evidence-based options for scenario leaders and practitioners to consider as they work to optimise and unlock the full potential of their scenario programme.
- Blog: ORX Scenarios Strategic Roundtable 2024 – a virtual Strategic Roundtable was hosted in October for the 89 institutions that took part in our 2024 Scenario Process Benchmark and Research Study. We were joined across two sessions by over 100 operational risk scenario practitioners from around the world to discuss the industry’s shared priorities for enhancing the end-to-end scenario process. Topics included portfolio coverage, scenario triggers, review and reassessment processes, integration, and governance.
