Operational and non-financial risk management is becoming broader, more interconnected and increasingly strategic. Following his appointment as Chair of the ORX Board, Giulio Mignola, shares his perspective on the challenges shaping the profession, the value of industry collaboration and the future direction of ORX.
1. What are you most looking forward to as Chair of ORX?
What excites me most is the opportunity to help ORX continue evolving at a time when operational and non-financial risk management is becoming increasingly strategic.
Having been involved with ORX since its early days, I've seen the discipline develop through several important phases. One of the defining chapters was the development of sophisticated loss data collection and Advanced Measurement Approach (AMA) models under Basel II. ORX played a fundamental role in supporting the industry during that period, providing the data and benchmarking capabilities that helped firms quantify operational risk and support regulatory capital calculations.
Today, the environment looks very different. With the move away from internal operational risk capital models under the new regulatory framework, the discipline is no longer centred on capital quantification. In many ways, this creates an exciting opportunity to focus more directly on the broader value that operational and non-financial risk management brings to organisations: strengthening resilience, supporting strategic decision-making, managing emerging risks and enabling sustainable business growth.
As Chair, I look forward to helping ORX lead this transition. We have a unique opportunity to combine the power of our data, expertise and community to support members as they navigate a rapidly evolving landscape. The challenge is no longer simply measuring risk more precisely; it is helping organisations understand how risk and resilience contribute to long-term success.
What makes ORX special is that it represents collective intelligence in action. I am excited about working with our members, Board and executive team to ensure that ORX continues to be the place where the industry comes together to learn, innovate and shape the future of operational and non-financial risk management. This ambition aligns closely with ORX's strategic focus on leading the discipline, driving digital transformation and broadening its influence across the wider risk ecosystem.
2. You've been involved with ORX since the beginning. What changes in operational risk have surprised you most over the years?
Perhaps the biggest change has been the growing recognition that operational risk is not simply a control function but a critical enabler of business resilience and long-term success.
When ORX was founded, the focus was largely on understanding loss events, building taxonomies and developing consistent measurement frameworks. These were essential foundations, and ORX played a pioneering role in establishing them.
What has surprised me most is the extent to which the discipline has expanded. Today, operational risk professionals are navigating cyber threats, third-party dependencies, digital transformation, geopolitical uncertainty, conduct risk and organisational resilience. The scope of what we consider "operational risk" has become much broader and much more interconnected.
At the same time, expectations have changed. Stakeholders are no longer asking only whether organisations can manage risk; they are asking whether they can anticipate disruption, adapt quickly and continue to deliver value in an uncertain environment. That shift towards resilience and strategic relevance is probably the most significant evolution I have witnessed.
"Operational risk is increasingly shaped not only by the resilience of individual institutions, but by the resilience of the broader ecosystem in which they operate."
Giulio Mignola, Chair of the ORX Board
3. ORX began as a banking-focused organisation and now supports a much broader range of financial firms. How do you see that evolving further?
The expansion beyond banking has been a natural and very positive development. While different sectors face different challenges, many operational and non-financial risks are increasingly shared across the financial ecosystem.
Issues such as cyber risk, third-party risk, operational resilience, data governance and emerging technologies affect banks, insurers, asset managers, market infrastructures and other financial institutions alike. This creates valuable opportunities for cross-sector learning and collaboration.
Looking ahead, I expect ORX to continue broadening its perspective while remaining firmly rooted in the needs of practitioners. The diversity of our members and subscribers is becoming one of our greatest strengths because it enables us to identify common themes, share different experiences and develop insights that are relevant across financial services.
At the same time, the industry is becoming increasingly dependent on a wider network of external providers and partners. Critical technology firms, cloud service providers, data providers, payment infrastructures and other specialist third parties now play an essential role in the delivery of financial services. As a result, operational risk is increasingly shaped not only by the resilience of individual institutions, but by the resilience of the broader ecosystem in which they operate.
I believe this presents a crucial challenge but also an important opportunity for ORX. While our core mission will remain focused on serving financial institutions, there is growing value in fostering dialogue, research and insight that help bridge the perspectives of financial firms and the critical third parties on which they depend. Helping firms better understand and manage these interconnected risks will be an increasingly important part of ORX's role in the years ahead.
As risks become more interconnected, the value of bringing together different perspectives across sectors, geographies and, potentially, the wider service ecosystem will only increase.
4. How do you see ORX balancing the needs of large global firms and smaller regional organisations?
One of ORX's strengths has always been its ability to create value for organisations of very different sizes, geographies and business models.
Large global firms often bring scale, complexity and experience in addressing emerging challenges, while smaller and regional organisations provide practical insights, agility and perspectives that are equally valuable. Both contribute meaningfully to the community.
The key is ensuring that ORX provides a range of services and insights that are relevant to different levels of maturity and different operating environments. Benchmarking, research, data resources, communities and practical guidance should all be accessible and useful regardless of the size of the institution.
Importantly, operational and non-financial risks do not recognise organisational size. Every member and subscriber benefits when knowledge is shared openly across the community. My ambition is for ORX to remain a place where organisations of all sizes feel they have a voice and where everyone can both contribute and learn.
"In an increasingly uncertain and interconnected world, collaboration is becoming a strategic advantage."
Giulio Mignola, Chair of the ORX Board
5. What do you want ORX to be known for over the next few years?
I would like ORX to be recognised as the leading global centre of excellence for operational and non-financial risk management.
That means being known not only for high-quality data and benchmarking, which remain fundamental, but also for providing strategic insight, practical guidance and thought leadership on the challenges shaping the future of our profession.
I also see ORX as an organisation that helps firms navigate change with confidence, whether that involves digital transformation, resilience, emerging risks or evolving stakeholder expectations.
Most importantly, I would like ORX to continue being recognised for the strength of its community. The willingness of members and subscribers to share experiences, challenge assumptions and learn from one another is what differentiates ORX. In an increasingly uncertain and interconnected world, collaboration is becoming a strategic advantage, and I believe ORX is uniquely positioned to help the industry harness that advantage.
Our immediate strategic priorities for 2026 are focused on delivering enhanced insights, improved tools and practical guidance to help operational and non-financial risk professionals strengthen their risk management capabilities in an increasingly complex environment.
