Reflecting on 2024 - a year of growth, development and collaboration for the Risk Management, Landscape, and Resilience programmes. We expanded our network in working groups, engaged in roundtable discussions, and introduced resources for diverse ORX member needs. Partnering with other ORX communities, we shared insights and best practices across the entire membership.
It’s thanks to the participation of our members that ORX published several insightful and timely outputs on current industry practices and observations throughout 2024.
Looking ahead in 2025
ORX is excited to announce that upcoming workstreams will include:- A research project on third party/eosystem risk
- Lessons learnt from DORA implementation
- Ongoing discussions on best practices, focussing on members’ risk management and resilience priorities
- Collaboration with other ORX communities
Thank you to all members who took part in our topic survey, your views will help shape the 2025 agenda. We will be updating you shortly on the topics and format for working groups this year.
Key publications from 2024
In 2024, we continued to develop the Risk Management Resources Explorer tool, a one-stop shop for all outputs linking to the risk management cycle and supporting framework elements, e.g. Risk Appetite, Monitoring, and Governance.
All of the below publications from last year can be found on there too.
Risk Management
- Report: The drive towards digital ONFR management – in collaboration with the Data Science Working Group
- Summary report: Risk reporting - Key insights on current practices and future developments
- Reference Library: ORX Reference Process and Service Library
- Podcast: Top tips for making your RCSAs more effective and dynamic (process, technology, and people)
- Podcast: Key outcomes of ORX Risk Management Control Framework discussion sessions
Operational Resilience
- Summary note: Key takeaways from the DORA discussions
- Blog: Operational resilience lessons from the CrowdStrike incident
For further resources, please see the Operational Resilience Community page
Landscape
The material risk landscape: Insights and analysis of the most significant material operational risk threats currently facing financial services.
- Report: Top Risk Review H2 2024
- New in 2024: Additional Insurance analysis providing insights into the responses from insurance firms
- Blog: Regulatory Compliance – coming soon!
- Report: Top Risk Review H1 2024
- In-focus section on: Third party risk/reliance
- Podcast: Key findings and outcomes of the Top Risk Review H1 2024 report
The emerging risk landscape: A thorough examination of the primary operational risks of concern for financial firms over the next 12 to 36 months.
- Report: Operational Risk Horizon 2024
- Blog: Emerging risks in 2024: a comparative analysis for insurers and banks – new in 2024
- Podcast: Key findings and outcomes of the Operational Risk Horizon 2024
2024 Discussion topics
Risk Management
- Digital tools for ONFR Management
- Risk reporting
- Triggers
- Causal risk appetite
- Voluntary attribution
For more information and meeting slides, please see the Risk Management Working Group page.
