Top discussions points from our recent regional forums

POSTED BY ORX | 15 APRIL 2024

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Our recent Regional Forum in-person events, which took place in Africa, Asia and Australia, provided our members with a valuable opportunity to network with their peers, learn from each other and engage with the team at ORX. Watch our video summary for highlights and a comprehensive overview of all three events.

About the regional forums

The regional forums were hosted by ORX member firms in Johannesburg, Singapore, and Sydney. We had similar agendas across the three meetings, covering top risks, priorities in risk management and engaging discussions on operational and non-financial risks among all participants.

Johannesburg,
Africa

Singapore,
Asia

Sydney,
Australia

Invitations to ORX events are one of the key benefits of ORX Membership, giving our community the chance to meet other operational risk experts to share challenges and discuss solutions with each other. The topics at our forums are driven by our community's priorities, allowing our members to discuss the subjects that matter most to them.

Topics on this year's agenda

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Risk landscape and top priorities for operational and non-financial risks (ONFRs)
Key processes and services for risk management and resilience
The prominence of third party risk
Managing the risks and opportunities of AI
Recent development and the future of RCSAs
APRA CPS230 implementation and other top priorities
Update from regulator on CPS 230 Operational Risk Management

Highlights from the forums

Watch the video to see Luke Carrivick, Steve Bishop, Helen L'Abbate, and Simon Wills from ORX discuss the key takeaways from each of the forums. If you're an ORX member, you can also download the event materials from each of the forum webpages:

Key themes discussed at the forums

The overarching theme that resonated throughout the forums was the hunger for change, driving a quest for innovative approaches to managing operational and non-financial risks. Participants agreed on the necessity for cultivating a new risk culture within firms, seeking individuals with new skills capable of making sound judgments and positively influencing the business.

In regards to specific risks, the top risks were aligned to our recent Operational Risk Horizon study, with information security, technology and cyber featuring very heavily. Third party was also a key concern, while digitalisation and AI were common topics of discussion.

At all the forums, there was a strong emphasis on the external environment, especially regarding the need to grasp the swiftly evolving landscape of emerging risks.

“I think across all of the institutions in the room, there's a shared challenge and a shared opportunity. Artificial intelligence (AI) is both something that we will need to learn to manage well, but also something that we can leverage doing to improve our risk management.

There's an awful lot of noise about AI, not just within banking or risk management, but across the whole world, and this year there's probably a recognition that we need to start to learn how to manage that better.”

Luke Carrivick, ORX Executive Director

What's next for our members?

The discussions and key topics covered at the forums will shape future research and activities for ORX Membership. We will also be hosting another Regional Forum in North America later this year, so keep an eye out for details.

If you're not an ORX member, then you can find out more about ORX Membership on this webpage. You can also sign up to our newsletter to keep up to date with the latest developments.

Top discussions points from our recent regional forums