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    A new taxonomy for operational risk

    Download the ORX Operational Risk Reference Taxonomy

    The ORX Reference Taxonomy for operational and non-financial risks is made up of the Event Type Taxonomy, covering level 1 and level 2 risks, and the Cause and Impact Taxonomy, which provides even more insight. We've made both of them free to download – just fill in the form to get a copy of both taxonomies.

    Is your taxonomy helping you manage operational risk today's environment?

    As you're aware, the operational risks faced by financial companies have changed dramatically over the last 15 years. We've seen risks including conduct, cyber and third party rise in importance to now dominate boardroom agendas. The ORX Reference Taxonomy incorporates these newer risks while not moving completely away from the Basel Event Types.

    A practical resource for risk managers

    The Event Type and Cause and Impact Taxonomies are designed to be practical tools that will help you manage risk effectively and efficiently. You can use them as a reference to benchmark your firm against and to improve your practice. You can also adapt them to meet your business needs.

    Fill in the form to download both the Event Type and Cause and Impact Taxonomies for free.

    Find out more about how to use the ORX Reference Taxonomy

    Pages from ORX Operational Risk Reference Taxonomies

     

    To help the operational risk community get the most from the ORX Reference Taxonomy, we've created guidance.

    The guidance includes examples and provides more detail about the taxonomies and how you can use them. It gives you detailed guidance on each level 1 risk, explains how to use flags and risk themes to add further context and insights to your data, provides information and definitions for specific cause categories and more.

    Find out more about the taxonomy guidance

    “This is an excellent development that really clearly sets out a coherent industry view of the operational risks we face today. It provides a pragmatic common language that will allow the industry to discuss risks and share information for years to come."

    ORX Mark Cooke, former ORX Chairman and Group General Manager at HSBC