Operational Risk Horizon 2024

Are you ready to tackle the most significant operational risks?

With the ORX Operational Risk Horizon 2024 study, you can prepare for the biggest risks coming your way.

More than 45 financial institutions from the ORX membership took part in this study, sharing their views on which emerging risks they are most concerned about. The results have been drawn together into a comprehensive report with three main sections:

Emerging risk categories
The external macroenvironment
Key risks in focus

The report, and an accompanying appendix of supporting information, is available to purchase for just £1,500.

Emerging risks

The study explores the emerging risk categories of most concern for financial firms in the next 12-36 months. It looks at changes since last year and provides a comprehensive overview of specific drivers and concerns for each category.

External macroenvironment

This section examines the key factors shaping and impacting the risk landscape – such as technology, geopolitics and environment. It breaks these top-level factors into the five most concerning sub-factors and looks at the actions firms are taking to manage each one.

Key risks in focus

In addition to looking at the broader landscape, the study dives into four specific risks identified as being key areas of focus. These are emerging technology, cybersecurity, climate risk and social risk.

ORX Operational Risk Horizon 2024 Pages-01

Benchmarking

Use this report to benchmark your firm's views on emerging risks against the rest of the industry, as well as consider how they could impact your current risk profile.

Insights & actions

These insights can be used to help
shape future risk initiatives, such as scenario planning, operational resilience developments, or risk quantification.

Drivers and impacts

Use the lists of risk drivers and impacts for each emerging risk category to help understand and document your emerging risks for your senior stakeholders.

1. Emerging risk categories

Analysis of the emerging risk categories of greatest concern over the next 12-36 months
An appendix featuring a comprehensive overview of the specific drivers and concerns for each category

2. The external macroenvironment

An in-depth examination of the factors that firms perceive as having the greatest potential to both shape and detrimentally affect the evolving risk landscape across our selected six macroenvironmental categories
A list of management actions currently underway across firms to mitigate risks and enhance resilience across each of these categories

3. Key risks in focus

A summary of key points made on four priority risk areas, selected by ORX as topical and of high importance to firms – emerging technology, cybersecurity, climate risk, and social risk

A snapshot of the key findings

A constant but increasingly concerning risk landscape

The top emerging risks remain consistent but grow in concern for risk practitioners, with advancing cybercrime still in top place.

Regulation rises through the ranks as a growing concern

Regulatory scrutiny is emerging as a growing compliance concern as financial firms endeavour to adapt and comply with a more complicated regulatory environment.

The omnipresent risk of cybercrime

Cybercrime remains a consistent feature on the risk landscape, with the rapid development and adoption of emerging technologies ensuring that cybersecurity is a continuing growing area of concern for financial institutions.

AI and cloud computing at the forefront of emerging technology concerns

Artificial Intelligence (AI) remains the most concerning emerging technology and has risen greatly in prominence over the last year.

Future supply chain resilience at risk from a variety of threats

Of growing concern for firms is the future resilience of supply chains in the face of several emerging risks.

What do you get in the study?

If you purchase the ORX Operational Risk Horizon 2024 you'll receive a copy of the report and the accompanying supporting information.

The 32-page report provides an overview of the emerging risk landscape with a focus on specific emerging risk categories. It gives an overview of the factors that organisations believe could most impact the emerging risk landscape, with an explainer of what actions firms are taking in response. Four 'risk in focus' section dive deeper into key categories – emerging technology, cybersecurity, climate risk and social risk.

It also contains a detailed appendix which outlines the main risk concerns, the main drivers and the key impact concerns for each risk category.

The supporting information document provides an additional breakdown of the survey results presented in the 2024 Operational Risk Horizon report. It includes a detailed overview of how each individual emerging risk category and factor was ranked by the participants.

Order your copy

The full report is now available to purchase for just £1500. Fill in the form above to request an invoice today.

“Cybercrime remains a consistent feature on the risk landscape, with the rapid development and adoption of emerging technologies ensuring that cybersecurity is a continuing growing area of concern for financial institutions. The spread of ransomware as a service (RaaS) and large-scale attacks on digital infrastructure are the focus of concerns for the future as attacks on key third parties would cause widespread disruption and likely high levels of data breaches.”

ORX Operational Risk Horizon 2024