ORX Reference Process and Service Library

Library - November 2024

The ORX Reference Process and Service Library is an essential reference guide to typical processes and services in financial organisations, covering both banks and insurers.  

We developed the library working with McKinsey & Company as knowledge partners and with the support of our members. It's based on data collected from 50 banks and insurance firms based around the world.

The ORX Reference Process and Service Library has two key components – a Process Library and a Service Library. Each one features three levels and map to each other at Level 3. Use them together or separately to enhance your processes and services.

The library is either available to all ORX members as part of ORX Membership or available to non-members to purchase.

How to use the library

You can use the library as a benchmarking tool and as a key input for developing your own library. The library provides both risk management and process management benefits.

Key risk management benefits

Control effectiveness: helps ensure there are no gaps in the control environment along the end-to-end process.
Control optimisation: supports the standardisation, rationalisation of controls and control automation activity.
Third party: supports the review of third party activity across the end-to-end process

Key process management benefits

Process optimisation: enables process standardisation and efficiency activity - this includes the greater use of process automation and straight through processing.
Organisational design: supports the design of organisational structures.

What's in the library

The ORX Reference Process and Service Library is available as an Excel file and as an interactive visualisation.

In addition to the library itself, we've produced guidance to help you use it, a high-level executive summary and a practice paper which we released earlier this year:

• ORX Process and Service Library Guidance – this supports the use of the Library, explaining its aims, structure, uses, how it was developed and how to access it.
• ORX Executive Summary – this summarises the ORX Process and Service Library initiative, including an overview of the Library and highlights of member practices.

Why develop a Reference Process and Service Library?

Starting with the ORX Reference Risk Taxonomy in 2019-2020, followed by the ORX Reference Control Library in 2022, and the ORX Reference Risk Indicator Library in 2023, we are now pleased to announce the publication of the ORX Reference Process and Service Library.

The financial services industry continues to increase in complexity and associated riskiness, driven by digitalisation, a reliance on an ecosystem of partners and suppliers, and new technologies. As a result, the need for robust end-to-end (e2e) process management is more apparent than ever.

There is a related expectation from many regulators that financial institutions should have a clear understanding of their critical/important/key business services and be able to demonstrate that risks are well controlled along the e2e process, enhancing resilience.

Many financial services organisations have been developing, maintaining and using process libraries over recent years. There are fewer currently with service libraries. However, many firms have plans to enhance their capability in this area.

How does the ORX Process and Service Library help?

ORX believes that the library, while not intended to be an exhaustive list of processes and services, advances industry practice. 

There are different ways the library can be used, including: