Our strategic vision for op & non-financial risk

In 2024, ORX published the first version of ‘Our strategic vision for operational and non-financial risk’. This 2025 update reflects on the development of operational and non-financial risk (ONFR) management since our vision’s original publication last year.

Our original report was based on interviews with over 50 Chief Risk Officers and other risk leaders. It explored whether the business transformation has affected ONFR profiles and priorities, asking:

Whether ONFR is increasing

Whether and how ONFR is changing

Whether ONFR management needs to change

What successful ONFR management will look like in the future

Revisiting our vision to reflect industry developments

This refreshed vision is based on ongoing discussions with ONFR leaders. It includes insights from conversations, conference discussions and virtual meetings. It also draws on work we’ve published throughout the year.

“In this context of business transformation and external volatility, it is unsurprising that risk leaders continue to report that the profile of operational and non-financial risk (ONFR) is rising.

It is seen as increasingly important by senior management and boards as there is a clear link between ONFR, key strategic goals and the capabilities needed to achieve those goals. Whatever aspect of business transformation you look at, the conclusion is that successful financial services firms will need to manage ONFR well."

ORX strategic vision white paper

The pathway for successful ONFR management

Our paper explores the steps risk leaders are taking making successful ONFR management a reality, and a common path forward is starting to emerge.

Laying foundations fit for the future

First, leaders are creating foundations that are fit for purpose, which are an essential precursor to digitalisation. This consists of governance, culture and communications, skills and framework.

Building a digital core

Then they are building a new digital core for risk to match the digitalisation taking place in the business. Key elements of this core are data and AI.

Developing new capabilities and insights

And finally, they are creating new risk capabilities and new risk insights. This includes emerging risk, ecosystem risk, change risk and holistic risk.

Supporting core objectives

Reflecting the changes in 2025, we’ve added resilience and strategy as core objectives to the pathway for successful ONFR management.

Fill in the form to download the complimentary white paper for the full pathway to success. The paper also examines what successful ONFR management looks like, explores progress made in 2025 and strategic priorities.

The largest operational risk management association in financial services

For over two decades, ORX has supported financial institutions to improve the management and measurement of operational and non-financial risk.

We now work closely with over 200 firms globally to advance and champion the discipline. We establish strategic priorities, provide influential insights and develop standards, taxonomies and libraries to drive innovation.

We enable financial organisations to share operational risk loss data, to benchmark their against peers and provide opportunities for collaboration and networking.