The ORX Reference Taxonomy for operational and non-financial risks is made up of the Event Type Taxonomy and the Cause and Impact Taxonomy.
The Event Type Taxonomy covers level 1 and level 2 risks, including more 'contemporary' risks, such as conduct, cyber and third party. The Cause and Impact Taxonomy complements the Event Type Taxonomy and covers causes and impacts to provide even more insight.
A resource for the whole industry
Part of our mission at ORX is to support the management and measurement of operational risk beyond our membership. So, the ORX Reference Taxonomy, consisting of both the Event Type and the Cause and Impact Taxonomies, is available for you to download and start using at your firm for free.
Find out more about how to use the taxonomy at your firm
To help the operational risk community get the most from the ORX Reference Taxonomy, we've created guidance alongside it. The guidance gives you detail 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.
The guidance is available for free to ORX members or for non-members to purchase.
Discover the ORX Reference Taxonomy
Event Type Operational Risk Reference Taxonomy
Explore the ORX Event Type Operational Risk Reference Taxonomy - an up-to-date industry reference covering level 1 and level 2 risks in financial services.
Cause and Impact Operational Risk Taxonomy
This taxonomy complements the Event Type Taxonomy and covers causes and impacts to provide even more insight.
“Our strategic priority was to create a common point of reference for operational risk taxonomies, laying the foundations which allow industry debate and consistent industry sharing of insights and data going forward."
Simon Wills, Former ORX Executive Director and Senior Advisor to the ORX Board