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Risk Management Community

Risk programme

Management, Practice & Framework

Report - September 2023

The ONFR Risk Appetite Study 2023 sets out current industry progress and reflects over 50 ORX members’ use and experience of risk appetite for operational and non-financial risk (ONFR). 

The report provides details about planned developments in risk appetite industry practices. The report can be used as a tool for external benchmarking and contains:  

  • Eight ways to improve your risk appetite approach based on member-shared experiences
  • Key challenges in effectively using ONFR risk appetite  
  • Risk appetite and strategic processes
  • Risk appetite statements
  • Risk appetite metrics
  • Governance and reporting

The report is an output of a study completed with our Risk Management Working Group at their request. We would like to take this opportunity to thank members for their contributions during these meetings and survey responses. 

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Disclaimer: ORX has prepared this resource with care and attention. ORX does not accept responsibility for any errors or omissions. ORX does not warrant the accuracy of the advice, statement or recommendations in this resource. ORX shall not be liable for any loss, expense, damage or claim arising from this resource. The content of this resource does not itself constitute a contractual agreement, and ORX accepts no obligation associated with this resource except as expressly agreed in writing. ©ORX 2024


Matt Glinister

Matt Glinister

Head of Risk Management, ORX

Natasha Smith-Craig

Natasha Smith-Craig

Assistant Research Manager, ORX

Martin Monakhov

Martin Monakhov

Research Manager, ORX


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