About the initiative
Since 2019, ORX has been working closely with its members to progress a strategically important programme to develop a core set of contemporary standards and references to support operational and non-financial risk (ONFR) management. The development of a reference business process and services library is the latest initiative in this programme.
We are running this project with the support of McKinsey as a knowledge partner and a member advisory panel. The initiative is open to all ORX members and is free to take part in as part of ORX Membership.
The move towards an end-to-end view
Many of our members report that they are on a journey to ensure services are resilient. As part of this, we are seeing significant effort to pivot to an end-to-end or process view of risk and control. Some of the benefits of this include:
- Consistent mapping and assessment of risk, and controls and other risk information including indicators
- Analysis and reporting being done in a language the 1LOD understands, cutting across the business
- Scrutiny of third-party activity along the process
In addition, many regulators require a management view of critical/important/key business services and demonstration of robust underlying processes and controls.
This new library will help financial services firms to expedite, or refine, the development of their own process/key services view.
Why take part in this initiative?
Open to all ORX members, this initiative will help you to:
- Expedite the development and/or refinement of an end-to-end process/critical services view
- Better understand current peer practices, benchmark your own approach, and potentially even integrate the results into your own framework
- Support compliance with resilience and ONFR regulation
What will you receive if you participate?
- Full access to an ORX reference business process and services library
- Join roundtable discussions on current peer practices, challenges, and solutions
- A range of practices paper on business process and services informed by a short survey, roundtable discussions, and shared data
February - March
Data collection and survey opens
Data collection and survey closes
April - June
Practices paper published
Gated content start
All ORX members can take part in the ORX Reference Business Process and Services Library 2024
If you're a member of ORX, you can log in or register for our website to take part in the study.