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Project status

Registration open

Open to

All ORX members

Service

ORX Membership

Participation

Institutional basis (one survey submission per firm)

About the initiative 

Initiative Cyan

 

 

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

Project timeline

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Registration

February - March

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Data collection and survey opens

February

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Data collection and survey closes

April

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Roundtable discussions

April - June

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Practices paper published

September

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Library published

October

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.

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