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Standards, Taxonomies & Libraries

Standard - July 2019

Setting the standards for reporting operational risk losses across the financial sector

ORX leads the way in setting the reporting standards by which the financial services industry views operational risk events. By bringing together a wealth of knowledge and experience from our global community of members, we are able to produce high-quality operational risk reporting standards for both the banking and insurance industry. 

Our standards ensure our members receive data of a comparable standard and in an agreed format. They are also used by non-members to support their operational risk event collection and reporting practices.

As part of our commitment to promoting effective operational risk management across the financial industry, we offer the Banking Operational Risk Reporting Standards and the Insurance Operational Risk Reporting Standards as free downloads.

About the standards

The Banking Operational Risk Reporting Standards (B-ORRS) sets out the standards you will use to report your operational losses to ORX. The definitions and principles are designed to help you with the consistency of reporting and data categorisation.

The standards is in two parts. The first part contains definitions, descriptions, examples and reporting requirements. The second contains detailed data categories for business lines, event types, products, processes, and large loss event attributes.

In more detail

The Banking Operational Risk Reporting Standards contains descriptions of products, processes, and large loss event attributes. Products and processes enable more granular benchmarking and understanding of where the events are taking place and their impact on P&L.

There is additional detail required for Large Losses including; Causes, Jurisdiction, Role of the Firm, Counterparty Type and Environmental Volatility. A Large Loss is defined as being equal to, or larger than, €10 Million. This additional information supports you when comparing large losses with your own environment and activities.







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Looking to access the Banking Operational Risk Reporting Standards?

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Not a member? Download a copy of the Banking Operational Risk Reporting Standards for free

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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


John Bosnell

John Bosnell

ORX Standards Senior Manager, ORX


Need help using the standards?

If you have any questions or need any advice regarding our operational risk reporting standards don't hesitate to get in touch.

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