Material risk in focus

Legal

A deep dive into Legal risk, based on information from the Top Risk Review H2 2026

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Material risk in focus - November 2026

Legal risk management approaches continue to evolve, as scores reach their lowest ever level.

Legal remains low in the Top Risk Review rankings, with its materiality score continuing to decline – fewer than 10% of participants now identify it as a key risk

The growing volume and complexity of regulatory requirements remains a key concern, but participants also highlighted once again that technological advancements (e.g. AI and quantum computing) are outpacing legal frameworks.

About the ORX Top Risk Reviews

The Top Risk Reviews bring together industry views on current risk priorities in financial services. Drawing on input from risk professionals across the ORX community, these twice-yearly studies help firms understand how the risk landscape is evolving and benchmark their thinking against their peers. The Top Risk Reviews use the Level 1 risks from the Event Type Operational Risk Taxonomy.

Explore the Top Risk Review H2 2026