Report - March 2023
Be prepared for the biggest risks coming your way with the ORX Operational Risk Horizon 2023.
Get an industry view of the biggest operational and non-financial risks on the horizon with the ORX Operational Risk Horizon 2023. Over 40 of our members, including some of the world's leading banks and insurers, took part in this study. They shared their perspectives on the emerging risk landscape and which risks they will be most focused on over the next 12-36 months.
The full report is now available for all ORX members to access as part of their annual membership subscription. Or, if you're not a member, buy the comprehensive report today to explore the outcomes of this study in detail and to make sure you've got the right risks on your agenda.
The report is available to purchase for just £1500. Alongside the report, you'll also get access to supporting information document which provides a breakdown of the survey results.
What's in the report?
Continuing to build on the 2022 findings, our Operational Risk Horizon 2023 study gathered industry opinion on the emerging risk landscape. This 25-page report provides a global picture of the risk landscape, helping you align operational risk objectives with leading industry practice. The report is split into three main sections:
1. Emerging risk categories
- Emerging risk categories rankings over a time horizon of 12-36 months
- A comprehensive overview of the specific drivers and concerns for each category
2. The external macroenvironment
- An overview of the factors organisations believe could most significantly influence and adversely impact the emerging risk landscape across six macroenvironmental categories
- A list of management actions taken in response to each factor
3. Key risks in focus
- A section exploring three key risk areas in more detail:
- Emerging technology
- Digital assets
- Climate risk
What's in the supporting information?
For the first time, we've also provided a breakdown of the survey results in a 'supporting information' document that accompanies the report. The supporting information gives you:
- The internal and external emerging risk categories that are of greatest concern in the next 12-36 months, with a breakdown of rankings by banking and insurance
- The top five factors within each macroenvironmental category which could most significantly influence and impact an organisation's emerging risk landscape
- Further insights into the top three risk trends highlighted in last year's Operational Risk Horizon – emerging technologies, digital assets and climate risk
Discover the top emerging risk categories for 2023 and beyond
"While cybersecurity remains reportedly well-managed, and significant breaches are relatively few and far between, cyber threats continue to pose significant concern among respondents."
ORX Operational Risk Horizon 2023 report
The global geopolitical landscape has shifted significantly since our last study Unsurprisingly, geopolitical factors featured more prominently this year than 12 months prior as both business disruption and cyber-related disruption threats loom large.
The highest-ranked risk in the 2023 Operational Risk Horizon study was cybercrime, with 89% of respondents choosing it as one of their top five. The next top risk was business service disruption, reflecting the increased likelihood of simultaneous disruption in a turbulent external macroenvironment.
Listen for more insights
For a deeper understanding of the results, listen to the ORX Operational Risk Podcast episode on this topic.
Understand what's driving the risk landscape
The report and supporting information is now available for all ORX members to access as part of their annual membership subscription, or is available for non-members to purchase for just £1500.
If you buy the full report and supporting information, you'll get an overview of the top emerging risk categories selected by the financial organisations that took part in the study. You'll also get breakdown of the drivers and concerns for each category helping you understand what factors are impacting the risk landscape. The report provides examples of actions that other firms are taking in response to different risks, helping you prepare for the biggest risks on the horizon.
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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 2023
Head of Risk Management, ORX
Research Manager, ORX
Research Analyst, ORX