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Risk Landscape

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.

What's in the report?

For the past five years, our annual Operational Risk Horizon Study has been canvassing industry opinion on the emerging risk landscape. This year's report features 3 main sections:

1. Emerging risk categories

  • Emerging risk categories rankings over a time horizon of 12-36 months
  • Appendix 2 of this document features 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 summary of key points made on three risk areas – emerging technology, digital assets and climate risk

Supporting information and visualisation

This year, we've also published supporting information and a visualisation:

  • The supporting information provides you with a comprehensive view of the survey results only, with no analysis
  • The interactive visualisation allows you to explore the emerging risk landscape

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.

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This resource was produced as part of ORX Membership

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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


Matt Glinister

Matt Glinister

Head of Risk Management, ORX

Emilie Odin

Emilie Odin

Research Manager, ORX

Cameron Harvie

Cameron Harvie

Research Analyst, ORX


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