Operational Risk Horizon 2023

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

"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.

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.