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Risk Landscape

Report - March 2024

Discover the top emerging operational risks facing financial firms with our ORX Operational Risk Horizon report.

The 2024 Operational Risk Horizon report provides a thorough examination of the primary operational risk concerns for financial firms over the next 12 to 36 months. More than 40 leading banks and insurance firms from around the world participated in this study, providing industry insights and information you can't get elsewhere.

The full report is now available for all ORX members to download as part of their annual membership subscription. Or, if you're not a member, buy the comprehensive report today to get the full results of this study.

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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.


How to use the report

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Compare your firm to the industry

Compare the risks against previous years

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Actions taken to respond to threats

Detailed analysis of potential impacts

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Risk drivers

Comprehensive lists of concerns, drivers and impacts

Use in risk assessment and scenario planning

What's in the report

1. Emerging risk categories

  • Analysis of the emerging risk categories of greatest concern over the next 12-36 months
  • An appendix featuring a comprehensive overview of the specific drivers and concerns for each category

2. The external macroenvironment

  • An in-depth examination of the factors that firms perceive as having the greatest potential to both shape and detrimentally affect the evolving risk landscape across our selected six macroenvironmental categories
  • A list of management actions currently underway across firms to mitigate risks and enhance resilience across each of these categories

3. Key risks in focus

  • A summary of key points made on four priority risk areas, selected by ORX as topical and of high importance to firms – emerging technology, cybersecurity, climate risk, and social risk

“The solidification of the top four emerging risks, consistent with 2023, anticipates the continuation of an increasingly integrated, digital and data-driven working environment, and the risks associated with the growing reliance on key technology service providers. These advancing challenges will face not only individual firms, but the entire financial sector.”

2024 Operational Risk Horizon Report

Headline findings

Listen for more insights

Find out about key findings and outcomes of the Operational Risk Horizon 2024 from our ORX Operational Risk Podcast.

Here are some of the headline findings from the report:

A constant but increasingly concerning risk landscape

The top emerging risks remain consistent but grow in concern for risk practitioners, with advancing cybercrime still in top place.

Regulation rises through the ranks as a growing concern

Regulatory scrutiny is emerging as a growing compliance concern as financial firms endeavour to adapt and comply with a more complicated regulatory environment.

The omnipresent risk of Cybercrime

Cybercrime remains a consistent feature on the risk landscape, with the rapid development and adoption of emerging technologies ensuring that cybersecurity is a continuing growing area of concern for financial institutions.

AI and cloud computing at the forefront of emerging technology concerns

Artificial Intelligence (AI) remains the most concerning emerging technology and has risen greatly in prominence over the last year.

Future supply chain resilience at risk from a variety of threats

Of growing concern for firms is the future resilience of supply chains in the face of several emerging risks.

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This resource was produced as part of ORX Membership

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Not a member? This report is available to purchase for £1500.

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