The ORX News Quarterly Information Sessions help keep our subscribers up to date with the latest insights and developments. These webinars provide an overview of the trends the ORX News team are seeing in operational and non-financial risk losses, spotlight large or otherwise notable loss events and explore recently published reports and editorial content.
Read on for some of the top takeaways from the Q4 2025 Information Session. If your firm subscribes to ORX News, you can follow the links to read about the operational risks events covered in more detail. Not a subscriber? Find out more about ORX News.
Highlights from the session
Overview of loss events
Overall, losses were less frequent but more severe than in Q3 2025. They were more concentrated, being driven by large loss events with almost twice as many $100m+ loss events than reported in Q3.
We saw more losses being reported in the insurance sector, although banking still dominates the data. Conduct continued to be the most impacted risk type, while Internal Fraud was the only risk type that experienced more events than Q3. Interestingly, Information Security (including cyber) saw an overall decrease in losses, but with more resulting from regulatory enforcement.
Regional breakdown
North America had the highest frequency of events in Q3, while Western Europe had the largest loss severity.
Top 5 losses
The session also dived into the top losses from the quarter in more detail:
Spotlight events in Q4 2025
Next, the team shared a few stories of particular interest:
Focus on External Threft & Fraud
The team also presented a section focusing on External Theft & Fraud, a category which saw a total loss of $936.2m across 11 events. Loss events they highlighted included:
ORX News: Insights and analysis of global operational risk events
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