ORX Reference Process and Service Library

Library - November 2024

The ORX Reference Process and Service Library is an essential reference guide to typical processes and services within financial organisations, covering both banks and insurers.  

We developed the library working with McKinsey & Company as knowledge partners and with the support of our members. It's based on data collected from 50 banks and insurance firms based around the world.

The ORX Reference Process and Service Library has two key components – a Process Library and a Service Library. Each one features three levels and map to each other at Level 3. Use them together or separately to enhance your processes and services.

The library is currently only available to ORX members, but will be available for wider purchase in 2025. If you'd like to know more please contact us.

How to use the library

You can use the library as a benchmarking tool and as a key input for developing your own library. The library provides both risk management and process management benefits.

Key risk management benefits

Control effectiveness: helps ensure there are no gaps in the control environment along the end-to-end process.
Control optimisation: supports the standardisation, rationalisation of controls and control automation activity.
Third party: supports the review of third party activity across the end-to-end process

Key process management benefits

Process optimisation: enables process standardisation and efficiency activity - this includes the greater use of process automation and straight through processing.
Organisational design: supports the design of organisational structures.