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Risk programme

Management, Practice & Framework

Benchmark - February 2020

The industry is adopting more approaches to updating scenarios

Knowing when to update your scenarios can be a challenge. Should you refresh operational risk scenarios annually, or is better to 'trigger' the process based on the loss events that are happening around you?

To help ORX Scenarios subscribers understand how other financial firms update their scenarios we ran a Practice Benchmark on the topic.

We asked ORX Scenario subscribers to share their process for refreshing their scenarios. Study participants were then able to benchmark themselves against their peers on a range of practices related to updating scenarios.

Forty-eight financial services organisations from around the world took part in the study, assessing themselves on a maturity matrix against five key areas in the scenario selection process:

  1. Assessment and review process
  2. Active refresh
  3. Validation and approvals
  4. Trigger identification and use
  5. Retiring and archiving of scenarios

The aggregated results and key findings were collated into a report which outlines key industry trends and is available to all ORX Scenarios subscribers.

And, as this was one of our Practice Benchmarks, each participating firm also received an individual benchmark report showing where they sit against the other institutions who took part. Our subscribers were able to use this information to identify areas for improvement and where they are in line with industry practice.

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Simon Johnson

Simon Johnson

ORX Scenarios Senior Manager, ORX

Robert Reay-Jones

Robert Reay-Jones

Research Manager, ORX


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