Top Risk Review H2 2025

A data-driven view of the most material operational risks in financial services

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Report - October 2025

The Top Risk Review H2 2025 provides an overview of the most material operational risks facing the financial services industry, including insights from banking, insurance and asset management.

Based on input from over 200 respondents across 85 organisations, the report shares insights into current threats, industry actions and shifting priorities. Survey participants were asked to assess the significance of 16 risk event types from the ORX Reference Risk Taxonomy. In this report, we explore key risk themes, risk drivers, and management actions, with a dedicated in-focus section on how the industry is approaching risks linked to digital assets.

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Banking participants

Insurance participants

Asset management participants

The Top Risk Review H2 2025 survey was completed by over 200 respondents from 85 organisations. Survey participants were asked to rate (from 1 to 10) the materiality of all 16 risk event types from the ORX Operational Risk Reference Taxonomy.

The findings are mostly aligned with our previous review. A few risk materiality scores have increased moderately since March, but most scores have reduced.

However, respondents continue to describe an increasingly volatile material risk environment. This trend is largely attributed to external influences, notably geopolitical developments, and rapid advancements in technology, including artificial intelligence.

This report explores the key themes identified, along with drivers and management actions. We also examine how the industry is currently considering risks associated with digital assets, looking at current concerns, potential impacts and management actions.

ORX members and subscribers to ORX Lite can log in to download the report and read the findings in full.