Banking Operational Risk Reporting Standards

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Standard - July 2019

Setting the standards for reporting operational risk losses across the financial sector

ORX leads the way in setting the reporting standards by which the financial services industry views operational risk events. By bringing together a wealth of knowledge and experience from our global community of members, we are able to produce high-quality operational risk reporting standards for both the banking and insurance industry.

Our standards ensure our members receive data of a comparable standard and in an agreed format. They are also used by non-members to support their operational risk event collection and reporting practices.

As part of our commitment to promoting effective operational risk management across the financial industry, we offer the Banking Operational Risk Reporting Standards and the Insurance Operational Risk Reporting Standards as free downloads.

The Banking Operational Risk Reporting Standards (B-ORRS) sets out the standards you will use to report your operational losses to ORX. The definitions and principles are designed to help you with the consistency of reporting and data categorisation.

The standards is in two parts. The first part contains definitions, descriptions, examples and reporting requirements. The second contains detailed data categories for business lines, event types, products, processes, and large loss event attributes.

In more detail

The Banking Operational Risk Reporting Standards contains descriptions of products, processes, and large loss event attributes. Products and processes enable more granular benchmarking and understanding of where the events are taking place and their impact on P&L.

There is additional detail required for Large Losses including; Causes, Jurisdiction, Role of the Firm, Counterparty Type and Environmental Volatility. A Large Loss is defined as being equal to, or larger than, €10 Million. This additional information supports you when comparing large losses with your own environment and activities.

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