The ORX Operational Risk Podcast: Recent Episodes
orxoperationalriskpodcast
Updates and insights on operational and non-financial risk management from the largest operational risk association in the financial services sector.
In this episode, we explore the key themes shaping the operational risk landscape based on ORX News coverage in Q1 2026. Alongside the latest loss data and major events, we look at how industry priorities compare with realised losses, highlighting gaps between perception and experience in areas such as conduct, cyber and third-party risk. We also examine developments in external fraud, cyber incidents and regulatory change, including the UK motor finance redress scheme. Taken together, these insights help build a clearer picture of where risks are emerging and how firms are responding.
Related resources
- ORX News Top 5s
- Data Deep Dive: External Fraud
- Deep Dive: Jaguar Land Rover cyberattack severely disrupts production
- Global Public Loss Landscape Report 2025
- Motor Finance Commission Disclosure Failures Analysis
In this episode, we explore how firms are rethinking and strengthening their approaches to controls. Drawing on findings from our recent research, we discuss the progress many firms have made in putting solid foundations in place, including standardising and rationalising control data, developing central control libraries and bringing greater clarity to control definitions and prioritisation. We also look ahead to what comes next, with a growing focus on real‑time monitoring, better use of data and stronger connections across risk and resilience, supported by automation and AI to drive better insight, decision‑making and resilience. This episode features Helen Labbate, Deputy Director – Research and Information, Emilie Odin, Senior Research Manager and Abi Jones, Assistant Research Manager.
Related resources
- ORX Reference Control Library
- Controls practices: Trends, insights and industry progress
- Control library practice discussions
- ORX Reference Control Library Refresh Initiative
In this episode of the ORX Operational Risk Podcast, Steve Bishop, Research and Information Director, is joined by Helen L’Abbate, Research and Information Deputy Director and Nikki Truss‑West, Research Senior Manager, to discuss findings from the 2026 Operational Risk Horizon and Cyber Horizon studies. The research explores why Horizon feels closer, how cyber threats are evolving, and what firms can do now to strengthen resilience.What we cover in this episode:* Agility and resilience: What risk teams need today * Cyber Horizon 2026: What’s changing. * Interconnectivity: How risks influence one another * How firms are using the Horizon report
Episode Resources:ORX members and ORX Lite subscribers can read our full version of the Operational Risk Horizon 2026 report here: https://orx.org/resource/operational-risk-horizon-2026.Non-members can download a free summary of our report to find out more: https://orx.org/download/operational-horizon-risk-2026?hsCtaAttrib=206975921927.Available for all, find out more about Horizon by reading our blogs:* Operational Risk Horizon in 2026: Emerging threats and industry priorities: https://orx.org/blog/operational-risk-horizon-in-2026-emerging-threats-and-industry-priorities * Uncertainty dominates operational risk planning in the finance sector: https://orx.org/blog/uncertainty-dominates-operational-risk-planning-finance
ORX Cyber subscribers can access the full Cyber Horizon 2026 report here: https://orx.org/resource/cyber-horizon-2026.
In this episode of the ORX Operational Risk Podcast, Helen L’Abbate, Deputy Director of Research and Information, is joined by Emilie Odin and Nikki Truss‑West, ORX Research Senior Managers, to unpack how digital transformation, new customer expectations, tighter margins and modern operating models have accelerated firms’ reliance on external suppliers. Drawing on insights from the Third Party Ecosystem Risk Management practice paper and the Third Party Cyber Risk Oversight and Assessment 2025 report, the discussion translates emerging risks and community insights into practical, actionable guidance for risk teams.Listen in as we explore what’s behind the surge in third‑party relationships, the cyber and resilience risks created by increasingly complex supply chains, and the steps firms are taking to strengthen oversight across both TPRM and cyber functions.Topic highlights: * What third‑party ecosystem really means * What’s driving the rapid expansion * The risks created by the expanding ecosystem * How ORX members are evolving their TPRM frameworks * A first look at ORX’s 2026 third‑party deliverables
Episode resourcesAvailable to ORX members Third Party Ecosystem Risk Management paper: https://orx.org/resource/third-party-ecosystem-risk-management-2025Third Party Ecosystem Risk Initiative: https://orx.org/project/third-party-ecosystem-risk-initiativeInsurance sector review of navigating third party risk management blog: https://orx.org/blog/insurance-sector-review-of-navigating-third-party-risk-managementBlog - Third party risk management: Summary of LeadersConnect discussions: https://orx.org/blog/third-party-risk-management-summary-discussionsAvailable to ORX Cyber subscribersThird Party Cyber Risk Oversight & Assessment report: https://orx.org/resource/third-party-cyber-risk-oversight-and-assessment-2025Blogs available to everyoneBCBS third-party risk principles: What you need to know: https://orx.org/blog/bcbs-third-party-risk-principles-what-you-need-to-knowEmbedding TPRM in business strategy: Seven steps to success: https://orx.org/blog/bcbs-third-party-risk-principles-what-you-need-to-knowEBA finalises new operational risk event taxonomy: https://orx.org/blog/eba-finalises-new-operational-risk-event-taxonomyThird Party Ecosystem Risk Initiative: Key TPRM challenges revealed: https://orx.org/blog/third-party-ecosystem-risk-key-challengesGeopolitics, AI and third parties drive surge in op risk materiality: https://orx.org/blog/geopolitics-ai-and-third-parties-drive-surge-in-op-risk-materialityTo find out more about ORX Membership, ORX subscription services, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org.
Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the top five largest operational risk losses of December 2025, the latest top 10 most viewed stories including CME Group’s trading disruption, a deep dive into the global service outage at AWS, and some service updates.
You can find the top 5 largest operational risk losses of December 2025 discussed in this episode on our website at: https://orx.org/blog/top-5-orx-news-losses-december-2025
ORX News subscribers can find out more on the top 10 most viewed loss events of December 2025 on the ORX News website here: https://news.orx.org/node/13678
ORX News subscribers can read the full story on CME Group’s trading disruption as well as the full deep dive on the AWS global service outage via the ORX News website at: https://news.orx.org/node/13617 and https://news.orx.org/node/13619
ORX News and ORX Cyber subscribers can access the latest Cyber Operational Risk Event Round-ups on our website here: https://orx.org/cyber-operational-risk-event-round-ups-2025
To find out more about ORX News, ORX Cyber and other ORX services, or to access further operational risk resources, just search ‘ORX’ or visit: www.orx.org.
In this episode of the ORX Operational Risk Podcast, host Steve Bishop is joined by Luke Carrivick and Simon Wills delve into the refresh of our Strategic Vision for Operational and Non-Financial Risk (ONFR). The discussions centre on the evolution of the Vision, its significance for the risk management community, and the steps risk leaders can take to strengthen resilience and achieve strategic success through 2026 and beyond.The updated Vision reflects the changing risk landscape, influenced by factors such as geopolitical volatility, digital transformation, and increased interconnectivity. Key actionable strategies for risk leaders highlighted in the podcast1. Assess your ONFR framework – ensure alignment with the refreshed Vision. 2. Invest in digital risk management – build technology and leverage AI and data for speed and scale. 3. Engage with peers – participate in ORX forums and the community to share and learn.
Episode resourcesAvailable to all:* Download the updated ORX Vision: https://orx.org/resource/strategic-vision-operational-non-financial-risk * Read our blog on ‘How our vision for operational and non-financial risk management has evolved in 2025’: https://orx.org/blog/vision-operational-and-non-financial-risk-managment-evolved-in-2025 * Read our blog on ‘Advancing operational risk management: Insights from RiskMinds’ where we share about the Vision refresh: https://orx.org/blog/advancing-operational-risk-management-insights-from-riskminds
To find out more about ORX Membership, ORX subscription services, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org.
In this episode of the ORX Podcast, host Steve Bishop is joined by Luke Carrivick and John Bosnell to unpack the European Banking Authority’s (EBA) newly published Operational Risk Event Taxonomy. They explore why this update is so significant for financial institutions and how it compares to our own ORX Operational Risk Taxonomy. The episode highlights ORX’s role in shaping the taxonomy, the practical implications for firms already using our taxonomy, and how new attributes like legal, third party, and ESG risks enhance risk categorisation.Topics covered: * Challenges and opportunities of the EBA taxonomy * How ORX responded to the new EBA * Practical advice for firms preparing for the transition * Ongoing ORX risk standards for the global industry, including for 2026
Below are links to further resources referenced in the podcast.Read our blog on ‘ORX responds to EBA taxonomy proposal’ on our website, where it's accessible to all. You can visit it here: https://orx.org/blog/orx-responds-to-eba-taxonomy-proposalFor further information regarding our EBA resources or the ORX Risk Event Taxonomy, both available exclusively to ORX members, please refer to the links provided below:* Blog: https://orx.org/blog/orx-responds-to-eba-taxonomy-proposal * Reference Taxonomy: https://orx.org/operational-risk-reference-taxonomy * Taxonomy guidance: https://orx.org/blog/orx-reference-taxonomy-guidance-enhanced-for-2023
The podcast also highlights our ORX libraries, which are accessible to ORX members via the links provided below:* Reference Control Library: https://orx.org/resource/orx-reference-control-library * Reference Risk Indicator Library: https://orx.org/resource/reference-risk-indicator-library * Reference Process Service Library: https://orx.org/resource/orx-reference-process-service-library
The Scenario Library, accessible to ORX Scenario subscribers, serves as a valuable resource for users to benchmark their internal scenarios against the industry. Visit the library here: https://orx.org/orx-scenarios/library.To find out more about ORX Membership, ORX subscription services, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org.
Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the top five largest operational risk losses of October 2025, a recent spotlight story covering the global service outage at AWS, and the latest on the FCA’s Motor Finance compensation scheme. The team also cover the top 10 most viewed stories of October 2025 and provide a service update.
You can find the top 5 largest operational risk losses of October 2025 discussed in this episode on our website at: https://orx.org/blog/top-5-orx-news-losses-october-2025
ORX News subscribers can find out more on the top 10 most viewed loss events of October 2025 on the ORX News website here: https://news.orx.org/node/13556
ORX News subscribers can read the full latest spotlight story and deep dive on the AWS outage via the ORX News website at: https://news.orx.org/node/13516 and https://news.orx.org/node/13619
ORX News subscribers can also read more on the Motor Finance stories on the ORX News website here: https://news.orx.org/node/13554, https://news.orx.org/node/13553, https://news.orx.org/node/13552, https://news.orx.org/node/12986, https://news.orx.org/node/13537, https://news.orx.org/node/12955, https://news.orx.org/node/13178, https://news.orx.org/node/12702, https://news.orx.org/node/13535, https://news.orx.org/node/13534, https://news.orx.org/node/12219 and https://news.orx.org/node/12946
To find out more about ORX News and other ORX services, or access further operational risk resources, just search ‘ORX’ or visit: www.orx.org.
In this episode of the ORX Podcast, Melanie Lavallin, Emilie Odin and Natasha Smith-Craig reveal the biggest risks on the radar for financial services firms, based on our latest Top Risk Review H2 2025 survey.Our team also features insights from our latest Insurance analysis report and introduces our first-ever Asset management analysis report.What’s on the agenda?* Headline findings from the Top Risk Review * Risk ranking analysis * Emerging insurance trends and analysis * Data influencing industry decisions * Outlook for next year’s Top Risk Review
For full access to the Top Risk Review H2 2025 report, ORX members and ORX Lite subscribers can download it for free via the ORX website: https://orx.org/resource/top-risk-review-h2-2025.In addition, ORX has released a comprehensive Insurance analysis report that provides in-depth insights tailored for professionals in the insurance industry. Access the complete report here: https://orx.org/resource/top-risk-review-h2-2025#insurance.Our first Asset management analysis report can be read here: https://orx.org/resource/top-risk-review-h2-2025#assetman.Additional information is available on the Top Risk in the recent press release, 'Top Risk Review H2 Shows Fraud Risks Surging Across the Financial Sector,' which can be found on our website here: https://orx.org/blog/top-risk-review-h2-shows-fraud-risks-surging-across-the-financial-sector. More about the topic on Third Party Risk Management can be found here: https://orx.org/resource/third-party-ecosystem-risk-management-2025.To find out more about ORX Membership, ORX subscription services, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the top five largest operational risk losses of September 2025, a business disruption data deep dive, and the most recent spotlight story involving a cyber-attack in Brazil where hackers tried to transfer over $130 million US dollars from accounts held by HSBC and other banks. In addition, the team cover the top ten most viewed stories on the ORX News website in September 2025, new ORX cross-services content, and a summary of the latest ORX News Quarterly Information Session.
You can find the top 5 largest operational risk losses of September 2025 discussed in this episode on our website at: https://orx.org/blog/top-5-orx-news-losses-september-2025
ORX News subscribers can see more on the top 10 most viewed loss events of September 2025 on the ORX News website here: https://news.orx.org/node/13467
ORX News subscribers can also read more on the business disruption data deep dive, latest spotlight story, and highlights from the Q3 2025 ORX News Information Session via the ORX News website at: https://news.orx.org/node/13463, https://news.orx.org/node/13397 and https://news.orx.org/node/13523
ORX News and ORX Cyber subscribers can access the latest Cyber Operational Risk Event Round-ups on our website here: https://orx.org/cyber-operational-risk-event-round-ups-2025
ORX News, ORX Cyber and ORX Scenarios subscribers can download the full ORX Scenario Development Handbook: Cyber Risk Events using ORX News data on our website here: https://orx.org/resource/orx-scenario-development-handbook-cyber-risk-events
To find out more about ORX News, ORX Cyber, ORX Scenarios, or access other operational risk resources, just search ‘ORX’ or visit: www.orx.org.
Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the top five largest operational risk losses of August 2025, which now features cause and impact. In addition, the team cover the top ten most viewed stories on the ORX News website in August 2025, a business disruption deep dive, the 2025 mid-year review, and the most recent spotlight story about a cyber event at Salesforce which potentially compromised the data of over 700 organisations.
You can find the top 5 largest operational risk losses of August 2025 discussed in this episode on our website at: https://orx.org/blog/top-5-orx-news-losses-august-2025
ORX News subscribers can see more on the top 10 most viewed loss events of August 2025 and the 2025 mid-year review on the ORX News website here: https://news.orx.org/node/13441 and https://news.orx.org/node/13342
ORX News subscribers can also read more on the latest deep dive and story spotlight via the ORX News website at: https://news.orx.org/node/13420 and https://news.orx.org/node/13394
ORX News and ORX Cyber subscribers can access the Cyber Operational Risk Event Round-ups 2025 on our website here: https://orx.org/cyber-operational-risk-event-round-ups-2025
ORX News and ORX Scenarios subscribers can download the full Geopolitics Scenario Development Handbook on our website here: https://orx.org/scenario-development-handbook-geopolitics-2025-orx-scenarios
To find out more about ORX News, ORX Cyber, ORX Scenarios, or access other operational risk resources, just search ‘ORX’ or visit: www.orx.org.
In this episode of the ORX Operational Risk Podcast, Helen L'Abbate (Deputy Director – Research and Information), Emilie Odin (Senior Research Manager), and Stanca Oproiu (Assistant Research Manager) discuss how firms are integrating operational risk and resilience strategies to strengthen their overall risk management.Podcast discussion highlights include:* The evolution of ORX’s Risk and Resilience Community * How firms are integrating risk and resilience; fully, partially, or not at all * Opportunities to connect horizontal resilience and vertical risk views * Challenges with data integration and organisational culture * The role of regulation and process libraries in driving alignment
ORX members can read our paper on the Relationship between operational risk and reliance management here: https://orx.org/resource/the-relationship-between-operational-risk-and-resilience-managementORX members can use the Risk Management Explorer to quickly find resources on the risk management cycle. Access it here: https://orx.org/resources/risk-management-explorer The ORX Reference Process and Service Library is available for free to all ORX members and is also available for non-members to purchase. You can find out more and access the library on our website at: https://orx.org/resource/orx-reference-process-service-libraryTo find out more about ORX Membership, visit our website: https://orx.org/
In this episode of the ORX Operational Risk Podcast, Steve Bishop, Research and Information Director, is joined by Simon Wills, Senior Board Advisor, and Mike Constantinou, ORX Consultant, to share their highlights from our Governance and Management Structure Study. Building on the foundations laid out in ORX’s Vision for ONFR paper, this episode dives into the nine key trends in our latest Governance and Management Structures Study. Through in-depth interviews with 20 risk leaders across the ORX Membership, the study uncovered topics shaping ONFR governance today, from structural shifts and role clarity across the three lines of defence, to the rise of unified ONFR frameworks and the growing strategic influence of ONFR functions. ORX members can download the full Governance and Management Structure Study here: https://orx.org/resource/governance-and-management-structure-study Available for ORX members and non-members you can read more about our Vision paper here: https://orx.org/podcast/vision-future-of-operational-risk-financial-services Our podcast on the Vision is also available to listen to here: https://orx.org/podcast/vision-future-of-operational-risk-financial-services To find out more about ORX Membership, visit our website: https://orx.org/
Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the top five largest operational risk losses of June 2025, including the top losses for insurance, the US, and other global regions. In addition, the team cover highlights from the recent quarterly information session held for subscribers covering ORX News service content over Q2 2025.
You can find the top 5 largest operational risk losses of June 2025 discussed in this episode on our website at: https://orx.org/blog/top-5-orx-news-losses-june-2025
ORX News subscribers can view the full highlights and recordings from the quarterly information sessions on the ORX News website here: https://news.orx.org/node/13290 and https://news.orx.org/node/13121.
ORX News subscribers can also register to attend the next information session for Q3 in October via our website here: https://orx.org/events/orx-news-quarterly-information-sessions-2025
ORX News subscribers can find out more about the news stories covered in this episode, as well as other related stories on the ORX News website, including: https://news.orx.org/node/13106, https://news.orx.org/node/13107, https://news.orx.org/node/13154 and https://news.orx.org/node/13207.
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org.
In this episode of the ORX Operational Risk podcast, Simon Johnson is joined by Nikki Truss-West and Rob Reay-Jones to unpack key insights from the recent European ORX Cyber and ORX Scenarios Forums. The discussion explores top and emerging risks facing risk managers, including third-party and supply chain vulnerabilities and the growing influence of geopolitical volatility. Hear how scenario practices are evolving to become more agile and integrated, with a shift toward non-capital uses and a stronger focus on customer impact. The episode also highlights the importance of cross-functional collaboration, cultural change and the future of second-line cyber risk teams. ORX service subscribers and ORX members can read the full blog summaries from both the cyber and scenarios forums on our website:* https://orx.org/blog/insights-from-the-orx-european-cyber-forum-2025 * https://orx.org/blog/european-scenarios-forum-2025-key-insights-and-emerging-risk-trends
ORX Cyber and ORX Scenarios subscribers can sign up to our North American forums taking place in October here:* ORX Cyber: https://orx.org/events/north-american-cyber-forum-2025 * ORX Scenarios: https://orx.org/events/north-american-scenarios-forum-2025
To find out more about ORX Cyber, ORX Scenarios ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the top five largest operational risk losses of May 2025, including the top losses for insurance, the US and other global regions. In addition, the team cover a data deep dive on geopolitics, a spotlight news story about software failures impacting Bloomberg’s terminals, and a deep dive about a near miss fat finger error at Citi which nearly credited 81 trillion dollars to a client account.
You can find the top 5 largest operational risk losses of May 2025 discussed in this episode on our website at: https://orx.org/blog/top-5-orx-news-losses-may-2025
ORX News subscribers can view the full geopolitics data deep dive on the ORX News website here: https://news.orx.org/node/13183
ORX News subscribers can also find out more about the Citi deep dive and other related stories covered in this episode on the ORX News website here: https://news.orx.org/node/13161, https://news.orx.org/node/13154, https://news.orx.org/node/13138, https://news.orx.org/node/13125 and https://news.orx.org/node/13113.
You can view the highlights from the Q1 2025 ORX News information session on our website here: https://orx.org/blog/highlights-orx-news-information-session-q1-2025
ORX News subscribers can find out more and register for the Q2 2025 information session on our website at: https://orx.org/events/orx-news-quarterly-information-sessions-2025
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org.
Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the top five largest operational risk losses of April 2025, including the top losses for insurance, the US and other global regions. In addition, the team focus on operational resilience including covering a story about the power cut which severely impacted financial services in Spain and Portugal last month, and a cyber incident still affecting retail giant, Marks and Spencer, over a month after the incident was first reported.
You can find the top 5 largest operational risk losses of April 2025 discussed in this episode on our website at: https://orx.org/blog/top-5-orx-news-losses-april-2025
You can also read our blog on ‘Building operational resilience’ on our website here: https://orx.org/blog/building-operational-resilience
ORX News subscribers can find out more about the stories covered in this episode on the ORX News website here: https://news.orx.org/node/13106 and https://news.orx.org/node/13107.
You can view the highlights from the Q1 2025 ORX News information session on our website here: https://orx.org/blog/highlights-orx-news-information-session-q1-2025
ORX News subscribers can find out more and access the recording of the Q1 2025 information session, as well as register for the Q2 2025 information session on our website at: https://orx.org/events/orx-news-quarterly-information-sessions-2025
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org.
In this special episode of the ORX Operational Risk Podcast, Steve Bishop (Research and Information Director, ORX) is joined by Luke Carrivick (ORX Executive Director) and Roland Kennett (Client Success Director, ORX) to share their highlights from LeadersConnect Live 2025. Recorded during the event in New York, this episode covers topics such as:
- The importance of communication for good operational risk management
- Takeaways from a Chief Risk Officer (CRO) panel
- Third party and an extended ecosystem
- Frameworks and governance
For more highlights from the event, check out our blogs:
- Day 1: https://orx.org/blog/leadersconnect-live-2025-day-1-highlights
- Day 2: https://orx.org/blog/leadersconnect-live-2025-day-2-highlights
About LeadersConnect Live
LeadersConnect Live is our premier, in-person, invitation-only event for senior leaders from ORX member firms. It provides an opportunity for Heads of Operational Risk and Heads of Non-Financial Risk to discuss future of operational and non-financial risk (ONFR) and learn about important topics. The 2025 event took place in New York on 20-21 May. To find out more about LeadersConnect Live 2025, visit the event page: https://orx.org/events/leadersconnect-live-2025
In this episode of the ORX Operational Risk Podcast Steve Bishop, Emilie Odin, and Stanca Oproiu from ORX, discuss the outcomes of our most recent Top Risk Review H1 2025 survey. They share the most significant material risks affecting the financial services industry today. The discussion highlights key headlines, with a special focus on geopolitical and AI factors.
For full access to the Top Risk Review H1 2025 report, ORX members and ORX Lite subscribers can download it for free via the ORX website: https://orx.org/resource/top-risk-review-h1-2025. Additionally, ORX has published a dedicated Insurance Analysis Report, offering deeper insights for insurance sector professionals. Read the full report here: https://orx.org/resource/top-risk-review-h1-2025#insuranceanalysis.
You can also read more in our recent press release on ‘Geopolitics, AI and third parties drive surge in op risk materiality’ on our website here: https://orx.org/podcast/key-risks-shaping-financial-services-today-orx-top-risk-review-h1-2025.
To find out more about ORX Membership, ORX subscription services, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the top five largest operational risk losses of March 2025, including the top losses for insurance, the US and other global regions. In addition, the team cover two deep dives – one on a third-party management control failure, and another on card product misclassification and regulatory fines. They also provide an update on the latest editorial report covering all regulatory actions from 2023 and 2024, including analysis on 1,047 individual regulatory actions across 976 loss events.
You can find the top 5 largest operational risk losses of March 2025 discussed in this episode on our website at: https://orx.org/blog/top-5-orx-news-losses-march-2025
ORX News subscribers can read the full ‘Regulatory actions: 2023-2024’ report on the ORX News website at: https://news.orx.org/node/13099
You can also read more in our recent press release on ‘Managing the shifting regulatory landscape’ on our website here: https://orx.org/blog/managing-the-shifting-regulatory-landscape
ORX News subscribers can also find out more about the Deep Dive and stories covered in this episode on the ORX News website here: https://news.orx.org/node/13042, https://news.orx.org/node/13085, https://news.orx.org/node/12563, https://news.orx.org/node/12475
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org.
In this episode of the ORX Operational Risk Podcast, Steve Bishop is joined by Mike Constantinou (ORX Consultant), Daniel Mikkelsen (a Senior Partner based in McKinsey’s London office) and Laura Webanck (a Partner in McKinsey’s New York office) to talk about the new Reference Process and Service Library. The library was developed with the support of McKinsey as knowledge partners and in collaboration with the ORX Membership. It’s based on more than 60,000 processes and services submitted by more than 50 banks and insurers. They provide an overview of the library, discuss how it was created, and explore how it can support risk management in financial services.
The ORX Reference Process and Service Library is available for free to all ORX members and is also available for non-members to purchase. You can find out more and access the library on our website at: https://orx.org/resource/orx-reference-process-service-library
You can also read more about the library on our website here: https://orx.org/blog/how-can-the-orx-process-and-service-library-help-you-manage-risk and https://orx.org/blog/first-industry-wide-reference-process-and-service-library-onfr
Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the enhanced top five largest operational risk losses, including the top five largest losses of February 2025 and the top losses for insurance, the US and other global regions. In addition, the team cover highlights from the 2024 Year in Review report, which explores insights into all losses from 2024 and delves into trends seen across business lines and risk types, as well as a deep dive into the insurance firm, Progressive, who agreed to pay $120 million to settle separate class actions over underpaid claims for written-off vehicles.
You can find the top 5 largest operational risk losses of February 2025 discussed in this episode on our website at: https://orx.org/blog/top-5-orx-news-losses-february-2025
ORX News subscribers can read the full 2024 Year in Review report on the ORX News website at: https://news.orx.org/node/13008
ORX News subscribers can also find out more about the Deep Dive and stories covered in this episode on the ORX News website here: https://news.orx.org/node/13023 and https://news.orx.org/node/13013
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org.
In this episode, the ORX Research and Information Team explore the results from the recent ORX Operational Risk Horizon and Cyber Horizon surveys. These surveys were run with a group of global banks and insurers and look at the biggest risks facing financial services firms in the coming 1-3 years.
Key themes discussed from the studies include:
- An increasingly connected risk landscape
- The dominance of digital, AI and geopolitical themes
- Cyber risk continuing to be the top risk
- The rise of third party and supply chain risk
This episode features Steve Bishop, Research and Information Director, Simon Johnson, Head of Services, Emilie Odin, Senior Research Manager and Nikki Truss-West, Research Senior Manager.
Download the full Operational Risk Horizon report (available to ORX members and ORX Lite subscribers): https://orx.org/resource/operational-risk-horizon-2025
Download a free summary report (available to anyone): https://orx.org/download/operational-horizon-risk-2025
Download the full Cyber Horizon report (available to ORX Cyber subscribers): https://orx.org/resource/cyber-horizon-2025
To find out more about ORX Membership, ORX Cyber and ORX Lite, visit our website: https://orx.org/
Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of January 2025, as well as the latest editorial content including a Data Deep Dive report looking at people, workforce and culture-related operational risk loss events; an In Focus report exploring the rising toll of billion-dollar climate events, specifically the most recent wildfires in California and the current conflicting attitude towards climate risk in the US; and the recently published 2024 Public Loss Profile reports.
You can find the top 5 largest operational risk losses of January 2025 discussed in this episode on our website at: https://orx.org/blog/top-5-orx-news-losses-january-2025
ORX News subscribers can find out more about the stories covered in this episode on the ORX News website at: https://news.orx.org/node/12943 and https://news.orx.org/node/12231.
ORX News subscribers can also read the full Data Deep Dives discussed in this episode on the ORX News website here: https://news.orx.org/node/12901, https://news.orx.org/node/12654, https://news.orx.org/node/12358 and https://news.orx.org/node/12280.
The Public Loss Profile reports can also be accessed by ORX News subscribers via the ORX News website at: https://news.orx.org/node/12970, https://news.orx.org/node/12971, https://news.orx.org/node/12972 and https://news.orx.org/node/12973.
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org.
In this short episode of the ORX Operational Risk Podcast, Martin Monakhov and Mike Constantinou share highlights from their work with the ORX CCAR Community in 2024 – especially from the roundtable held in the US in November. Key themes from the roundtable include:
- Using structured scenarios in stress testing
- Enhancing stress testing processes
- Uncertainty around the Basel III endgame
They then quickly run through what’s on the plan for the CCAR Community this year.
The ORX CCAR Community is open to ORX members who take part in the CCAR assessment. Find out more on our website: https://orx.org/community/ccar. If you’re not a member but want to find out how you could get involved, then get in touch with us.
To find out more about ORX Membership and access a range of operational risk resources, just search ‘ORX’ or visit: orx.org.
Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of December 2024, as well as a summary of the top 5 largest losses of 2024. The team also cover the latest editorial content, including deep dives into Goldman Sachs being fined nearly 65 million dollars in connection with Apple Card customer service failures, TD Bank being ordered to pay nearly 28 million dollars for misreporting customer credit reports, and the latest findings by Swiss regulators into UBS’ takeover of Credit Suisse.
You can find the monthly top 5 largest operational risk losses discussed in this episode on our website at: https://orx.org/blog/top-5-orx-news-losses-q4-2024
You can also find the top 5 largest operational risk losses of 2024 on our website at: https://orx.org/blog/top-5-orx-news-losses-of-2024
ORX News subscribers can view the full Deep Dives discussed in this episode on the ORX News website here: https://news.orx.org/node/12866, https://news.orx.org/node/12771 and https://news.orx.org/node/12688.
ORX News subscribers can also read more on related news articles, including a special in focus article on the collapse of Credit Suisse, via the ORX News website at: https://news.orx.org/node/12560, https://news.orx.org/node/12642 and https://news.orx.org/node/11636.
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org.
Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of October 2024, as well as a data deep dive focusing on three common areas in which third party risk events materialise: cyber, infrastructure, and supplier. The team also cover a deep dive looking into the largest loss of 2024 so far which cost TD Bank over three billion dollars, and two insurance reports providing a five-year overview and analysis of insurance data from the ORX News service.
You can find the top 5 largest operational risk losses discussed in this episode on our website at: https://orx.org/blog/top-5-orx-news-losses-q4-2024
ORX News subscribers can view the full data deep dives via the ORX News website here: https://news.orx.org/node/12654, https://news.orx.org/node/12358 and https://news.orx.org/node/12280.
ORX News subscribers can also read more on the TD Bank deep dive, the insurance conduct events and the insurance five-year overview on the ORX News website at: https://news.orx.org/node/12688, https://news.orx.org/node/12690 and https://news.orx.org/node/12710.
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org.
In this episode, Simon Wills, Luke Carrivick, and Steve Bishop discuss our strategic vision for operational and non-financial risk. They explore how changes have impacted operational and non-financial risk profiles and priorities. And look at why this transformation requires a shift in the approach to risk management.
Some of the topics explored are:
- Do we see a transformation in the business?
- Do we think that transformation in the business is impacting risk priorities and profiles?
- And as a consequence of that, do we think that operational and non-financial risk management needs to change?
Episode resources
The white paper discussed in this episode is free to download on our website: https://orx.org/download/our-vision-onfr-white-paper
To find out more about ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: https://orx.org.
Follow ORX
LinkedIn: https://www.linkedin.com/company/orx-association/
Twitter: https://twitter.com/orx_association
Youtube: https://www.youtube.com/channel/UC9vez2KbrO5UHnEHiyMRlnQ
Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of September 2024, as well as the latest editorial content including recent developments in an anti-money laundering (AML) case which cost Danske Bank $3 billion dollars in fines.
You can find the top 5 largest operational risk losses discussed in this episode on our website at: https://orx.org/blog/top-5-orx-news-losses-q3-2024
ORX News subscribers can read more about this event via the ORX News website here: https://news.orx.org/node/12611, https://news.orx.org/node/7633, https://news.orx.org/node/6741, https://news.orx.org/node/11391 and https://news.orx.org/node/12314
ORX News subscribers can also view the 2024 Mid-Year Review on the ORX News website at: https://news.orx.org/node/12439 and the ORX Risk Taxonomy Public Loss Profiles here: https://news.orx.org/node/12238
All ORX members and premium service subscribers can view the ORX News In Focus Webinar 2024 presentation slides and watch a recording of the webinar on our website here: https://orx.org/events/orx-news-in-focus-webinar-2024
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
In this episode of the ORX Operational Risk Podcast, Simon Johnson and Rob Reay-Jones discuss the newly published ORX Scenarios State of the Industry White Paper. The White Paper highlights six industry priorities that can help make the scenario process can become more efficient and effective, helping financial organisations to release the full potential of scenarios as an active value-adding risk management tool. In addition to the key priorities, the team look at progress made to date, the importance of standardisation.
Related resources
Anyone can download the White Paper here: https://orx.org/download/orx-scenarios-state-of-the-industry-2024. The full report and accompanying documents is now available to all ORX Scenarios subscribers here: https://orx.org/resource/scenarios-state-of-the-industry-2024. Scenario subscribers can also access the Scenario Process Benchmark and Research Study mentioned in this podcast.
To find out more about ORX Scenarios, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: https://orx.org.
Follow ORX
LinkedIn: https://www.linkedin.com/company/orx-association/
Twitter: https://twitter.com/orx_association
Youtube: https://www.youtube.com/channel/UC9vez2KbrO5UHnEHiyMRlnQ
Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of August 2024, as well as the latest developments in the “WhatsApp probe” and a summary of their most recent deep dive on one of the most talked about events of year so far – CrowdStrike.
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on our website at: https://orx.org/blog/top-5-orx-news-losses-q3-2024
ORX News subscribers can read more about the WhatsApp probe and CrowdStrike incidents via the ORX News website here: https://news.orx.org/node/12559, https://news.orx.org/node/12304 and https://news.orx.org/node/12444
You can listen to a previous podcast episode about the Deep Dive on the investigations and penalties resulting from the WhatsApp probe here: https://orx.org/podcast/orx-news-top-5-losses-april-2024-whatsapp-probe
You can also read our publicly available blog, "Operational resilience lessons from the CrowdStrike incident", on our website here: https://orx.org/blog/operational-resilience-lessons-crowdstrike-incident
All ORX members and premium service subscribers can find out more and register to attend an ORX News In Focus Webinar 2024 session on our website here: https://orx.org/events/orx-news-in-focus-webinar-2024
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
In this episode, Sarah Astill and Martin Monakhov explore the key headlines from our recent paper on risk quantification practices. They discuss how financial firms are approaching focus on four key risk areas – cyber risk, third-party risk, climate risk, and risks associated with AI. The episode looks at commonalities in how organisations are quantifying risks (for example, using a scenario-driven approach), the challenges faced and how firms are approaching event categorisation.
The Risk Quantification Practices Paper 2024 is available to all ORX members to download on our website at: https://orx.org/resource/risk-quantification-practices-paper-2024
To find out more about ORX Membership, ORX premium services, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
Listen to this re-released episode of the ORX Operational Risk Podcast to hear the ORX News team discuss third-party risks in connection to three major cyber events – MOVEit, Accellion, and Solarwinds. The team are taking a break over the holiday season and will be back with new content in September covering some exciting topics.
You can find the latest ORX News top 5 operational risk losses for July 2024 on our website at: https://orx.org/blog/top-5-orx-news-losses-q3-2024
ORX News subscribers can read more on the stories covered in this episode via the ORX News website here: https://news.orx.org/node/12038, https://news.orx.org/node/11614 and https://news.orx.org/node/11096
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
Listen to this episode of the ORX Operational Risk Podcast to hear Matthew Glinister, Head of Risk Management, Emilie Odin, Research Manager, and Natasha Smith-Craig, Assistant Research Manager, discuss the outcomes of our most recent Top Risk Review survey, which provides insights of personal views on the most significant current material risks impacting the financial services industry. In the episode, they explore the key themes and top risks identified in the study, including information security and cyber, third party, technology, data management, and external fraud.
The full ‘Top Risk Review H1 2024’ report is available for free to all ORX members and is also available for non-members to purchase. You can find out more and access the report via our website here: https://orx.org/resource/top-risk-review-h1-2024
The ‘Annual Banking Operational Risk Loss Data 2024’ report is also available for free to all ORX members and available for non-members to purchase. You can find out more and download the report on our website here: https://orx.org/resource/annual-banking-operational-risk-loss-data-report
ORX members only can access the ‘Risk Quantification Practices Paper’ on our website at: https://orx.org/resource/risk-quantification-practices-paper-2024
ORX members and ORX Cyber subscribers can download the ‘Risk management considerations for generative AI’ report on our website at: https://orx.org/resource/risk-management-considerations-generative-ai
ORX members can also access the regulatory trackers mentioned in the episode on our website here: https://orx.org/blog/data-science-and-ai-regulation-tracker and https://orx.org/blog/basel-iii-sma-implementation-tracker
All previous Risk Landscape resources can be accessed on our website here: https://orx.org/resources?filter=.RiskLandscape
To find out more about ORX Membership, ORX premium services, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of June 2024 and a re-release of a previous episode where they discussed global initiatives and pledges to address climate change, a significant greenwashing settlement, ESG and green investments in the financial sector. This is in light of a significant development in June this year, where the European Supervisory Authorities published their final reports on greenwashing in the financial sector. The report shows a significant increase in greenwashing events by European banks, and for the first time, the European Banking Authority is consulting on a new taxonomy and multiple flags including greenwashing.
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on our website at: https://orx.org/blog/top-5-orx-news-losses-q2-2024
ORX News subscribers can read more on the stories and information covered in this episode via the ORX News website at: https://news.orx.org/node/10882, https://news.orx.org/node/11235, https://news.orx.org/node/12007, https://news.orx.org/node/11859 and https://news.orx.org/node/12013.
ORX News subscribers can also view climate news round-ups on the ORX News website here: https://news.orx.org/node/11680, https://news.orx.org/node/11813 and https://news.orx.org/node/12071.
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
Listen to this episode of the ORX Operational Risk Podcast to hear Matthew Glinister, Head of Risk Management; Simon Wills, Senior Board Advisor; Steve Bishop, Research and Information Director; and Natasha Smith-Craig, Assistant Research Manager, discuss Risk and Control Self-Assessments (RCSAs) – a topic that ORX members often come to us looking for guidance and to better understand how their peers approach it.
In view of the challenges firms face with RCSAs, the episode focuses on how they can make their RCSAs more effective and dynamic. The ORX team share some key methods that firms have either started to use, or are planning to use in the future, to improve their RCSAs by optimising the process, the technology that supports RCSAs, and the culture and people capabilities required for the exercise.
ORX members can read our short report on “Three key areas to improve your RCSAs” published earlier this year on our website at: https://orx.org/resource/three-key-areas-to-improve-your-rcsas
You can read our blog, “Enhancing RCSAs – A guide to three key areas”, related to the above resource on our website here: https://orx.org/blog/enhancing-rcsas-three-key-areas
You can also read our blog on “Top discussion points from our recent regional forums” on our website here: https://orx.org/blog/top-discussion-points-from-our-recent-regional-forums
Discover more from our Risk Management Community on our website at: https://orx.org/community/risk-management
To find out more about ORX Membership, ORX premium services, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of May 2024, as well as focus on two significant events reportedly caused by human error. Specifically, a fat finger error which recently cost Citi $139 million dollars and another case which cost Barclays $1.5 billion dollars.
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on our website at: https://orx.org/blog/top-5-orx-news-losses-q2-2024
ORX News subscribers can read more about the stories covered in this episode, including news digests, a Deep Dive and an In Focus article, via the ORX News website here: https://news.orx.org/node/10891, https://news.orx.org/node/10789, https://news.orx.org/node/12267 and https://news.orx.org/node/12365
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
Following on from last month's episode on how cyber risk management is evolving and ahead of our upcoming European and North American Cyber Forums, we're re-releasing this episode looking at how firms can manage cyber risk scenarios.
Listen to this episode of the ORX Operational Risk Podcast where the ORX Cyber and ORX Scenarios teams take a look at the highlights from our Managing Cyber Risk Scenarios study. They discuss what the study was about, why we decided to focus on cyber risk scenarios, and look at the key findings from the study.
You can find out more on ORX Cyber and Managing Cyber Risk Scenarios, as well as download a free guide on our website here: https://orx.org/resource/a-guide-to-managing-cyber-risk-scenarios
ORX Cyber subscribers and ORX members can register to attend our upcoming ORX Cyber Forums taking place on 19 June 2024 in London and 19 September 2024 in New York via our website here: https://orx.org/events/european-cyber-forum-2024 and https://orx.org/events/north-american-cyber-forum-2024
You can also listen to last month’s ORX Cyber episode on ‘Priorities for cyber risk management’ here: https://orx.org/podcast/priorities-for-cyber-risk-management
To find out more about ORX Cyber, ORX Scenarios, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: https://orx.org
Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of April 2024, as well as bring you the latest from their recent Deep Dive on the investigations and penalties resulting from the WhatsApp probe – a probe that cost 39 financial firms nearly 3 billion dollars in fines.
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on our website at: https://orx.org/blog/top-5-orx-news-losses-q2-2024
ORX News subscribers can read the full Deep Dive on the WhatsApp probe via the ORX News website here: https://news.orx.org/node/12304
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
Listen to this episode of the ORX Operational Risk Podcast to hear Steve Bishop, ORX Research and Information Director, Helen L’Abbate, ORX Head of Services, and Melanie Lavallin, ORX Senior Adviser, discuss some of the key outcomes from our latest white paper from the ORX Cyber service – Faster & safer: Priorities for cyber risk management. The study gathered views on how the discipline needs to evolve strategically, and the challenges it expects to face over the coming years. In the episode, they cover the common factors impacting the current risk environment and cyber risk management, as well as the eight common priorities identified from the interviews carried out as part of the study.
The ORX Cyber white paper is available for everyone to download on our website here: https://orx.org/resource/faster-safer-priorities-cyber-risk-management
You can also find out more about ORX Cyber’s Roadmap for 2024 on our website at: https://orx.org/blog/orx-cybers-roadmap-for-2024
ORX Cyber subscribers can register for our upcoming Cyber Forum events taking place on 19 June 2024 in London and 19 September 2024 in New York via our website here: https://orx.org/events/european-cyber-forum-2024 and https://orx.org/events/north-american-cyber-forum-2024
To find out more about ORX Cyber, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of March 2024, as well as delve into the US Securities and Exchange Commission (SEC)’s first ever fine against two investment advisers over AI washing, and a landmark agreement between the US and the UK on testing the safety of AI.
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on our website at: https://orx.org/blog/top-5-orx-news-losses-q1-2024
ORX News subscribers can read more about AI washing and the stories covered in this episode on the ORX News website here: https://news.orx.org/node/12282 and https://news.orx.org/node/12262
ORX members can access the “Data Science and AI regulation tracker” on our website here: https://orx.org/blog/data-science-and-ai-regulation-tracker
ORX Scenarios subscribers can download the “AI Scenario Development Handbook 2024” on our website here: https://orx.org/resource/ai-scenario-development-handbook-2024
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of February 2024, as well as the key findings from the latest Year in Review report including trends in conduct, cyber, fraud, and other risks.
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on our website at: https://orx.org/blog/top-5-orx-news-losses-q1-2024
You can also listen to our podcast on the ORX News top 5 largest losses of 2023 here: https://orx.org/podcast/orx-news-top-5-op-risk-losses-dec-2023-top-5-of-2023
ORX News subscribers can read the full “Year in Review 2023” report on the ORX News website at: https://news.orx.org/node/12214
ORX News subscribers can also read more about the “Public Loss Profiles 2023” reports on the ORX News website here: https://news.orx.org/node/12235, https://news.orx.org/node/12236, https://news.orx.org/node/12237 and https://news.orx.org/node/12238
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
Listen to this episode of the ORX Operational Risk Podcast to hear Matthew Glinister, ORX Head of Risk Management, and Natasha Smith-Craig, ORX Assistant Research Manager, discuss some of the key findings and outcomes from the recently published Operational Risk Horizon 2024 report. In the episode, they cover the top five emerging risk categories from the study and an overview of what can be learnt from the headline findings in the report.
The full Operational Risk Horizon 2024 report and the emerging risk landscape interactive visualisation are available for free to all ORX members, as well as the report for non-members to purchase via our website here: https://orx.org/resource/operational-risk-horizon-2024
The “MOVEit transfer data breaches Deep Dive” is publicly available to download for free on our website here: https://orx.org/resource/moveit-transfer-data-breaches
ORX News subscribers can read more on The Post Office Scandal via the ORX News website at: https://news.orx.org/node/12217
You can also listen to our recent podcast on “ORX News top 5 largest losses in January 2024 and a focus on third-party risk including the Post Office and Horizon scandal and MOVEit hack” here: https://orx.org/podcast/orx-news-top-5-op-risk-losses-jan-2024-3rd-party-risk
To find out more about ORX Membership, ORX premium services, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of January 2024, as well as the perennial issue of third-party risk, including the cost of keeping and moving on from a flawed IT system, supplier shortcomings, and digital supply chain risk. These themes are covered in the episode by the Post Office and Horizon scandal and the MOVEit hack.
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on our website at: https://orx.org/blog/top-5-orx-news-losses-q1-2024
You can also download the “MOVEit transfer data breaches Deep Dive” on our website here: https://orx.org/resource/moveit-transfer-data-breaches
ORX News subscribers can read more on the stories covered in this episode via the ORX News website at: https://news.orx.org/node/12217 and https://news.orx.org/node/12038
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
Listen to this episode of the ORX Operational Risk Podcast to hear Matthew Glinister, ORX Head of Risk Management, and Natasha Smith-Craig, ORX Assistant Research Manager, summarise the outcomes of recent sessions with the ORX Risk Management Working Group, which explored the operational risk management control framework. They cover how ORX members are describing and documenting their controls, how they categorise their controls and what attributes these controls have, how they record and capture their controls, and how they review and test them.
You can read our “Risk management 2023 recap and 2024 programme launch” blog on our website here: https://orx.org/blog/risk-management-2023-recap-2024-launch
ORX members can find out more and sign up to the ORX Risk Management Community and Working Group on our website here: https://orx.org/community/risk-management
ORX members can read our “Observations on controls in operational risk” short report on our website here: https://orx.org/resource/observations-on-controls-in-operational-risk-2023
ORX members can also read our “Three key areas to improve your RCSAs” short report on our website here: https://orx.org/resource/three-key-areas-to-improve-your-rcsas
Discover our full list of Reference Taxonomies and Libraries on our website here: https://orx.org/resources?filter=.StandardsTaxonomiesLibraries
To find out more about ORX Membership, ORX premium services, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
Listen to this episode of the ORX Operational Risk Podcast to hear Sarah Astill, ORX Head of Risk Measurement, and Martin Monakhov, ORX Research Manager, discuss some of the key findings and outcomes from the 2023 CCAR Methodology Study. In the episode, they cover broader information about the ORX CCAR Community and the benefits it provides, how the 2023 CCAR Methodology Study report was put together, the key observations from the study, and some plans looking ahead to 2024.
The full CCAR Methodology Study 2023 report is available to all ORX members via our website here: https://orx.org/resource/ccar-methodology-study-2023
ORX members can also access the full Stress testing landscape 2023 report via our website at: https://orx.org/resource/overview-of-stress-testing-landscape-operational-risk
Check out our related podcast on ‘Key learnings about the global stress testing landscape’ here: https://orx.org/podcast/key-learnings-about-the-global-stress-testing-landscape
To find out more about ORX Membership, ORX premium services, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of December 2023, as well as the top 5 largest losses of 2023. They also highlight the L1 and L2 categories of the ORX Reference Taxonomy that the ORX News team used to tag those events.
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on our website at: https://orx.org/blog/top-5-orx-news-losses-q4-2023
ORX members can read the full ‘Observations on controls in operational risk’ short report on our website at: https://orx.org/resource/observations-on-controls-in-operational-risk-2023
ORX members can also access the full ‘Event Type Operational Risk Reference Taxonomy’ on our website at: https://orx.org/resource/event-type-operational-risk-reference-taxonomy
ORX News subscribers can read more on the stories covered in this episode via the ORX News website at: https://news.orx.org/node/12074, https://news.orx.org/node/11750, https://news.orx.org/node/11602, and https://news.orx.org/node/11586 as well as the 2023 Mid-Year Review here: https://news.orx.org/node/11849.
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of November 2023 and some highlights coming up in 2024. This is our final podcast of 2023, so thank you very much to all of our listeners this year and we wish you a wonderful festive season and a very happy new year.
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on our website at: https://orx.org/blog/top-5-orx-news-losses-q4-2023
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
Listen to this episode of the ORX Operational Risk Podcast to hear Steve Bishop and Matt Glinister from ORX discuss the outcomes of our most recent Top Risk Review survey, which provides insights into the key current top operational risks facing the financial services industry. In the episode, they explore the key themes and top risks identified in the study, including information security and cyber, third party, technology, and data management. The full Top Risk Review November 2023 report is available for free to all ORX members and is also available for non-members to purchase. You can find out more and access the report via our website here: https://orx.org/resource/top-risk-review-november-2023 To find out more about ORX Membership, ORX premium services, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of October 2023 and discuss third-party risks in connection to three major cyber events – MOVEit, Accellion, and Solarwinds.
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on our website at: https://orx.org/blog/top-5-orx-news-losses-q4-2023
ORX News subscribers can read more on the stories covered in this episode via the ORX News website at: https://news.orx.org/node/12038, https://news.orx.org/node/11614 and https://news.orx.org/node/11096
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
In this episode of the ORX Operational Risk Podcast, the ORX Scenarios team discuss the key trends we’ve seen from this year’s ORX Scenario Library. The Scenario Library is a comprehensive database of operational risk scenarios submitted by our subscribers each year. It currently contains over 1000 quality assured scenarios across different business lines, sizes and regions shared by over 60 firms.
The team cover key trends from this year’s library submissions, including the rise of Information Security risk, which is now the most represented risk type in the Library ahead of conduct. They then look at the top risks and their profiles and do a more in-depth dive into climate risk scenarios.
The full report is now available to all ORX Scenarios subscribers and ORX members here: https://orx.org/resource/insights-into-material-risks-2023. And a free summary will be freely available to download shortly.
To find out more about ORX Scenarios, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: https://orx.org/
Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of September 2023 and return to discussing the pressing issue of climate. Specifically, they cover the latest global initiatives and pledges to address climate change, an update on DWS’ recent greenwashing settlement, a growing trend of lawsuits against firms indirectly linked to the climate crisis including an update on the Brazilian mining company Vale, ESG and green investments in the financial sector.
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on our website at: https://orx.org/blog/top-5-orx-news-losses-q3-2023
ORX News subscribers can read more on the stories and information covered in this episode via the ORX News website at: https://news.orx.org/node/10882, https://news.orx.org/node/11235, https://news.orx.org/node/12007, https://news.orx.org/node/11859 and https://news.orx.org/node/12013.
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of August 2023 and discuss issues stemming from the ORX European Cyber Forum hosted by BNP Paribas in July 2023 and the ORX North American Cyber Forum hosted by TIAA in September 2023 – both facilitated by the ORX Cyber Service. The ORX News team cover the top 3 key cybersecurity concerns amongst the operational risk professionals who attended the two ORX Cyber Forums, as well as their top 3 cyber risk management priorities for the next 12 months. They also discuss the largest hack of 2023 so far involving third-party supplier and file transfer software, MOVEit.
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on our website at: https://orx.org/blog/top-5-orx-news-losses-q3-2023
You can also read our full blog on the top 3 cybersecurity concerns and top 3 cyber risk management priorities on our website here: https://orx.org/blog/3-cybersecurity-concerns-3-cyber-risk-management-priorities
Our 2022 Cyber Risk Quantification Study is available for all ORX Cyber subscribers to access here: https://orx.org/resource/cyber-risk-quantification-study-2022
ORX News subscribers can read more on the stories covered in this episode via the ORX News website at: https://news.orx.org/node/11643 and https://news.orx.org/node/11758, as well as the Deep Dive on ChatGPT here: https://news.orx.org/node/11803
Finally, you can also listen to our previous podcast episode on DORA here: https://orx.org/podcast/top-5-losses-findings-from-crypto-report-dora
To find out more about ORX Cyber, ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
Listen to this episode of the ORX Operational Risk Podcast to hear Steve Bishop and Mike Constantinou from ORX and Tom Ivell from Oliver Wyman discuss the recently published ORX Reference Risk Indicator Library. The library was developed together with Oliver Wyman and is the latest in our line of structured reference libraries for risk management. It is based on an extensive data set collected from more than 50 banking and insurance ORX members.
The podcast also explores risk indicators more broadly – looking at why they are important, the challenges operational risk teams face with them, and what to consider when implementing them.
The ORX Reference Risk Indicator Library is available for free to all ORX members and also available for non-members to purchase. You can find out more and access the library via our website here: https://orx.org/resource/reference-risk-indicator-library
To find out more about ORX Membership, ORX premium services, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of June 2023 and conclude the two-part series covering the challenges surrounding data quality, systems, and the use of data for risk oversight, as well as touch on the importance of sufficient levels of adequately trained staff – all stemming from the launch of ORX’s Risk Management Working Group.
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on our website at: https://orx.org/blog/top-5-orx-news-losses-q2-2023
You can also find out more about our Risk Management Community and Working Group on our website here: https://orx.org/community/risk-management
ORX News subscribers can read more on the stories covered in this episode via the ORX News website at: https://news.orx.org/node/7095, https://news.orx.org/node/7201, https://news.orx.org/node/11483, https://news.orx.org/node/11743 and https://news.orx.org/node/10630.
Please note that there is another episode of the ORX Operational Risk Podcast to be released this month, which covers the launch of the ORX Risk Indicator Library – so make sure to give that a listen too!
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
Listen to this re-released episode of the ORX Operational Risk Podcast to hear the ORX News team discuss the learnings from their Crypto: an op risk overview and timeline report, and cover highlights of a session hosted by the ORX Cyber team on the Digital Operational Resilience Act (DORA) – illustrating some of the main discussion points and linking them to relevant news stories.
ORX News subscribers can read more on the stories covered in this episode via the ORX News website at: https://news.orx.org/node/11706, https://news.orx.org/node/11615, https://news.orx.org/node/11305 and https://news.orx.org/node/7095
ORX members can also view a summary of the ORX and Oliver Wyman panel discussion on the Digital Operational Resilience Act (DORA) here: https://orx.org/blog/orx-oliver-wyman-panel-discussion-on-dora
Please note that ORX podcasts are taking a break for the summer and will be back again in September.
We wish you all a wonderful summer and hope that you can join us again next time!
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: https://orx.org/
Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of May 2023 and an overview of the challenges surrounding the three lines of defence model, governance, and risk culture, all stemming from the launch of ORX’s Risk Management Working Group – illustrating some of the main discussion points with relevant news stories.
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on our website at: https://managingrisktogether.orx.org/orx-news/top-5-orx-news-losses-q2-2023
ORX News subscribers can read more on the stories covered in this episode via the ORX News website at: https://news.orx.org/node/11309, https://news.orx.org/node/11585, https://news.orx.org/node/11737, https://news.orx.org/node/11563 and https://news.orx.org/node/11743
ORX members can also find out more about our Risk Management Community and Working Group on our member-only website here: https://members.orx.org/communities-groups/risk-management-community
Please note that there is another episode of the ORX Operational Risk Podcast this month, which covers some of the key learnings from our recent work on stress testing conducted for the ORX Analytics Community – so make sure to give that a listen too!
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
Listen to this episode of the ORX Operational Risk Podcast to hear some of the key learnings from our recent work on stress testing conducted for the ORX Analytics Community. Learn what the key challenges are, some best practice ideas, and three key elements stress tests should have.
ORX members get free access to the full report produced from this work where we outline the stress testing landscape as it relates to operational risk, including common practice, key challenges, and the path forward. It can be accessed via our member-only website here: https://members.orx.org/orx-publications/overview-stress-testing-landscape-operational-risk
We’re also making a public summary available on our website soon and we’ll update these show notes with a link when it becomes available.
Please note that there is another episode of the ORX Operational Risk Podcast this month, which covers the ORX News top 5 operational risk losses of May 2023 and an overview of the challenges surrounding the three lines of defence model, governance, and risk culture, all stemming from the launch of ORX’s Risk Management Working Group – so make sure to give that a listen too!
To find out more about ORX Membership, ORX premium services, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
In this episode of the ORX Operational Risk Podcast, we cover the learnings from our recent LeadersConnect Live 2023 event, where we bring Heads of Operational Risk or Non-Financial Risk together from across the world. Hear what key risk topics were discussed that are impacting the industry today.
ORX members can view a more detailed summary of the event via our member-only website here: https://members.orx.org/latest-news/summary-discussions-this-years-leadersconnect-live
Please note that there is another episode of the ORX Operational Risk Podcast this month, which covers the ORX News top 5 operational risk losses of April 2023, findings from a recently published Crypto report and highlights of the ORX/Oliver Wyman panel discussion on the Digital Operational Resilience Act (DORA) – so make sure to give that a listen too!
To find out more about ORX Membership, ORX premium services, and access other operational risk resources, just search ‘ORX’ or visit: https://managingrisktogether.orx.org/
In this episode of the ORX Operational Risk Podcast, the ORX News team take a look at the five largest operational risk losses of April 2023, discuss findings from the recently published Crypto: an op risk overview and timeline report, and cover highlights of a recent session hosted by the ORX Cyber team on the Digital Operational Resilience Act (DORA) – illustrating some of the main discussion points and linking them to relevant news stories.
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on our website at: https://managingrisktogether.orx.org/orx-news/top-5-orx-news-losses-q2-2023
ORX News subscribers can read more on the stories covered in this episode via the ORX News website at: https://news.orx.org/node/11706, https://news.orx.org/node/11615, https://news.orx.org/node/11305 and https://news.orx.org/node/7095
ORX members can also view a summary of the ORX/Oliver Wyman panel discussion on the Digital Operational Resilience Act (DORA) here: https://members.orx.org/latest-news/orx-oliver-wyman-panel-discussion-digital-operational-resilience-act
Please note that there is another episode of the ORX Operational Risk Podcast this month, which covers some of the outcomes from our recent LeadersConnect Live 2023 event – so make sure to give that a listen too!
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: https://managingrisktogether.orx.org/
In this episode of the ORX Operational Risk Podcast, the ORX News team take a look at the five largest operational risk losses of March 2023 and a deep dive into the collapse of Credit Suisse and Silicon Valley Bank. With an operational risk perspective, they talk about risk culture, governance, the role of social media, and UBS’s takeover of Credit Suisse. For SVB, they also look into market and interest rate issues and the possible changes to the regulatory landscape for “smaller” banks.
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on our website at: https://managingrisktogether.orx.org/orx-news/top-5-orx-news-losses-q1-2023
ORX News subscribers can read the full In Focus piece for further details about the collapse of Credit Suisse and SVB, including a timeline of events on the ORX News website here: https://news.orx.org/node/11636 and https://news.orx.org/node/11682
ORX members can also read the In Focus piece on the collapse of Credit Suisse here: https://members.orx.org/orx-news/orx-news-focus-collapse-credit-suisse. The one on the collapse of SVB is coming soon and we will update these show notes with the link when it’s published.
Please note that there is another episode of the ORX Operational Risk Podcast this month, which covers some of the key findings and outcomes from our recently published Operational Risk Horizon 2023 report – so make sure to give that a listen too!
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: https://managingrisktogether.orx.org/
In this episode of the ORX Operational Risk Podcast, we take a look at some of the key findings and outcomes from our recently published Operational Risk Horizon 2023 report. For the past five years, our annual Operational Risk Horizon study has been canvassing industry opinion on the most significant, emerging operational and non-financial risks. This year, the report examines the main emerging risks, but also at the external macroenvironment factors influencing these, as well as delving down into the top emerging risks areas.
ORX members get free access to the Operational Risk Horizon 2023 report via our member-only website here: https://members.orx.org/orx-publications/operational-risk-horizon-2023. It is also accompanied by an interactive visualisation that allows members to explore the emerging risk factors, particularly their interconnected nature.
The Operational Risk Horizon 2023 report and visualisation are also available for any firm to purchase, and can be done so via this page on our website: https://managingrisktogether.orx.org/insights-resources/operational-risk-horizon-2023. You can find out more about this year’s study and report on this page too.
Please note that there is another episode of the ORX Operational Risk Podcast this month, which covers the ORX News top 5 operational risk losses of March 2023 and a deep dive into the collapse of Credit Suisse and Silicon Valley Bank – so make sure to give that a listen too!
To find out more about ORX Membership, ORX premium services, and access other operational risk resources, just search ‘ORX’ or visit: https://managingrisktogether.orx.org/
In this episode of the ORX Operational Risk Podcast, the ORX Scenarios team take a look at the most recent publication in the ORX Scenarios service – the Greenwashing Scenario Development Handbook, which is a step-by-step guide to creating a greenwashing scenario and builds on previous work that ORX has done in the climate space. The team cover why they chose to focus on greenwashing, why this handbook, and how it’s different to previous ORX Scenarios handbooks.
The Greenwashing Scenario Development Handbook is currently available to ORX Scenarios subscribers only but will be made available for non-subscribers to purchase soon. Please look out for this on our website and we will update these show notes with a link when it becomes available.
In the meantime, you can explore our available resources from the ORX Scenarios service here: https://managingrisktogether.orx.org/orx-scenarios
Please note that there is another episode of the ORX Operational Risk Podcast that has been released this month, which covers the ORX News top 5 operational risk losses of February 2023 and a focus on key findings from the 2022 Year in Review report – so make sure to give that a listen too!
To find out more about ORX Scenarios, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: https://managingrisktogether.orx.org/
In this episode of the ORX Operational Risk Podcast, the ORX News team take a look at the five largest operational risk losses of February 2023 and discuss the key findings from the 2022 Year in Review report. They also cover the impact of trade finance fraud by looking at two separate stories reported by the ORX News team, including the recent cases involving Trafigura and HSBC.
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on our website at: https://managingrisktogether.orx.org/orx-news/top-5-orx-news-losses-q1-2023
ORX News subscribers can read the full Year in Review 2022 report on the ORX News website here: https://news.orx.org/node/11565
ORX News subscribers can also read more on the stories covered in this episode via the ORX News website at: https://news.orx.org/node/11566, https://news.orx.org/node/9403 and https://news.orx.org/node/10797
Please note that we have another episode of the ORX Operational Risk Podcast being released for this month, focusing on our most recent publication for the ORX Scenarios service, the Greenwashing Scenario Development Handbook, which tackles a key industry priority on how to develop a scenario on the complex and highly topical climate change-related transition risk of greenwashing – so keep a look out for this!
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: https://managingrisktogether.orx.org/
In this episode of the ORX Operational Risk Podcast, the ORX Cyber and ORX Scenarios teams collaborate to take a look at the highlights of our recent Managing Cyber Risk Scenarios study, including what the study was about, why we decided to focus on this topic, and covering our key findings from the outputs of the study.
You can find out more on ORX Cyber and Managing Cyber Risk Scenarios, as well as download a free guide on our website here: https://managingrisktogether.orx.org/insights-resources/orx-cyber-guide-managing-cyber-risk-scenarios
Please note that there is another episode of the ORX Operational Risk Podcast that has been released this month, which covers the ORX News top 5 operational risk losses of January 2023 and a focus on the S for Social in ESG (Environmental, Social and Governance) – so make sure to give that a listen too!
To find out more about ORX Cyber, ORX Scenarios, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: https://managingrisktogether.orx.org/
In this episode of the ORX Operational Risk Podcast, the ORX News team take a look at the five largest operational risk losses of January 2023 and, in recognition of International Women’s Day on 8th March, focus on the S for Social in ESG (Environmental, Social and Governance) by looking at materialised losses stemming from gender discrimination and sexual harassment in the workplace. They also give a brief look into which controls may have failed and ultimately led to regulatory fines and settlements from the recently published ORX Reference Control Library.
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on our website at: https://managingrisktogether.orx.org/orx-news/top-5-orx-news-losses-q1-2023
You can also find out more about the ORX Reference Control Library and how to purchase it here: https://managingrisktogether.orx.org/insights-resources/orx-reference-control-library
ORX News subscribers can read more on the ESG stories covered in this episode via the ORX News website at: https://news.orx.org/node/11271 and https://news.orx.org/node/11354
Please note that we have another episode of the ORX Operational Risk Podcast being released for this month, which focuses on our recent guide on how to manage Cyber risk scenarios – so keep a look out for this!
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: https://managingrisktogether.orx.org/
What is the global risk community prioritising in 2023? In this episode of the Operational Risk Podcast, ORX's newly appointed Executive Director, Dr Luke Carrivick, is joined by senior research colleagues to explore the following 5 key focuses:
- Developing the strategy for risk management
- Understanding the complex and interconnected risk landscape
- Managing Cyber – the number 1 top risk reported by our members
- Enhancing risk management and measurement practices
- The need to innovate and use new technology
Following this section, stay tuned for the top 5 operational risk losses of December 2022 as reported by the ORX News team, as well as a focus on the rise and fall of the bankrupt cryptocurrency exchange, FTX, looking into the ripple effects on the global crypto markets and the “future” of crypto. You can find a written version of the top 5 operational risk losses discussed in this episode on the ORX website at: https://managingrisktogether.orx.org/orx-news/top-5-orx-news-losses-q4-2022. ORX News subscribers can also access Deep Dives for more information at: https://news.orx.org/search/deep-dive.
To find out more about ORX Membership, ORX News and ORX Cyber services, as well as access other operational risk resources, just search ‘ORX’ or visit: https://managingrisktogether.orx.org/
In this final episode of the ORX Operational Risk Podcast for 2022, the ORX News team take a look at the five largest operational risk losses of November 2022 and cover this year’s Top 5 largest losses, including discussing how the ORX News team applied the ORX Reference Taxonomy to those events, as well as commenting on recent findings from the latest Top Risk Review published earlier this month.
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on our website at: https://managingrisktogether.orx.org/orx-news/top-5-orx-news-losses-q4-2022
You can also find out the latest information about the ORX Reference Taxonomy here: https://managingrisktogether.orx.org/news-blogs-updates/survey-insights-indicate-orx-reference-taxonomy-being-considered-industry
The latest Top Risk Review report is available to ORX members here: https://members.orx.org/orx-publications/top-risk-review-november-2022. Non-members can find out more and order a copy of the report to purchase at: https://managingrisktogether.orx.org/insights-resources/top-risk-review-november-2022.
To find out more about ORX News, ORX Membership and access other operational risk resources, just search ‘ORX’ or visit: https://managingrisktogether.orx.org/
In the first half of this episode, Simon Johnson and Rob Reay-Jones take a look at the ORX Scenarios Library and consider some of the findings from this year’s submission.
The ORX News team then take a look at the five largest operational risk losses reported by the ORX News team in October 2022 and explore a series of cyber-related data breaches which led to regulatory changes in Australia, as well as some findings from the ORX Cyber service regarding data on cyber events.
You can find the top 5 operational risk losses discussed in this episode on the ORX website at: https://managingrisktogether.orx.org/orx-news/top-5-orx-news-losses-q4-2022. ORX News subscribers can also access Deep Dives for more information at: https://news.orx.org/search/deep-dive.
The full ORX Scenarios Insights into Material Risks 2022 report is available to members and subscribers here: https://members.orx.org/orx-publications/orx-scenarios-insights-material-risks-2022-report. You can also find out more about this year’s ORX Scenarios Library at: https://managingrisktogether.orx.org/orx-scenarios/orx-scenarios-library.
To find out more about ORX Scenarios, ORX News, ORX Membership and access other operational risk resources, just search ‘ORX’ or visit: https://managingrisktogether.orx.org/
In the first part of this episode, Luke Carrivick interviews Steve Bishop on developments in operational risk controls and finds out more about the new ORX Reference Control Library.
The ORX News team then take a look at the five largest operational risk losses reported by the ORX News team in September 2022 and explore the topic of climate, including greenwashing and the impact of Hurricane Ian.
ORX members can explore the ORX Reference Control Library for free on the members-only website. The library is also available for non-members to purchase, find out more at: https://managingrisktogether.orx.org/orx-reference-control-library.
You can find the top 5 operational risk losses discussed in this episode on the ORX website at: https://managingrisktogether.orx.org/orx-news/top-5-orx-news-losses-q3-2022. ORX News subscribers can also access the climate news round-up at: https://news.orx.org/node/11289.
To find out more about ORX News, ORX Membership and access other operational risk resources just search ‘ORX’ or visit: https://managingrisktogether.orx.org/
In this shorter episode of the ORX Operational Risk Podcast, the ORX News team take a look at the five largest operational risk losses of August 2022 and finish their data management series.
Episode resources and links You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on our website at: https://managingrisktogether.orx.org/orx-news/top-5-orx-news-losses-q3-2022
To find out more about ORX News, ORX Membership and access other operational risk resources just search ‘ORX’ or visit: https://managingrisktogether.orx.org/
In the first half of this episode, Steve Bishop and Emilie Odin talk through the recent ORX Top Risk Review. They explore the key themes and top risks identified in the study, including information security and cyber, third part and data management.
Fern Ashcroft and Stanca Oproiu take a look at the five largest operational risk losses reported by the ORX News team in June 2022 and continue their series on data management.
You can find the top 5 operational risk losses discussed in this episode on the ORX website at: https://managingrisktogether.orx.org/orx-news/top-5-orx-news-losses-q2-2022. ORX News subscribers can also access Deep Dives for more information at https://news.orx.org/node/10936 and https://news.orx.org/node/7201.
ORX members can download the latest Top Risk Review report for free on our website and non-members can purchase it at https://engage.orx.org/buy/monitoring-the-risk-landscape-2022.
To find out more about ORX News, ORX Membership and access other operational risk resources just search ‘ORX’ or visit: https://managingrisktogether.orx.org/
In the first section of this episode, Steve Bishop, Esther Renfrew, John Bosnell and Natasha Craig discuss climate and operational risk. They look at how financial institutions are approaching climate-related risks and what ORX is doing to support our membership with this challenge. They also explore the impact of climate on operational risk using some real-life examples reported by ORX News.
Fern Ashcroft then joins Natasha Craig for the regular section from ORX News, The team take a look at the five largest operational risk losses of May 2022 and begin a short series focusing on data management.
You can find the top 5 operational risk losses discussed in this episode on the ORX website at: https://managingrisktogether.orx.org/orx-news/top-5-orx-news-losses-q2-2022.
ORX members can access all our available climate resources on the members-only website: https://members.orx.org/climate-risk-resources
To find out more about ORX News, ORX Membership and access other operational risk resources just search ‘ORX’ or visit: https://managingrisktogether.orx.org/
Join Simon Wills, ORX Executive Director, and Mark Cooke as they explore how risk can innovate. They also introduce a new initiative – iDP (innovation data platform) – which can help risk managers overcome the barriers to innovation.
The ORX News team then take a look at the five largest operational risk losses of April 2022 and do a short focus section on ESG.
This episode features Simon Wills, Mark Cooke, Fern Ashcroft and Stanca Oproiu.
You can find the top 5 operational risk losses discussed in this episode on the ORX website at: https://managingrisktogether.orx.org/orx-news/top-5-orx-news-losses-q2-2022.
You can find out more iDP here: https://idp.orx.org/.
To find out more about ORX News, ORX Membership and access other operational risk resources just search ‘ORX’ or visit: https://managingrisktogether.orx.org/
Join the ORX research team as they look at the findings from the latest ORX Operational Risk Horizon Study, which explores emerging risks.
The ORX News team then take a look at the five largest operational risk losses of February 2022 and, in light of the conflict in Ukraine, do a short focus section on sanctions.
This episode features Esther Renfrew, Simon Johnson, Emilie Odin, Lily Richardson, Fern Ashcroft and Natasha Craig.
You can find the top 5 operational risk losses discussed in this episode on the ORX website at: https://managingrisktogether.orx.org/orx-news/top-5-orx-news-losses-q1-2022.
The Operational Risk Horizon 2022 report is available to all ORX members here: https://members.orx.org/orx-publications/operational-risk-horizon-2022.
To find out more about ORX News, ORX Membership and access other operational risk resources just search ‘ORX’ or visit: https://managingrisktogether.orx.org/
Join the ORX research team as they look at how financial organisations are overcoming some of the practical hurdles associated with developing and implementing operational resilience frameworks. The discussion is based on a recent report which was produced in collaboration with our Operational Resilience Working Group.
The ORX News team then take a look at the five largest operational risk losses of February 2022 and, in light of the conflict in Ukraine, do a short focus section on sanctions.
This episode features Steve Bishop, Melanie Lavallin, Emilie Odin, Lily Richardson, Fern Ashcroft and Thomas Neale.
You can find the top 5 operational risk losses discussed in this episode on the ORX website at: https://managingrisktogether.orx.org/orx-news/top-5-orx-news-losses-q1-2022.
The operational resilience report is available to all ORX members here: https://members.orx.org/operational-resilience-working-group/operational-resilience-practical-development-implementation.
To find out more about ORX News, ORX Membership and access other operational risk resources just search ‘ORX’ or visit: https://managingrisktogether.orx.org/
Join the team from ORX Cyber as they explore cyber risk quantification in financial services, following the publication of a recent report on this topic. The ORX News team then take a look at the five largest operational risk losses of January 2022 and do a deep dive into deepfake voice cloning.
This episode features Steve Bishop, Melanie Lavallin, Katherine Charalambous, Lily Richardson, Fern Ashcroft and Natasha Craig.
You can find the top 5 operational risk losses discussed in this episode on the ORX website at: https://managingrisktogether.orx.org/orx-news/top-5-orx-news-losses-q1-2022.
The Deep Dive mentioned is available to download for free here:
https://managingrisktogether.orx.org/orx-news/orx-news-deep-dive-colpipe-pay-44m-ransom
To find out more about ORX News, ORX Cyber and access other operational risk resources just search ‘ORX’ or visit: https://managingrisktogether.orx.org/
Do you know which operational risk loss events cost the most in 2021? Join Tom, Fern and Lily from the ORX News team for this special end-of-year episode as they countdown the five biggest operational risk losses of the year as reported by the ORX News service. You can find all the top 5s of 2021 (and previous years) on our website, where you can also find out more about ORX News.
And, keep an ear out for more from ORX News as part of the main ORX podcast next year!
Join the team from ORX Scenarios as they discuss this year’s Insights into Material Risks report. The team look at the trends and themes they’ve spotted in the annual upload and explore what factors are driving the top risks. Themes include conduct, digitilisation and resilience.
About the ORX Scenarios: Insights into Material Risks 2021 report
Find out which operational risks financial firms most commonly created operational risk scenarios for in 2021 in this free report from ORX Scenarios. Created using information shared by over 50 financial organisations, the ORX Scenarios: Insights into Material Risks 2021 report gives you a global picture of scenario practice in 2021.
Download the free report
Operational and non-financial risk (ONFR) management has an opportunity to step up like never before and support financial organisations as they go through a period of rapid transformation.
To do so will mean making operational and non-financial risk resilient by using innovative technologies, which then enable risk leaders to innovate how they serve the business and actively add value. In this episode of the ORX Operational Risk Podcast, Simon Wills, Luke Carrivick and Mark Cooke explore how operational risk can do this in detail.
This second part of the discussion follows the publication of a recent report that explores the future of operational risk in light of rapid digitalisation and other changes in the financial services industry. This report sets out two elements of operational and non-financial risk management – “Optimise” and “Active” – explaining how optimisation will only go so far in terms of keeping pace with the rapidly changing risk profile.
Download the report for free: https://managingrisktogether.orx.org/operational-risk-studies/future-op-risk-right-time-right-place
Operational and non-financial risk (ONFR) management has an opportunity to step up like never before and support financial organisations as they go through a period of rapid transformation.
To do so will mean making operational and non-financial risk resilient by using innovative technologies, which then enable risk leaders to innovate how they serve the business and actively add value. In this episode, the first of two on this topic, Simon Wills, Luke Carrivick and Mark Cooke explore how operational risk can do this in detail.
This discussion follows the publication of a recent report that explores the future of operational risk in light of rapid digitalisation and other changes in the financial services industry. This report sets out two elements of operational and non-financial risk management – “Optimise” and “Active” – explaining how optimisation will only go so far in terms of keeping pace with the rapidly changing risk profile. This is part one of a two-part discussion.
Download the report for free: https://managingrisktogether.orx.org/operational-risk-studies/future-op-risk-right-time-right-place
In this episode of the ORX Operational Risk Podcast, Steve Bishop, Melanie Lavallin and Luke Carrivick discuss the work being done in financial services to develop and implement approaches to operational resilience. They look at the challenges faced by financial firms around the world.
This podcast follows the publication of a recent report which is available exclusively to our members – Progressing Operational Resilience. This report is partly based on the activities and discussions held with our Operational Resilience Working Group, which has been running since 2020.
Our members can access the new report at: https://members.orx.org/orx-publications/progressing-operational-resilience. And non-members can get more information and resources on operational resilience at https://managingrisktogether.orx.org/
Released on July 8th, the podcast will focus on developing and implementing approaches to operational resilience and the findings of a recent ORX published review on the subject.
In this episode, Giuseppe Aloi, ORX Scenarios manager, is joined by Luke Carrivick and Steve Bishop from ORX to discuss how scenario analysis has evolved over the last decade and how it will continue to develop.
This conversation follows a series of discussions we held with operational risk experts, scenario experts and the heads of operational risk on the role of scenarios at their firms.
We wanted to understand both how scenarios are currently being used and how they can evolve to better support operational risk management in financial organisations. From these discussions, we created a white paper – Operational Risk Scenarios: From Risk Measurement to Risk Management and Beyond – which is available to download for free.
This podcast builds on the white paper, with Giuseppe, Luke and Steve looking at how scenario analysis at financial institutions has moved from an initial focus on modelling and measurement to playing a key role during the pandemic and, finally, exploring how scenarios are evolving to support proactive operational risk management.
The team from ORX discuss the key findings from the recent Operational Risk Horizon Survey to clarify the top emerging risks facing the industry in 2021 and beyond.
Simon Johnson, Esther Renfrew and Maddy Beckett from ORX discuss the value of the three lines of defence (3LOD) model in operational risk management. This follows the publication of the ORX Practice Benchmark on enhancing the 3LOD model, released earlier this year.
They explore what the 3LOD is meant to achieve and it's benefits. They also discuss how our benchmark study shows it's working in practice, what challenges organisations face when implementing it and how views of the model differ across the three lines.
Our members can access the Practice Benchmark for free on our website, and non-members can purchase a copy: https://managingrisktogether.orx.org/research/three-lines-defence-practice-benchmark
In this episode, Melanie Lavallin and Steve Bishop discuss the current risk management landscape and the challenges facing cyber and information security risk managers today.
They touch on the impact of the pandemic and digitalisation, and look at the work ORX has carried out so far on cyber and information security risk.
They then discuss how our new service, ORX Cyber, can help financial organisations overcome the challenges they face in this area through collecting and sharing data, building a community, helping organisations understand their risk exposure and research studies.
Find out more about ORX Cyber and download the resources here: https://managingrisktogether.orx.org/orx-cyber
Luke Carrivick and Steve Bishop from ORX and Thomas Ivell from Oliver Wyman discuss the development of their recently published cause and impact taxonomy and why a new taxonomy for operational and non-financial risk was needed.
Visit https://managingrisktogether.orx.org/operational-risk-taxonomy to download the complete ORX Reference Taxonomy (including event types and causes and impacts) for free.
Each year, following the annual scenario submissions, we produce a report exploring the trends and changes seen in the ORX Scenarios library. In this webinar, the ORX Scenarios team discuss the key trends seen in this year's library (focusing on conduct and business disruption) and how these trends vary by region.
They also look at the impact of the coronavirus pandemic on operational risk scenario practice. The full version of this report is available exclusively to firms that subscribe to ORX Scenarios, but we've also created a free highlights report that you can download here: https://managingrisktogether.orx.org/operational-risk-research/orx-scenarios-insights-material-risks-2020
Find out more about ORX Scenarios here: https://managingrisktogether.orx.org/orx-scenarios
Simon Wills and Luke Carrivick of ORX and Mark Cooke from HSBC continue their discussion of the Operational Risk industry's response to the coronavirus pandemic.
The discussion is based on the outcomes and findings of work ORX did with a group of their member financial organisations to see how operational risk teams in the finance sector were responding to the pandemic. The report looks at what went well, what could have been improved and identifies key learnings. Download the free report here: https://managingrisktogether.orx.org/research/coronavirus-first-lessons.
Simon Wills, Luke Carrivick of ORX and Mark Cooke of HSBC discuss the operational risk industry's response to the coronavirus pandemic.
The discussion is based on the outcomes and findings of work ORX did with a group of their member financial organisations to see how operational risk teams in the finance sector were responding to the pandemic. The report looks at what went well, what could have been improved and identifies key learnings. Download the free report here: https://managingrisktogether.orx.org/research/coronavirus-first-lessons.
Join the ORX Scenarios team for insights on how to develop operational risk scenarios for a pandemic. This episode features a panel of experts from ORX who either work in the ORX Scenarios service or have experience with scenario programmes at financial firms.
In response to the coronavirus (Covid-19) outbreak, ORX Scenarios have produced a pandemic Scenario Development Handbook to support the development of pandemic scenarios in financial institutions. This handbook provides practical guidance on preparation, assessment, and governance for pandemic scenarios, summarising the views from recent discussions with the ORX Scenarios community from over 50 institutions across the globe.
Download the handbook for free here: https://managingrisktogether.orx.org/coronavirus/scenario-development-handbook-pandemic
You can find out more about ORX Scenarios on our website: https://managingrisktogether.orx.org/orx-scenarios