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...

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...

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...

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...

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...

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...

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 June 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...

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...

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...

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...

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 risk managers overcome the barriers to innovation. The ORX News team then take a look at the five largest operational risk losses of March 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...

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...

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...

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...

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...

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...

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...

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...

Melanie Lavallin and Emilie Odin of 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...

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,...

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.