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?

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