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:

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:

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?

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