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