#ORX OPERATIONAL RISK HOW TO#
#ORX OPERATIONAL RISK DOWNLOAD#

Thousands of startup, scaleup, and grownup ventures (many having raised multiple billions of funding in recent months) were able to adapt their value propositions in weeks to meet the needs of struggling customers. While Covid-19 has been a serious destabilizing factor, it also acted as a catalyst for digital transformation and mobile-first engagement. For financial services institutions including insurers, keeping up with the digital demands of consumers and the evolving operational models of commercial players are becoming greater priorities.

For insurers, the inability to service underinsured segments, including the unbanked, gig economy workers, or small businesses results in emerging risks impacting future growth prospects. Cybercrime is on the rise, costing global firms more and more each year both in terms of insurance claims, reputational damage, and the expense of protecting themselves from attacks.Įxternal market forces and competition from digital-first players remain a constant threat. Similarly, surveys of banking executives show an awareness of the need to mitigate climate change, focus on cybersecurity and data privacy, and the need to adapt to turbulent global macroeconomic trends constantly.Īs the Covid-19 pandemic and the subsequent crisis have shown us, emerging risks can appear at any time, adding to the challenges disruptive technology leaders face. Major insurance players such as Allianz, AXA, Munich Re, and Zurich frequently cited climate change as their top emerging risk on their materiality assessment matrices, along with inclusive workplaces and digital transformation. In this webinar, Luke Carrivick (Research & Information Director at ORX) looks at the findings of our report on the future of operational risk - Right time.

#ORX OPERATIONAL RISK HOW TO#

The guidance gives you detail on each level 1 risk, explains how to use flags and risk themes to add further context and insights to your data, provides information and definitions for specific cause categories and more.Insurers and financial services companies are good at keeping abreast of emerging long-term risks. To help the operational risk community get the most from the ORX Reference Taxonomy, we've created guidance which is available to purchase alongside it.

#ORX OPERATIONAL RISK DOWNLOAD#

Download the ORX Operational Risk Reference Taxonomy Find out more about how to use the taxonomy at your firm The complete ORX Reference Taxonomy, consisting of both the Event Type and the Cause and Impact Taxonomies, is available for you to download and start to use at your firm for free. This is why we provide so many of our resources for free. Part of our mission at ORX is to support the management and measurement of operational risk beyond our membership. Similarly, the guidance for the Cause and Impact Taxonomy provides more detail on categorising causes and impacts, explores flags and risk themes and gives you.

The Cause and Impact Taxonomy complements the Event Type Taxonomy and covers causes and impacts to provide even more insight. The Event Type Taxonomy guidance gives you an overview of the taxonomy and provides detailed information about each level 1 risk, including examples of level 2 risks and deep dives. The Event Type Taxonomy covers level 1 and level 2 risks, including more 'contemporary' risks, such as conduct, cyber and third party. The ORX Reference Taxonomy for operational and non-financial risks is made up of the Event Type Taxonomyand the Cause and Impact Taxonomy.

“ Our strategic priority was to create a common point of reference for operational risk taxonomies, laying the foundations which allow industry debate and consistent industry sharing of insights and data going forward.' A taxonomy for the current risk landscape

Orx operational risk