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Updates and insights on operational and non-financial risk management from the largest operational risk association in the financial services sector.
Episodes
Friday May 30, 2025
Friday May 30, 2025
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 April 2025, including the top losses for insurance, the US and other global regions. In addition, the team focus on operational resilience including covering a story about the power cut which severely impacted financial services in Spain and Portugal last month, and a cyber incident still affecting retail giant, Marks and Spencer, over a month after the incident was first reported.
You can find the top 5 largest operational risk losses of April 2025 discussed in this episode on our website at: https://orx.org/blog/top-5-orx-news-losses-april-2025
You can also read our blog on ‘Building operational resilience’ on our website here: https://orx.org/blog/building-operational-resilience
ORX News subscribers can find out more about the stories covered in this episode on the ORX News website here: https://news.orx.org/node/13106 and https://news.orx.org/node/13107.
You can view the highlights from the Q1 2025 ORX News information session on our website here: https://orx.org/blog/highlights-orx-news-information-session-q1-2025
ORX News subscribers can find out more and access the recording of the Q1 2025 information session, as well as register for the Q2 2025 information session on our website at: https://orx.org/events/orx-news-quarterly-information-sessions-2025
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org.
Wednesday May 28, 2025
Wednesday May 28, 2025
In this special episode of the ORX Operational Risk Podcast, Steve Bishop (Research and Information Director, ORX) is joined by Luke Carrivick (ORX Executive Director) and Roland Kennett (Client Success Director, ORX) to share their highlights from LeadersConnect Live 2025. Recorded during the event in New York, this episode covers topics such as:
- The importance of communication for good operational risk management
- Takeaways from a Chief Risk Officer (CRO) panel
- Third party and an extended ecosystem
- Frameworks and governance
For more highlights from the event, check out our blogs:
- Day 1: https://orx.org/blog/leadersconnect-live-2025-day-1-highlights
- Day 2: https://orx.org/blog/leadersconnect-live-2025-day-2-highlights
About LeadersConnect Live
LeadersConnect Live is our premier, in-person, invitation-only event for senior leaders from ORX member firms. It provides an opportunity for Heads of Operational Risk and Heads of Non-Financial Risk to discuss future of operational and non-financial risk (ONFR) and learn about important topics. The 2025 event took place in New York on 20-21 May. To find out more about LeadersConnect Live 2025, visit the event page: https://orx.org/events/leadersconnect-live-2025
Thursday May 15, 2025
Thursday May 15, 2025
In this episode of the ORX Operational Risk Podcast Steve Bishop, Emilie Odin, and Stanca Oproiu from ORX, discuss the outcomes of our most recent Top Risk Review H1 2025 survey. They share the most significant material risks affecting the financial services industry today. The discussion highlights key headlines, with a special focus on geopolitical and AI factors.
For full access to the Top Risk Review H1 2025 report, ORX members and ORX Lite subscribers can download it for free via the ORX website: https://orx.org/resource/top-risk-review-h1-2025. Additionally, ORX has published a dedicated Insurance Analysis Report, offering deeper insights for insurance sector professionals. Read the full report here: https://orx.org/resource/top-risk-review-h1-2025#insuranceanalysis.
You can also read more in our recent press release on ‘Geopolitics, AI and third parties drive surge in op risk materiality’ on our website here: https://orx.org/podcast/key-risks-shaping-financial-services-today-orx-top-risk-review-h1-2025.
To find out more about ORX Membership, ORX subscription services, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
Tuesday Apr 29, 2025
Tuesday Apr 29, 2025
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.
Wednesday Apr 23, 2025
Wednesday Apr 23, 2025
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
Thursday Mar 27, 2025
Thursday Mar 27, 2025
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.
Friday Feb 28, 2025
Friday Feb 28, 2025
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:
- An increasingly connected risk landscape
- The dominance of digital, AI and geopolitical themes
- Cyber risk continuing to be the top risk
- The rise of third party and supply chain risk
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/
Thursday Feb 27, 2025
Thursday Feb 27, 2025
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.
Friday Jan 31, 2025
Friday Jan 31, 2025
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:
- Using structured scenarios in stress testing
- Enhancing stress testing processes
- Uncertainty around the Basel III endgame
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.
Wednesday Jan 29, 2025
Wednesday Jan 29, 2025
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.