The ORX Operational Risk Podcast

Key outcomes of ORX Risk Management Control Framework discussion sessions

Listen to this episode of the ORX Operational Risk Podcast to hear Matthew Glinister, ORX Head of Risk Management, and Natasha Smith-Craig, ORX Assistant Research Manager, summarise the outcomes of recent sessions with the ORX Risk Management Working Group, which explored the operational risk management control framework. They cover how ORX members are describing and documenting their controls, how they categorise their controls and what attributes these controls have, how they record and capture their controls, and how they review and test them.

You can read our “Risk management 2023 recap and 2024 programme launch” blog on our website here: https://orx.org/blog/risk-management-2023-recap-2024-launch

ORX members can find out more and sign up to the ORX Risk Management Community and Working Group on our website here: https://orx.org/community/risk-management

ORX members can read our “Observations on controls in operational risk” short report on our website here: https://orx.org/resource/observations-on-controls-in-operational-risk-2023

ORX members can also read our “Three key areas to improve your RCSAs” short report on our website here: https://orx.org/resource/three-key-areas-to-improve-your-rcsas

Discover our full list of Reference Taxonomies and Libraries on our website here: https://orx.org/resources?filter=.StandardsTaxonomiesLibraries

To find out more about ORX Membership, ORX premium services, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org 

Key findings and outcomes of the 2023 CCAR Methodology Study

Listen to this episode of the ORX Operational Risk Podcast to hear Sarah Astill, ORX Head of Risk Measurement, and Martin Monakhov, ORX Research Manager, discuss some of the key findings and outcomes from the 2023 CCAR Methodology Study. In the episode, they cover broader information about the ORX CCAR Community and the benefits it provides, how the 2023 CCAR Methodology Study report was put together, the key observations from the study, and some plans looking ahead to 2024.

The full CCAR Methodology Study 2023 report is available to all ORX members via our website here: https://orx.org/resource/ccar-methodology-study-2023

ORX members can also access the full Stress testing landscape 2023 report via our website at: https://orx.org/resource/overview-of-stress-testing-landscape-operational-risk

Check out our related podcast on ‘Key learnings about the global stress testing landscape’ here: https://orx.org/podcast/key-learnings-about-the-global-stress-testing-landscape

To find out more about ORX Membership, ORX premium services, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org 

 

ORX News top 5 largest losses in December 2023 and the top 5 largest losses of 2023

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 2023, as well as the top 5 largest losses of 2023. They also highlight the L1 and L2 categories of the ORX Reference Taxonomy that the ORX News team used to tag those events.

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-q4-2023

ORX members can read the full ‘Observations on controls in operational risk’ short report on our website at: https://orx.org/resource/observations-on-controls-in-operational-risk-2023

ORX members can also access the full ‘Event Type Operational Risk Reference Taxonomy’ on our website at: https://orx.org/resource/event-type-operational-risk-reference-taxonomy

ORX News subscribers can read more on the stories covered in this episode via the ORX News website at: https://news.orx.org/node/12074, https://news.orx.org/node/11750, https://news.orx.org/node/11602, and https://news.orx.org/node/11586 as well as the 2023 Mid-Year Review here: https://news.orx.org/node/11849.

To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org

 

ORX News top 5 largest losses in November 2023 and highlights for 2024

Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of November 2023 and some highlights coming up in 2024. This is our final podcast of 2023, so thank you very much to all of our listeners this year and we wish you a wonderful festive season and a very happy new year.  

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-q4-2023 

To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org  

Key findings and outcomes of the Top Risk Review November 2023 report

Listen to this episode of the ORX Operational Risk Podcast to hear Steve Bishop and Matt Glinister from ORX discuss the outcomes of our most recent Top Risk Review survey, which provides insights into the key current top operational risks facing 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, and data management.

 

The full Top Risk Review November 2023 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-november-2023 

 

To find out more about ORX Membership, ORX premium services, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org 

ORX News top 5 largest losses in October 2023 and a focus on third-party risks in major cyber events

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 2023 and discuss third-party risks in connection to three major cyber events – MOVEit, Accellion, and Solarwinds.

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-q4-2023

ORX News subscribers can read more on the stories covered in this episode via the ORX News website at: 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  

Key trends in operational risk scenarios from the 2023 ORX Scenarios Library

In this episode of the ORX Operational Risk Podcast, the ORX Scenarios team discuss the key trends we’ve seen from this year’s ORX Scenario Library. The Scenario Library is a comprehensive database of operational risk scenarios submitted by our subscribers each year. It currently contains over 1000 quality assured scenarios across different business lines, sizes and regions shared by over 60 firms.

The team cover key trends from this year’s library submissions, including the rise of Information Security risk, which is now the most represented risk type in the Library ahead of conduct. They then look at the top risks and their profiles and do a more in-depth dive into climate risk scenarios.

The full report is now available to all ORX Scenarios subscribers and ORX members here: https://orx.org/resource/insights-into-material-risks-2023. And a free summary will be freely available to download shortly.

To find out more about ORX Scenarios, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: https://orx.org/  

ORX News top 5 largest losses in September 2023 and a focus on climate-related issues

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 2023 and return to discussing the pressing issue of climate. Specifically, they cover the latest global initiatives and pledges to address climate change, an update on DWS’ recent greenwashing settlement, a growing trend of lawsuits against firms indirectly linked to the climate crisis including an update on the Brazilian mining company Vale, ESG and green investments in the financial sector.   

 

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-q3-2023  

 

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.   

 

To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org  

ORX News top 5 largest losses in August 2023, and the top 3 key cybersecurity concerns and cyber risk management priorities amongst ORX Cyber Forum attendees

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 2023 and discuss issues stemming from the ORX European Cyber Forum hosted by BNP Paribas in July 2023 and the ORX North American Cyber Forum hosted by TIAA in September 2023 – both facilitated by the ORX Cyber Service. The ORX News team cover the top 3 key cybersecurity concerns amongst the operational risk professionals who attended the two ORX Cyber Forums, as well as their top 3 cyber risk management priorities for the next 12 months. They also discuss the largest hack of 2023 so far involving third-party supplier and file transfer software, MOVEit. 

 

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-q3-2023 

 

You can also read our full blog on the top 3 cybersecurity concerns and top 3 cyber risk management priorities on our website here: https://orx.org/blog/3-cybersecurity-concerns-3-cyber-risk-management-priorities 

 

Our 2022 Cyber Risk Quantification Study is available for all ORX Cyber subscribers to access here: https://orx.org/resource/cyber-risk-quantification-study-2022

 

ORX News subscribers can read more on the stories covered in this episode via the ORX News website at: https://news.orx.org/node/11643 and https://news.orx.org/node/11758, as well as the Deep Dive on ChatGPT here: https://news.orx.org/node/11803

 

Finally, you can also listen to our previous podcast episode on DORA here: https://orx.org/podcast/top-5-losses-findings-from-crypto-report-dora

 

To find out more about ORX Cyber, ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org 

Introducing the ORX Reference Risk Indicator Library

Listen to this episode of the ORX Operational Risk Podcast to hear Steve Bishop and Mike Constantinou from ORX and Tom Ivell from Oliver Wyman discuss the recently published ORX Reference Risk Indicator Library. The library was developed together with Oliver Wyman and is the latest in our line of structured reference libraries for risk management. It is based on an extensive data set collected from more than 50 banking and insurance ORX members. 

 

The podcast also explores risk indicators more broadly – looking at why they are important, the challenges operational risk teams face with them, and what to consider when implementing them. 

 

The ORX Reference Risk Indicator Library is available for free to all ORX members and also available for non-members to purchase. You can find out more and access the library via our website here: https://orx.org/resource/reference-risk-indicator-library

 

To find out more about ORX Membership, ORX premium services, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org