The ORX Operational Risk Podcast

Key findings and outcomes of the Top Risk Review H1 2024 report

Listen to this episode of the ORX Operational Risk Podcast to hear Matthew Glinister, Head of Risk Management, Emilie Odin, Research Manager, and Natasha Smith-Craig, Assistant Research Manager, discuss the outcomes of our most recent Top Risk Review survey, which provides insights of personal views on the most significant current material risks impacting 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, data management, and external fraud.

The full ‘Top Risk Review H1 2024’ 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-h1-2024

The ‘Annual Banking Operational Risk Loss Data 2024’ report is also available for free to all ORX members and available for non-members to purchase. You can find out more and download the report on our website here: https://orx.org/resource/annual-banking-operational-risk-loss-data-report

ORX members only can access the ‘Risk Quantification Practices Paper’ on our website at: https://orx.org/resource/risk-quantification-practices-paper-2024

ORX members and ORX Cyber subscribers can download the ‘Risk management considerations for generative AI’ report on our website at: https://orx.org/resource/risk-management-considerations-generative-ai

ORX members can also access the regulatory trackers mentioned in the episode on our website here: https://orx.org/blog/data-science-and-ai-regulation-tracker and https://orx.org/blog/basel-iii-sma-implementation-tracker

All previous Risk Landscape resources can be accessed on our website here: https://orx.org/resources?filter=.RiskLandscape

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 June 2024 and re-release 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 June 2024 and a re-release of a previous episode where they discussed global initiatives and pledges to address climate change, a significant greenwashing settlement, ESG and green investments in the financial sector. This is in light of a significant development in June this year, where the European Supervisory Authorities published their final reports on greenwashing in the financial sector. The report shows a significant increase in greenwashing events by European banks, and for the first time, the European Banking Authority is consulting on a new taxonomy and multiple flags including greenwashing.

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-q2-2024

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.

ORX News subscribers can also view climate news round-ups on the ORX News website here: https://news.orx.org/node/11680, https://news.orx.org/node/11813 and https://news.orx.org/node/12071.

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

Top tips for making your RCSAs more effective and dynamic (process, technology, and people)

Listen to this episode of the ORX Operational Risk Podcast to hear Matthew Glinister, Head of Risk Management; Simon Wills, Senior Board Advisor; Steve Bishop, Research and Information Director; and Natasha Smith-Craig, Assistant Research Manager, discuss Risk and Control Self-Assessments (RCSAs) – a topic that ORX members often come to us looking for guidance and to better understand how their peers approach it.

In view of the challenges firms face with RCSAs, the episode focuses on how they can make their RCSAs more effective and dynamic. The ORX team share some key methods that firms have either started to use, or are planning to use in the future, to improve their RCSAs by optimising the process, the technology that supports RCSAs, and the culture and people capabilities required for the exercise.

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

You can read our blog, “Enhancing RCSAs – A guide to three key areas”, related to the above resource on our website here: https://orx.org/blog/enhancing-rcsas-three-key-areas

You can also read our blog on “Top discussion points from our recent regional forums” on our website here: https://orx.org/blog/top-discussion-points-from-our-recent-regional-forums

Discover more from our Risk Management Community on our website at: https://orx.org/community/risk-management

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 May 2024 and a focus on two significant events caused by human error

Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of May 2024, as well as focus on two significant events reportedly caused by human error. Specifically, a fat finger error which recently cost Citi $139 million dollars and another case which cost Barclays $1.5 billion dollars.

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-q2-2024

ORX News subscribers can read more about the stories covered in this episode, including news digests, a Deep Dive and an In Focus article, via the ORX News website here: https://news.orx.org/node/10891, https://news.orx.org/node/10789, https://news.orx.org/node/12267 and https://news.orx.org/node/12365

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

 

How to manage cyber risk scenarios (re-release)

Following on from last month's episode on how cyber risk management is evolving and ahead of our upcoming European and North American Cyber Forums, we're re-releasing this episode looking at how firms can manage cyber risk scenarios.

Listen to this episode of the ORX Operational Risk Podcast where the ORX Cyber and ORX Scenarios teams take a look at the highlights from our Managing Cyber Risk Scenarios study. They discuss what the study was about, why we decided to focus on cyber risk scenarios, and look at the key findings from the study. 

You can find out more on ORX Cyber and Managing Cyber Risk Scenarios, as well as download a free guide on our website here: https://orx.org/resource/a-guide-to-managing-cyber-risk-scenarios

ORX Cyber subscribers and ORX members can register to attend our upcoming ORX Cyber Forums taking place on 19 June 2024 in London and 19 September 2024 in New York via our website here: https://orx.org/events/european-cyber-forum-2024 and https://orx.org/events/north-american-cyber-forum-2024

You can also listen to last month’s ORX Cyber episode on ‘Priorities for cyber risk management’ here: https://orx.org/podcast/priorities-for-cyber-risk-management

To find out more about ORX Cyber, 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 April 2024 and a focus on the WhatsApp probe

Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of April 2024, as well as bring you the latest from their recent Deep Dive on the investigations and penalties resulting from the WhatsApp probe – a probe that cost 39 financial firms nearly 3 billion dollars in fines.

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-q2-2024

ORX News subscribers can read the full Deep Dive on the WhatsApp probe via the ORX News website here: https://news.orx.org/node/12304

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

 

Priorities for cyber risk management – highlights from the ORX Cyber white paper

Listen to this episode of the ORX Operational Risk Podcast to hear Steve Bishop, ORX Research and Information Director, Helen L’Abbate, ORX Head of Services, and Melanie Lavallin, ORX Senior Adviser, discuss some of the key outcomes from our latest white paper from the ORX Cyber service – Faster & safer: Priorities for cyber risk management. The study gathered views on how the discipline needs to evolve strategically, and the challenges it expects to face over the coming years. In the episode, they cover the common factors impacting the current risk environment and cyber risk management, as well as the eight common priorities identified from the interviews carried out as part of the study.

The ORX Cyber white paper is available for everyone to download on our website here: https://orx.org/resource/faster-safer-priorities-cyber-risk-management 

You can also find out more about ORX Cyber’s Roadmap for 2024 on our website at: https://orx.org/blog/orx-cybers-roadmap-for-2024

ORX Cyber subscribers can register for our upcoming Cyber Forums taking place on 19 June 2024 in London and 19 September 2024 in New York via our website here: https://orx.org/events/european-cyber-forum-2024 and https://orx.org/events/north-american-cyber-forum-2024

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

ORX News top 5 largest losses in March 2024 and a focus on AI washing

Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of March 2024, as well as delve into the US Securities and Exchange Commission (SEC)’s first ever fine against two investment advisers over AI washing, and a landmark agreement between the US and the UK on testing the safety of AI.

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-q1-2024

ORX News subscribers can read more about AI washing and the stories covered in this episode on the ORX News website here: https://news.orx.org/node/12282 and https://news.orx.org/node/12262

ORX members can access the “Data Science and AI regulation tracker” on our website here: https://orx.org/blog/data-science-and-ai-regulation-tracker

ORX Scenarios subscribers can download the “AI Scenario Development Handbook 2024” on our website here: https://orx.org/resource/ai-scenario-development-handbook-2024

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 February 2024 and key findings from the latest Year in Review report

Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of February 2024, as well as the key findings from the latest Year in Review report including trends in conduct, cyber, fraud, and other risks.

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-q1-2024

You can also listen to our podcast on the ORX News top 5 largest losses of 2023 here: https://orx.org/podcast/orx-news-top-5-op-risk-losses-dec-2023-top-5-of-2023

ORX News subscribers can read the full “Year in Review 2023” report on the ORX News website at: https://news.orx.org/node/12214

ORX News subscribers can also read more about the “Public Loss Profiles 2023” reports on the ORX News website here: https://news.orx.org/node/12235, https://news.orx.org/node/12236, https://news.orx.org/node/12237 and https://news.orx.org/node/12238

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 Operational Risk Horizon 2024

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, discuss some of the key findings and outcomes from the recently published Operational Risk Horizon 2024 report. In the episode, they cover the top five emerging risk categories from the study and an overview of what can be learnt from the headline findings in the report.

The full Operational Risk Horizon 2024 report and the emerging risk landscape interactive visualisation are available for free to all ORX members, as well as the report for non-members to purchase via our website here: https://orx.org/resource/operational-risk-horizon-2024

The “MOVEit transfer data breaches Deep Dive” is publicly available to download for free on our website here: https://orx.org/resource/moveit-transfer-data-breaches

ORX News subscribers can read more on The Post Office Scandal via the ORX News website at: https://news.orx.org/node/12217

You can also listen to our recent podcast on “ORX News top 5 largest losses in January 2024 and a focus on third-party risk including the Post Office and Horizon scandal and MOVEit hack” here: https://orx.org/podcast/orx-news-top-5-op-risk-losses-jan-2024-3rd-party-risk

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