The ORX Operational Risk Podcast

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

ORX News top 5 operational risk losses of June 2023 and part two of the challenges firms are facing when implementing their risk management framework

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 2023 and conclude the two-part series covering the challenges surrounding data quality, systems, and the use of data for risk oversight, as well as touch on the importance of sufficient levels of adequately trained staff – all stemming from the launch of ORX’s Risk Management Working Group.

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-q2-2023

You can also find out more about our Risk Management Community and Working Group on our website here: https://orx.org/community/risk-management

ORX News subscribers can read more on the stories covered in this episode via the ORX News website at: https://news.orx.org/node/7095, https://news.orx.org/node/7201, https://news.orx.org/node/11483, https://news.orx.org/node/11743 and https://news.orx.org/node/10630.

Please note that there is another episode of the ORX Operational Risk Podcast to be released this month, which covers the launch of the ORX Risk Indicator Library – so make sure to give that a listen too!

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 learnings from Crypto report and highlights of DORA discussion session

Listen to this re-released episode of the ORX Operational Risk Podcast to hear the ORX News team discuss the learnings from their Crypto: an op risk overview and timeline report, and cover highlights of a session hosted by the ORX Cyber team on the Digital Operational Resilience Act (DORA) – illustrating some of the main discussion points and linking them to relevant news stories.

ORX News subscribers can read more on the stories covered in this episode via the ORX News website at: https://news.orx.org/node/11706, https://news.orx.org/node/11615, https://news.orx.org/node/11305 and https://news.orx.org/node/7095

ORX members can also view a summary of the ORX and Oliver Wyman panel discussion on the Digital Operational Resilience Act (DORA) here: https://orx.org/blog/orx-oliver-wyman-panel-discussion-on-dora

Please note that ORX podcasts are taking a break for the summer and will be back again in September.

We wish you all a wonderful summer and hope that you can join us again next time!

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