Shows
The ORX Operational Risk PodcastORX News top 5 losses of June 2025 and content highlights from the service over Q2 2025Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the top five largest operational risk losses of June 2025, including the top losses for insurance, the US, and other global regions. In addition, the team cover highlights from the recent quarterly information session held for subscribers covering ORX News service content over Q2 2025.
You can find the top 5 largest operational risk losses of June 2025 discussed in this episode on our website at: https://orx.org/blog/top-5-orx-news-losses-june-2025
ORX News subscribers can view the full highlights and recordings f...2025-07-3014 minThe ORX Operational Risk PodcastCyber, scenarios and shifting risk landscapes: Highlights from the ORX Cyber and ORX Scenarios European forumsIn this episode of the ORX Operational Risk podcast, Simon Johnson is joined by Nikki Truss-West and Rob Reay-Jones to unpack key insights from the recent European ORX Cyber and ORX Scenarios Forums. The discussion explores top and emerging risks facing risk managers, including third-party and supply chain vulnerabilities and the growing influence of geopolitical volatility.
Hear how scenario practices are evolving to become more agile and integrated, with a shift toward non-capital uses and a stronger focus on customer impact. The episode also highlights the importance of cross-functional collaboration, cultural change and the future of second-line cyber risk teams.
ORX s...2025-07-0814 minThe ORX Operational Risk PodcastORX News top 5 losses of May 2025 and a focus on geopolitics and recent news storiesListen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the top five largest operational risk losses of May 2025, including the top losses for insurance, the US and other global regions. In addition, the team cover a data deep dive on geopolitics, a spotlight news story about software failures impacting Bloomberg’s terminals, and a deep dive about a near miss fat finger error at Citi which nearly credited 81 trillion dollars to a client account.
You can find the top 5 largest operational risk losses of May 2025 discussed in thi...2025-06-2609 minThe ORX Operational Risk PodcastORX News top 5 losses of April 2025 and a focus on operational resilienceListen 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...2025-05-3008 minThe ORX Operational Risk PodcastHighlights from LeadersConnect Live 2025: Communication, value, governance and the view of CROsIn 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
D...2025-05-2811 minThe ORX Operational Risk PodcastKey risks shaping financial services today: ORX Top Risk Review H1 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, o...2025-05-1522 minThe ORX Operational Risk PodcastORX News top 5 losses of March 2025, latest Deep Dives and a focus on regulatory actionsListen 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 los...2025-04-2910 minThe ORX Operational Risk PodcastIntroducing the ORX Reference Process and Service LibraryIn 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...2025-04-2319 minThe ORX Operational Risk PodcastORX News enhanced top 5 losses of February 2025, Year in Review 2024 report, and deep dive into insurance firm ProgressiveListen 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...2025-03-2709 minThe ORX Operational Risk PodcastHighlights from the ORX Operational Risk Horizon and Cyber Horizon studiesIn 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...2025-02-2815 minThe ORX Operational Risk PodcastORX News top 5 losses in January 2025 and a summary of the latest editorial content published by the serviceListen 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 o...2025-02-2710 minThe ORX Operational Risk PodcastCCAR insights from 2024 and what’s on the agenda for 2025In 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 webs...2025-01-3107 minThe ORX Operational Risk PodcastORX News top 5 losses in December 2024 and a summary of the top 5 largest losses of 2024Listen 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 op...2025-01-2913 minThe ORX Operational Risk PodcastORX News top 5 losses in October 2024 and a focus on insurance and third party risk eventsListen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of October 2024, as well as a data deep dive focusing on three common areas in which third party risk events materialise: cyber, infrastructure, and supplier. The team also cover a deep dive looking into the largest loss of 2024 so far which cost TD Bank over three billion dollars, and two insurance reports providing a five-year overview and analysis of insurance data from the ORX News service.
You can find the top 5 largest operational risk...2024-11-2909 minThe ORX Operational Risk PodcastOur vision for the future of operational and non-financial risk in financial servicesIn this episode, Simon Wills, Luke Carrivick, and Steve Bishop discuss our strategic vision for operational and non-financial risk. They explore how changes have impacted operational and non-financial risk profiles and priorities. And look at why this transformation requires a shift in the approach to risk management.
Some of the topics explored are:
Do we see a transformation in the business?
Do we think that transformation in the business is impacting risk priorities and profiles?
And as a consequence of that, do we think that operational and non-financial risk management needs to change?
Episode resources2024-11-0741 minThe ORX Operational Risk PodcastORX News top 5 losses in September 2024 and the latest on a recent money laundering caseListen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of September 2024, as well as the latest editorial content including recent developments in an anti-money laundering (AML) case which cost Danske Bank $3 billion dollars in fines.
You can find the top 5 largest operational risk losses discussed in this episode on our website at: https://orx.org/blog/top-5-orx-news-losses-q3-2024
ORX News subscribers can read more about this event via the ORX News website here: https://news.orx.org/node/12611, https://news.orx...2024-10-2908 minThe ORX Operational Risk PodcastWhat are the future directions and priorities for the scenario process?In this episode of the ORX Operational Risk Podcast, Simon Johnson and Rob Reay-Jones discuss the newly published ORX Scenarios State of the Industry White Paper. The White Paper highlights six industry priorities that can help make the scenario process can become more efficient and effective, helping financial organisations to release the full potential of scenarios as an active value-adding risk management tool. In addition to the key priorities, the team look at progress made to date, the importance of standardisation.
Related resources
Anyone can download the White Paper here: https://orx.org/do...2024-10-1710 minThe ORX Operational Risk PodcastORX News top 5 losses in August 2024 and latest updates on the WhatsApp probe and CrowdStrike incidentListen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of August 2024, as well as the latest developments in the “WhatsApp probe” and a summary of their most recent deep dive on one of the most talked about events of year so far – CrowdStrike.
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-q3-2024
ORX News subscribers can read more about the WhatsApp probe a...2024-09-2608 minThe ORX Operational Risk PodcastLatest insights into risk quantification practicesIn this episode, Sarah Astill and Martin Monakhov explore the key headlines from our recent paper on risk quantification practices. They discuss how financial firms are approaching focus on four key risk areas – cyber risk, third-party risk, climate risk, and risks associated with AI. The episode looks at commonalities in how organisations are quantifying risks (for example, using a scenario-driven approach), the challenges faced and how firms are approaching event categorisation.
The Risk Quantification Practices Paper 2024 is available to all ORX members to download on our website at: https://orx.org/resource/risk-quantification-practices-paper-2024
To find ou...2024-09-1211 minThe ORX Operational Risk PodcastThird-party risks in major cyber events – ORX News re-releaseListen to this re-released episode of the ORX Operational Risk Podcast to hear the ORX News team discuss third-party risks in connection to three major cyber events – MOVEit, Accellion, and Solarwinds. The team are taking a break over the holiday season and will be back with new content in September covering some exciting topics.
You can find the latest ORX News top 5 operational risk losses for July 2024 on our website at: https://orx.org/blog/top-5-orx-news-losses-q3-2024
ORX News subscribers can read more on the stories covered in this episode via the ORX News webs...2024-08-1218 minThe ORX Operational Risk PodcastKey findings and outcomes of the Top Risk Review H1 2024 reportListen 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...2024-07-3115 minThe ORX Operational Risk PodcastORX News top 5 largest losses in June 2024 and re-release on climate-related issuesListen 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...2024-07-2519 minThe ORX Operational Risk PodcastTop 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...2024-07-0229 minThe ORX Operational Risk PodcastORX News top 5 largest losses in May 2024 and a focus on two significant events caused by human errorListen 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 c...2024-06-2615 minThe ORX Operational Risk PodcastHow 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...2024-05-2915 minThe ORX Operational Risk PodcastORX News top 5 largest losses in April 2024 and a focus on the WhatsApp probeListen 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 Div...2024-05-2414 minThe ORX Operational Risk PodcastPriorities for cyber risk management – highlights from the ORX Cyber white paperListen 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 eigh...2024-04-3014 minThe ORX Operational Risk PodcastORX News top 5 largest losses in March 2024 and a focus on AI washingListen 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 sub...2024-04-2512 minThe ORX Operational Risk PodcastORX News top 5 largest losses in February 2024 and key findings from the latest Year in Review reportListen 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/po...2024-03-2812 minThe ORX Operational Risk PodcastKey findings and outcomes of the Operational Risk Horizon 2024Listen 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...2024-03-2211 minThe ORX Operational Risk PodcastORX News top 5 largest losses in January 2024 and a focus on third-party risk including the Post Office and Horizon scandal and MOVEit hackListen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of January 2024, as well as the perennial issue of third-party risk, including the cost of keeping and moving on from a flawed IT system, supplier shortcomings, and digital supply chain risk. These themes are covered in the episode by the Post Office and Horizon scandal and the MOVEit hack.
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/b...2024-02-2918 minThe ORX Operational Risk PodcastKey outcomes of ORX Risk Management Control Framework discussion sessionsListen 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...2024-02-2910 minThe ORX Operational Risk PodcastKey findings and outcomes of the 2023 CCAR Methodology StudyListen 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-20232024-01-3009 minThe ORX Operational Risk PodcastORX News top 5 largest losses in December 2023 and the top 5 largest losses of 2023Listen 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 ope...2024-01-2314 minThe ORX Operational Risk PodcastORX News top 5 largest losses in November 2023 and highlights for 2024Listen 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 mor...2023-12-1403 minThe ORX Operational Risk PodcastKey findings and outcomes of the Top Risk Review November 2023 reportListen 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 a...2023-12-0610 minThe ORX Operational Risk PodcastORX News top 5 largest losses in October 2023 and a focus on third-party risks in major cyber eventsListen 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.or...2023-12-0520 minThe ORX Operational Risk PodcastKey trends in operational risk scenarios from the 2023 ORX Scenarios LibraryIn 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...2023-11-0811 minThe ORX Operational Risk PodcastORX News top 5 largest losses in September 2023 and a focus on climate-related issuesListen 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 episo...2023-11-0118 minThe ORX Operational Risk PodcastORX News top 5 largest losses in August 2023, and the top 3 key cybersecurity concerns and cyber risk management priorities amongst ORX Cyber Forum attendeesListen 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...2023-10-0517 minThe ORX Operational Risk PodcastIntroducing 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...2023-09-1316 minThe ORX Operational Risk PodcastORX News top 5 operational risk losses of June 2023 and part two of the challenges firms are facing when implementing their risk management frameworkListen 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...2023-09-0515 minThe ORX Operational Risk PodcastORX News learnings from Crypto report and highlights of DORA discussion sessionListen 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 ht...2023-07-2516 minThe ORX Operational Risk PodcastORX News top 5 operational risk losses of May 2023 and part one of the challenges firms are facing when implementing their risk management frameworkListen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of May 2023 and part one of a two-part series covering the challenges surrounding the three lines of defence model, governance, and risk culture, all stemming from the launch of ORX’s Risk Management Working Group – illustrating some of the main discussion points with relevant news stories.
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on our website at: https://managingrisktogether.orx.org/orx-news/top-5-orx...2023-07-0315 minThe ORX Operational Risk PodcastKey learnings about the global stress testing landscapeListen to this episode of the ORX Operational Risk Podcast to hear some of the key learnings from our recent work on stress testing conducted for the ORX Analytics Community. Learn what the key challenges are, some best practice ideas, and three key elements stress tests should have.
ORX members get free access to the full report produced from this work where we outline the stress testing landscape as it relates to operational risk, including common practice, key challenges, and the path forward. It can be accessed via our member-only website here: https://members.orx.org/orx-publications...2023-06-3010 minThe ORX Operational Risk PodcastORX LeadersConnect Live 2023 – a summary of the eventIn this episode of the ORX Operational Risk Podcast, we cover the learnings from our recent LeadersConnect Live 2023 event, where we bring Heads of Operational Risk or Non-Financial Risk together from across the world. Hear what key risk topics were discussed that are impacting the industry today.
ORX members can view a more detailed summary of the event via our member-only website here: https://members.orx.org/latest-news/summary-discussions-this-years-leadersconnect-live
Please note that there is another episode of the ORX Operational Risk Podcast this month, which covers the ORX News top 5 operational risk losses of April 2023, f...2023-06-0118 minThe ORX Operational Risk PodcastORX News top 5 operational risk losses of April 2023, findings from Crypto report and highlights of DORA discussion sessionIn this episode of the ORX Operational Risk Podcast, the ORX News team take a look at the five largest operational risk losses of April 2023, discuss findings from the recently published Crypto: an op risk overview and timeline report, and cover highlights of a recent 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.
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on our website at: https://managingrisktogether.orx...2023-05-3017 minThe ORX Operational Risk PodcastORX News top 5 operational risk losses of March 2023 and a deep dive into the collapse of Credit Suisse and Silicon Valley BankIn this episode of the ORX Operational Risk Podcast, the ORX News team take a look at the five largest operational risk losses of March 2023 and a deep dive into the collapse of Credit Suisse and Silicon Valley Bank (SVB). With an operational risk perspective, they talk about risk culture, governance, the role of social media, and UBS’s takeover of Credit Suisse. For SVB, they also look into market and interest rate issues and the possible changes to the regulatory landscape for “smaller” banks.
You can find the top 5 operational risk losses discussed in this episode, along...2023-04-2717 minThe ORX Operational Risk PodcastKey findings from the ORX Operational Risk Horizon 2023 reportIn this episode of the ORX Operational Risk Podcast, we take a look at some of the key findings and outcomes from our recently published Operational Risk Horizon 2023 report. For the past five years, our annual Operational Risk Horizon study has been canvassing industry opinion on the most significant, emerging operational and non-financial risks. This year, the report examines the main emerging risks, but also at the external macroenvironment factors influencing these, as well as delving down into the top emerging risks areas.
ORX members get free access to the Operational Risk Horizon 2023 report via our member-only...2023-04-2610 minThe ORX Operational Risk PodcastORX Scenarios: Greenwashing Scenario ToolkitIn this episode of the ORX Operational Risk Podcast, the ORX Scenarios team take a look at the most recent publication in the ORX Scenarios service – the Greenwashing Scenario Toolkit, which is a step-by-step guide to creating a greenwashing scenario and builds on previous work that ORX has done in the climate space. The team cover why they chose to focus on greenwashing, why this handbook, and how it’s different to previous ORX Scenarios handbooks.
The Greenwashing Scenario Toolkit is also available for non-subscribers to purchase by booking a 15-minute call with us to discuss options for p...2023-03-2807 minThe ORX Operational Risk PodcastORX News top 5 operational risk losses of February 2023 and a focus on key findings from the 2022 Year in Review reportIn this episode of the ORX Operational Risk Podcast, the ORX News team take a look at the five largest operational risk losses of February 2023 and discuss the key findings from the 2022 Year in Review report. They also cover the impact of trade finance fraud by looking at two separate stories reported by the ORX News team, including the recent cases involving Trafigura and HSBC.
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on our website at: https://managingrisktogether.orx.org/orx-news/top-5-orx-news-losses-q1-2023
O...2023-03-2215 minThe ORX Operational Risk PodcastHow to manage cyber risk scenariosIn this episode of the ORX Operational Risk Podcast, the ORX Cyber and ORX Scenarios teams collaborate to take a look at the highlights of our recent Managing Cyber Risk Scenarios study, including what the study was about, why we decided to focus on this topic, and covering our key findings from the outputs of 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
Please note that there is another episode of the ORX O...2023-03-0114 minThe ORX Operational Risk PodcastORX News top 5 operational risk losses of January 2023 and a focus on the S for Social in ESGIn this episode of the ORX Operational Risk Podcast, the ORX News team take a look at the five largest operational risk losses of January 2023 and, in recognition of International Women’s Day on 8th March, focus on the S for Social in ESG (Environmental, Social and Governance) by looking at materialised losses stemming from gender discrimination and sexual harassment in the workplace. They also give a brief look into which controls may have failed and ultimately led to regulatory fines and settlements from the recently published ORX Reference Control Library.
You can find the top 5 operational ris...2023-02-2715 minThe ORX Operational Risk PodcastGlobal operational risk priorities in 2023, ORX News top 5 operational risk losses of December 2022 and a focus on cryptocurrencyWhat is the global risk community prioritising in 2023? In this episode of the Operational Risk Podcast, ORX's newly appointed Executive Director, Dr Luke Carrivick, is joined by senior research colleagues to explore the following 5 key focuses:
Developing the strategy for risk management
Understanding the complex and interconnected risk landscape
Managing Cyber – the number 1 top risk reported by our members
Enhancing risk management and measurement practices
The need to innovate and use new technology
Following this section, stay tuned for the top 5 operational risk losses of December 2022 as reported by the ORX News team, as well as a focu...2023-02-0226 minThe ORX Operational Risk PodcastORX News top 5 operational risk losses of November 2022 and the top 5 largest losses of the yearIn this final episode of the ORX Operational Risk Podcast for 2022, the ORX News team take a look at the five largest operational risk losses of November 2022 and cover this year’s Top 5 largest losses, including discussing how the ORX News team applied the ORX Reference Taxonomy to those events, as well as commenting on recent findings from the latest Top Risk Review published earlier this month.
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on our website at: https://managingrisktogether.orx.org/orx-news/top-5-orx-news-losses-q4-2022
...2022-12-2015 minThe ORX Operational Risk PodcastORX Scenarios Library 2022, ORX News top 5 operational risk losses of October 2022 and focus on cyber-related eventsIn the first half of this episode, Simon Johnson and Rob Reay-Jones take a look at the ORX Scenarios Library and consider some of the findings from this year’s submission.
The ORX News team then take a look at the five largest operational risk losses reported by the ORX News team in October 2022 and explore a series of cyber-related data breaches which led to regulatory changes in Australia, as well as some findings from the ORX Cyber service regarding data on cyber events.
You can find the top 5 operational risk losses discussed in this epi...2022-11-2920 minThe ORX Operational Risk PodcastControl libraries, ORX News top 5 operational risk losses and focus on climateIn the first part of this episode, Luke Carrivick interviews Steve Bishop on developments in operational risk controls and finds out more about the new ORX Reference Control Library.
The ORX News team then take a look at the five largest operational risk losses reported by the ORX News team in September 2022 and explore the topic of climate, including greenwashing and the impact of Hurricane Ian.
ORX members can explore the ORX Reference Control Library for free on the members-only website. The library is also available for non-members to purchase, find out more at: https://ma...2022-10-2822 minThe ORX Operational Risk PodcastORX News Top 5 losses of August 2022 and the final part of the data management series.In this shorter episode of the ORX Operational Risk Podcast, the ORX News team take a look at the five largest operational risk losses of August 2022 and finish their data management series.
Episode resources and links
You can find the top 5 operational risk losses discussed in this episode, along with all previous top 5s, on our website at: https://managingrisktogether.orx.org/orx-news/top-5-orx-news-losses-q3-2022
To find out more about ORX News, ORX Membership and access other operational risk resources just search ‘ORX’ or visit: https://managingrisktogether.orx.org/
2022-09-2909 minThe ORX Operational Risk PodcastTop Risk Review, ORX News top 5 operational risk losses and focus on data managementIn the first half of this episode, Steve Bishop and Emilie Odin talk through the recent ORX Top Risk Review. They explore the key themes and top risks identified in the study, including information security and cyber, third part and data management.
Fern Ashcroft and Stanca Oproiu take a look at the five largest operational risk losses reported by the ORX News team in June 2022 and continue their series on data management.
You can find the top 5 operational risk losses discussed in this episode on the ORX website at: https://managingrisktogether.orx.org/orx-news/top-5...2022-08-0326 minThe ORX Operational Risk PodcastClimate and operational risk, ORX News top 5 operational risk losses and focus on data managementIn the first section of this episode, Steve Bishop, Esther Renfrew, John Bosnell and Natasha Craig discuss climate and operational risk. They look at how financial institutions are approaching climate-related risks and what ORX is doing to support our membership with this challenge. They also explore the impact of climate on operational risk using some real-life examples reported by ORX News.
Fern Ashcroft then joins Natasha Craig for the regular section from ORX News, The team take a look at the five largest operational risk losses of May 2022 and begin a short series focusing on data management.2022-06-2724 minThe ORX Operational Risk PodcastInnovating risk management, ORX News top 5 operational risk losses and focus on ESGJoin Simon Wills, ORX Executive Director, and Mark Cooke as they explore how risk can innovate. They also introduce a new initiative – iDP (innovation data platform) – which can help risk managers overcome the barriers to innovation.
The ORX News team then take a look at the five largest operational risk losses of April 2022 and do a short focus section on ESG.
This episode features Simon Wills, Mark Cooke, Fern Ashcroft and Stanca Oproiu.
You can find the top 5 operational risk losses discussed in this episode on the ORX website at: https://managingrisktogether.orx.org/or...2022-05-2730 minThe ORX Operational Risk PodcastThe operational risk horizon, ORX News top 5 operational risk losses and focus on cyber warfareJoin the ORX research team as they look at the findings from the latest ORX Operational Risk Horizon Study, which explores emerging risks.
The ORX News team then take a look at the five largest operational risk losses of March 2022 and do a short focus section on cyber warfare.
This episode features Esther Renfrew, Simon Johnson, Emilie Odin, Lily Richardson, Fern Ashcroft and Natasha Craig.
You can find the top 5 operational risk losses discussed in this episode on the ORX website at: https://managingrisktogether.orx.org/orx-news/top-5-orx-news-losses-q1-2022.
The Op...2022-04-2917 minThe ORX Operational Risk PodcastOperational resilience, ORX News top 5 operational risk losses and focus on sanctionsJoin the ORX research team as they look at how financial organisations are overcoming some of the practical hurdles associated with developing and implementing operational resilience frameworks. The discussion is based on a recent report which was produced in collaboration with our Operational Resilience Working Group.
The ORX News team then take a look at the five largest operational risk losses of February 2022 and, in light of the conflict in Ukraine, do a short focus section on sanctions.
This episode features Steve Bishop, Melanie Lavallin, Emilie Odin, Lily Richardson, Fern Ashcroft and Thomas Neale.
2022-03-3025 minThe ORX Operational Risk PodcastCyber risk quantification, ORX News top 5 operational risk losses and deep dive into deepfakesJoin the team from ORX Cyber as they explore cyber risk quantification in financial services, following the publication of a recent report on this topic. The ORX News team then take a look at the five largest operational risk losses of January 2022 and do a deep dive into deepfake voice cloning.
This episode features Steve Bishop, Melanie Lavallin, Katherine Charalambous, Lily Richardson, Fern Ashcroft and Natasha Craig.
You can find the top 5 operational risk losses discussed in this episode on the ORX website at: https://managingrisktogether.orx.org/orx-news/top-5-orx-news-losses-q1-2022.
The D...2022-02-2422 minThe ORX Operational Risk PodcastFive biggest operational risk losses of 2021 with ORX NewsDo you know which operational risk loss events cost the most in 2021? Join Tom, Fern and Lily from the ORX News team for this special end-of-year episode as they countdown the five biggest operational risk losses of the year as reported by the ORX News service. You can find all the top 5s of 2021 (and previous years) on our website, where you can also find out more about ORX News.
And, keep an ear out for more from ORX News as part of the main ORX podcast next year!
2021-12-2005 minThe ORX Operational Risk PodcastInsights into material risks in 2021 from ORX ScenariosJoin the team from ORX Scenarios as they discuss this year’s Insights into Material Risks report. The team look at the trends and themes they’ve spotted in the annual upload and explore what factors are driving the top risks. Themes include conduct, digitilisation and resilience.
About the ORX Scenarios: Insights into Material Risks 2021 report
Find out which operational risks financial firms most commonly created operational risk scenarios for in 2021 in this free report from ORX Scenarios. Created using information shared by over 50 financial organisations, the ORX Scenarios: Insights into Material Risks 2021 repor...2021-12-0126 minThe ORX Operational Risk PodcastRight Time, Right place: The drive for change in operational risk (part 2)Operational and non-financial risk (ONFR) management has an opportunity to step up like never before and support financial organisations as they go through a period of rapid transformation.
To do so will mean making operational and non-financial risk resilient by using innovative technologies, which then enable risk leaders to innovate how they serve the business and actively add value. In this episode of the ORX Operational Risk Podcast, Simon Wills, Luke Carrivick and Mark Cooke explore how operational risk can do this in detail.
This second part of the discussion follows the publication of a...2021-09-0117 minThe ORX Operational Risk PodcastRight Time, Right Place: The drive for change in operational risk (part 1)Operational and non-financial risk (ONFR) management has an opportunity to step up like never before and support financial organisations as they go through a period of rapid transformation.
To do so will mean making operational and non-financial risk resilient by using innovative technologies, which then enable risk leaders to innovate how they serve the business and actively add value. In this episode, the first of two on this topic, Simon Wills, Luke Carrivick and Mark Cooke explore how operational risk can do this in detail.
This discussion follows the publication of a recent report that...2021-08-0425 minThe ORX Operational Risk PodcastDevelopments in Operational Resilience in the Financial SectorIn this episode of the ORX Operational Risk Podcast, Steve Bishop, Melanie Lavallin and Luke Carrivick discuss the work being done in financial services to develop and implement approaches to operational resilience. They look at the challenges faced by financial firms around the world.
This podcast follows the publication of a recent report which is available exclusively to our members – Progressing Operational Resilience. This report is partly based on the activities and discussions held with our Operational Resilience Working Group, which has been running since 2020.
Our members can access the new report at: https://members.orx...2021-07-0832 minThe ORX Operational Risk PodcastThe new ORX podcast is coming next week.Released on July 8th, the podcast will focus on developing and implementing approaches to operational resilience and the findings of a recent ORX published review on the subject.
2021-06-3000 minThe ORX Operational Risk PodcastHow operational risk scenarios are evolving for the future of risk management.In this episode, Giuseppe Aloi, ORX Scenarios manager, is joined by Luke Carrivick and Steve Bishop from ORX to discuss how scenario analysis has evolved over the last decade and how it will continue to develop.
This conversation follows a series of discussions we held with operational risk experts, scenario experts and the heads of operational risk on the role of scenarios at their firms.
We wanted to understand both how scenarios are currently being used and how they can evolve to better support operational risk management in financial organisations. From these discussions, we created a...2021-05-0620 minThe ORX Operational Risk PodcastThe 2021 Operational Risk HorizonThe team from ORX discuss the key findings from the recent Operational Risk Horizon Survey to clarify the top emerging risks facing the industry in 2021 and beyond.
2021-03-3010 minThe ORX Operational Risk PodcastEnhancing The Three Lines of Defence Model in Operational RiskSimon Johnson, Esther Renfrew and Maddy Beckett from ORX discuss the value of the three lines of defence (3LOD) model in operational risk management. This follows the publication of the ORX Practice Benchmark on enhancing the 3LOD model, released earlier this year.
They explore what the 3LOD is meant to achieve and it's benefits. They also discuss how our benchmark study shows it's working in practice, what challenges organisations face when implementing it and how views of the model differ across the three lines.
Our members can access the Practice Benchmark for f...2021-03-0313 minThe ORX Operational Risk PodcastThe Cyber Risk Management Landscape in 2021 | Introducing ORX CyberIn this episode, Melanie Lavallin and Steve Bishop discuss the current risk management landscape and the challenges facing cyber and information security risk managers today.
They touch on the impact of the pandemic and digitalisation, and look at the work ORX has carried out so far on cyber and information security risk.
They then discuss how our new service, ORX Cyber, can help financial organisations overcome the challenges they face in this area through collecting and sharing data, building a community, helping organisations understand their risk exposure and research studies.
Find ou...2021-02-0318 minThe ORX Operational Risk PodcastDeveloping a New Taxonomy for Today’s Operational Risk LandscapeLuke Carrivick and Steve Bishop from ORX and Thomas Ivell from Oliver Wyman discuss the development of their recently published cause and impact taxonomy and why a new taxonomy for operational and non-financial risk was needed.
Visit https://managingrisktogether.orx.org/operational-risk-taxonomy to download the complete ORX Reference Taxonomy (including event types and causes and impacts) for free.
2020-12-0223 minThe ORX Operational Risk PodcastThe Latest Trends in Operational Risk Scenarios with the ORX Scenarios TeamEach year, following the annual scenario submissions, we produce a report exploring the trends and changes seen in the ORX Scenarios library. In this webinar, the ORX Scenarios team discuss the key trends seen in this year's library (focusing on conduct and business disruption) and how these trends vary by region.
They also look at the impact of the coronavirus pandemic on operational risk scenario practice. The full version of this report is available exclusively to firms that subscribe to ORX Scenarios, but we've also created a free highlights report that you can download here: https://managingrisktogether...2020-10-0809 minThe ORX Operational Risk PodcastLessons from the Industry’s Response to the Coronavirus (Covid-19) Pandemic. Part 2Simon Wills and Luke Carrivick of ORX and Mark Cooke from HSBC continue their discussion of the Operational Risk industry's response to the coronavirus pandemic.
The discussion is based on the outcomes and findings of work ORX did with a group of their member financial organisations to see how operational risk teams in the finance sector were responding to the pandemic. The report looks at what went well, what could have been improved and identifies key learnings. Download the free report here: https://managingrisktogether.orx.org/research/coronavirus-first-lessons.
2020-08-1414 minThe ORX Operational Risk PodcastLessons from the Industry’s Response to the Coronavirus (Covid-19) Pandemic. Part 1.Simon Wills, Luke Carrivick of ORX and Mark Cooke of HSBC discuss the operational risk industry's response to the coronavirus pandemic.
The discussion is based on the outcomes and findings of work ORX did with a group of their member financial organisations to see how operational risk teams in the finance sector were responding to the pandemic. The report looks at what went well, what could have been improved and identifies key learnings. Download the free report here: https://managingrisktogether.orx.org/research/coronavirus-first-lessons.
2020-08-0320 minThe ORX Operational Risk PodcastDeveloping Operational Risk Scenarios for a PandemicJoin the ORX Scenarios team for insights on how to develop operational risk scenarios for a pandemic. This episode features a panel of experts from ORX who either work in the ORX Scenarios service or have experience with scenario programmes at financial firms.
In response to the coronavirus (Covid-19) outbreak, ORX Scenarios have produced a pandemic Scenario Development Handbook to support the development of pandemic scenarios in financial institutions. This handbook provides practical guidance on preparation, assessment, and governance for pandemic scenarios, summarising the views from recent discussions with the ORX Scenarios community from over 50 ins...2020-06-0122 min