Episodi
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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 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 losses discussed in this episode on our website at: https://orx.org/blog/top-5-orx-news-losses-q4-2024
ORX News subscribers can view the full data deep dives via the ORX News website here: https://news.orx.org/node/12654, https://news.orx.org/node/12358 and https://news.orx.org/node/12280.
ORX News subscribers can also read more on the TD Bank deep dive, the insurance conduct events and the insurance five-year overview on the ORX News website at: https://news.orx.org/node/12688, https://news.orx.org/node/12690 and https://news.orx.org/node/12710.
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org.
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In 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 resources
The white paper discussed in this episode is free to download on our website: https://orx.org/download/our-vision-onfr-white-paper
To find out more about ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: https://orx.org.
Follow ORX
LinkedIn: https://www.linkedin.com/company/orx-association/
Twitter: https://twitter.com/orx_association
Youtube: https://www.youtube.com/channel/UC9vez2KbrO5UHnEHiyMRlnQ
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Episodi mancanti?
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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 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.org/node/7633, https://news.orx.org/node/6741, https://news.orx.org/node/11391 and https://news.orx.org/node/12314
ORX News subscribers can also view the 2024 Mid-Year Review on the ORX News website at: https://news.orx.org/node/12439 and the ORX Risk Taxonomy Public Loss Profiles here: https://news.orx.org/node/12238
All ORX members and premium service subscribers can view the ORX News In Focus Webinar 2024 presentation slides and watch a recording of the webinar on our website here: https://orx.org/events/orx-news-in-focus-webinar-2024
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
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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/download/orx-scenarios-state-of-the-industry-2024. The full report and accompanying documents is now available to all ORX Scenarios subscribers here: https://orx.org/resource/scenarios-state-of-the-industry-2024. Scenario subscribers can also access the Scenario Process Benchmark and Research Study mentioned in this podcast.
To find out more about ORX Scenarios, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: https://orx.org.
Follow ORX
LinkedIn: https://www.linkedin.com/company/orx-association/
Twitter: https://twitter.com/orx_association
Youtube: https://www.youtube.com/channel/UC9vez2KbrO5UHnEHiyMRlnQ
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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 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 and CrowdStrike incidents via the ORX News website here: https://news.orx.org/node/12559, https://news.orx.org/node/12304 and https://news.orx.org/node/12444
You can listen to a previous podcast episode about the Deep Dive on the investigations and penalties resulting from the WhatsApp probe here: https://orx.org/podcast/orx-news-top-5-losses-april-2024-whatsapp-probe
You can also read our publicly available blog, "Operational resilience lessons from the CrowdStrike incident", on our website here: https://orx.org/blog/operational-resilience-lessons-crowdstrike-incident
All ORX members and premium service subscribers can find out more and register to attend an ORX News In Focus Webinar 2024 session on our website here: https://orx.org/events/orx-news-in-focus-webinar-2024
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
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In 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 out more about ORX Membership, ORX premium services, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
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Listen 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 website here: 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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of January 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/blog/top-5-orx-news-losses-q1-2024
You can also download the “MOVEit transfer data breaches Deep Dive” on our website here: https://orx.org/resource/moveit-transfer-data-breaches
ORX News subscribers can read more on the stories covered in this episode via the ORX News website at: https://news.orx.org/node/12217 and https://news.orx.org/node/12038
To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org
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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
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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
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