Book a call to learn how the ORX Reference Control Library can support op risk management at your firm
Schedule a 15-minute call to find out how out you can purchase the ORX Reference Control Library.
The call will cover:
A quick demo of the ORX Reference Control Library Explorer (the interactive online version of the library)
A first of its kind control library for banks and insurers
Created with the support of McKinsey & Company as a knowledge partner, and based on the input and data of 50 firms, the ORX Reference Control Library is a comprehensive database of 761 controls.
The library helps you better understand your controls and compare them to industry practice. Importantly, it can be used as the basis for developing a control library from scratch or to evolve your existing library.
"The control library is a really important development for financial services. It not only helps each institution to enhance their control environment and practices, it will also help the industry to develop more standardised practice, leading to better benchmarking, data sharing and improved risk management insights. The product demonstrates the power of members working together as part of the ORX community.”
Efe Cummings, Global Head of Operational Risk at Nomura
Save time and money with the control library
Many financial firms are spending significant time and resource developing their own control libraries. While these internal libraries can be useful, they take a lot of effort to create and can lack a wider industry view of the control environment.
For a one-time payment of £10,750, you'll get access to the complete ORX Reference Control Library, as well as guidance, a trends report and an interactive version of the library.
The ORX Reference Control Library gives you a ready-made library that you can implement straight away at your organisation. Because the library was created using data and input from 50 financial firms, it provides a standardised industry view. The library helps you understand where there are gaps in your controls and how you compare to the rest of the industry.
Why do firms use the library?
Develop your own control library
Use the ORX library as a base for developing your own organisational library
See how you compare to others
Use the library to see how your controls compare with the wider industry
Enhance your existing library
Use the ORX library to identify gaps and improve your own internal library
Align with standard industry practice
Use the library to ensure that you are aligned with common practice
The ORX Reference Control Library in numbers
controls in the library
level 1 risk types
level 2 risk types
firms downloaded the library so far
What do you get if you purchase the library?
The Excel version of the library gives you an editable version of the library. It's especially useful for benchmarking against internal controls.
In addition to the library itself, we've produced guidance to help you use it and a short report detailing our methodology and industry trends. The guidance covers the library structure and observations on the 16 level 1 risk types covered by the library.
The ORX Reference Control Library Explorer is an interactive, online version of the ORX Reference Control Library. It helps you explore the library by risk type, see connections between controls and easily dig into the areas of most interest to you. You can also search for keywords and export different views of the library.
“Understanding and operating an efficient and effective control environment enables a business to deliver change, optimise resources and manage risks. Using the library, you can now benchmark within your organisation and against an industry reference.”
Steve Bishop, Research & Information Director, ORX