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Operational Risk Reporting Standards

Setting the standard for the operational risk discipline

 

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Banking

reporting standards

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Insurance

reporting standards

“The high-quality data we receive from ORX is an essential part of our approach to measuring operational risk."

ORX member firm

High-quality, consistent reporting standards

ORX leads the way in setting the reporting standards by which the industry views operational risk events. 

By bringing together a wealth of knowledge and experience from our community of members, we are able to produce high-quality operational risk reporting standards for both the banking and insurance industry. We also have specific reporting standards for the ORX Cyber service.

Our standards ensure our members receive data of a comparable standard and in an agreed format, but many other financial firms also benefit from using them to support their operational risk event collection and reporting practices.

Part of our mission is to promote good operational risk management beyond our membership, so our standards for both the banking and insurance industries are freely available to download.

Reporting standards

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Banking Operational Risk Reporting Standards

The Banking Operational Risk Reporting Standards (B-ORRS) sets out the standards that our banking members use to report operational risk losses to ORX.

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Insurance Operational Risk Reporting Standards

The Insurance Operational Risk Reporting Standards (I-ORRS) define the requirements for our insurance members to report operational risk losses to ORX.

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About the reporting standards

The banking and insurance standards are maintained in collaboration with our Definitions Working Groups. They are continually updated to reflect contemporary issues and to meet the reporting requirements of our members in an ever-changing landscape.

The Banking Operational Risk Reporting Standards (B-ORRS) is in two parts - the first outlines the definitions and reporting requirements, the second contains a detailed description of each of the data categories. 

The first edition of the Insurance Operational Risk Reporting Standards (I-ORRS) were developed with leading global insurers to be in line with the CRO Forum high-level operational risk definitions and, wherever possible, to be consistent with our banking standards.

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