Trusted insights into effective operational risk management

Welcome to The ORX Operational Risk Podcast, bringing you insights and discussion about important operational risk topics.

You can listen to all our podcast episodes on this page, or subscribe through Apple Podcasts, Spotify or anywhere else you get your podcasts from to make sure you never miss an episode. Just search for ' The ORX Operational Risk Podcast' to find us.

Don't forget, you can also explore our website for operational risk resources, research and news.

Latest episodes:

Episode 11 & 12: Right Time, Right Place: The drive for change in operational risk

Part 1

 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 two-part episode of the ORX Operational Risk Podcast, 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 explores the future of operational risk in light of rapid digitalisation and other changes in the financial services industry. This report sets out two elements of operational and non-financial risk management – “Optimise” and “Active” – explaining how optimisation will only go so far in terms of keeping pace with the rapidly changing risk profile.

Related resources:

Episode 10: Developments in operational resilience in the financial sector

In 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.

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Episode 9: How operational risk scenarios are evolving for the future of risk management

Episode description:

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.

From these discussions, we created a white paper – Operational Risk Scenarios: From Risk Measurement to Risk Management and Beyond – which is available to download for free.  This podcast builds on the white paper, with Giuseppe, Luke and Steve looking at how scenario analysis at financial institutions has moved from an initial focus on modelling and measurement to playing a key role during the pandemic and, finally, exploring how scenarios are evolving to support proactive operational risk management.

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Episode 8: Operational Risk Horizon

Episode description:

In our latest podcast, we share key findings from our recently published Operational Risk Horizon study for 2021. This study is run annually at the start of the year and looks to gather industry views on the top emerging risks. In this podcast. The team who worked on the project discuss the key takeaways from the study and the definition of an emerging operational risk. 

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Episode 7: Enhancing the three lines of defence model in operational risk

Episode description:

Simon 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.

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Episode 6: The cyber risk management landscape in 2021

Episode description:

In 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.

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Episode 5: Developing a new taxonomy for today's operational risk landscape

Episode description:

Luke 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.

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Episode 4: The latest trends in operational risk scenarios with the ORX Scenarios Team

Episode description:

Each 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 highlights report that you can download.

Related resources:

Episodes 3 & 4: Lessons from the industry's response to the coronavirus pandemic

Part 1

Part 2

 

Episode description:

Simon Wills, Luke Carrivick of ORX and Mark Cooke of HSBC discuss the operational risk industry's response to the coronavirus pandemic in this two-part podcast.

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.

Related resources:

Episode 1: Developing operational risk scenarios for a pandemic

Episode description:

Join 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 institutions across the globe.

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About ORX

"ORX is our lifeline in the industry"

ORX is the world’s leading operational risk management association in the financial services sector. Since 2002, we 've supported operational risk teams and their organisations to manage risk. We are a not-for-profit organisation with over 100 member firms, including many of the largest financial firms worldwide.

A trusted voice in operational and non-financial risk management, we enable financial firms to safely share operational risk loss data, to be part of studies and initiatives designed specifically to enhance operational risk management and to network with, and learn from, a global community of peers. 

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