The ORX Operational Risk Podcast

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, offering deeper insights for insurance sector professionals. Read the full report here: https://orx.org/resource/top-risk-review-h1-2025#insuranceanalysis. You can also read more in our recent press release on ‘Geopolitics, AI and third parties drive surge in op risk materiality' on our website here: https://orx.org/podcast/key-risks-shaping-financial-services-today-orx-top-risk-review-h1-2025.  To find out more about ORX Membership, ORX subscription services, and access other operational risk resources, just search ‘ORX' or visit: www.orx.org   

Listen 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 losses of March 2025 discussed in this episode on our website at: https://orx.org/blog/top-5-orx-news-losses-march-2025   ORX News subscribers can read the full ‘Regulatory actions: 2023-2024' report on the ORX News website at: https://news.orx.org/node/13099   You can also read more in our recent press release on ‘Managing the shifting regulatory landscape' on our website here: https://orx.org/blog/managing-the-shifting-regulatory-landscape   ORX News subscribers can also find out more about the Deep Dive and stories covered in this episode on the ORX News website here: https://news.orx.org/node/13042, https://news.orx.org/node/13085, https://news.orx.org/node/12563, https://news.orx.org/node/12475   To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX' or visit: www.orx.org. 

In 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 can support risk management in financial services. The ORX Reference Process and Service Library 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 library on our website at: https://orx.org/resource/orx-reference-process-service-library You can also read more about the library on our website here: https://orx.org/blog/how-can-the-orx-process-and-service-library-help-you-manage-risk and https://orx.org/blog/first-industry-wide-reference-process-and-service-library-onfr

Listen 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 for written-off vehicles.   You can find the top 5 largest operational risk losses of February 2025 discussed in this episode on our website at: https://orx.org/blog/top-5-orx-news-losses-february-2025   ORX News subscribers can read the full 2024 Year in Review report on the ORX News website at: https://news.orx.org/node/13008   ORX News subscribers can also find out more about the Deep Dive and stories covered in this episode on the ORX News website here: https://news.orx.org/node/13023 and https://news.orx.org/node/13013   To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX' or visit: www.orx.org. 

In 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 Director, Simon Johnson, Head of Services, Emilie Odin, Senior Research Manager and Nikki Truss-West, Research Senior Manager. Download the full Operational Risk Horizon report (available to ORX members and ORX Lite subscribers): https://orx.org/resource/operational-risk-horizon-2025 Download a free summary report (available to anyone): https://orx.org/download/operational-horizon-risk-2025 Download the full Cyber Horizon report (available to ORX Cyber subscribers): https://orx.org/resource/cyber-horizon-2025 To find out more about ORX Membership, ORX Cyber and ORX Lite, visit our website: https://orx.org/

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 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 of January 2025 discussed in this episode on our website at: https://orx.org/blog/top-5-orx-news-losses-january-2025   ORX News subscribers can find out more about the stories covered in this episode on the ORX News website at: https://news.orx.org/node/12943 and https://news.orx.org/node/12231.   ORX News subscribers can also read the full Data Deep Dives discussed in this episode on the ORX News website here: https://news.orx.org/node/12901, https://news.orx.org/node/12654, https://news.orx.org/node/12358 and https://news.orx.org/node/12280.   The Public Loss Profile reports can also be accessed by ORX News subscribers via the ORX News website at: https://news.orx.org/node/12970, https://news.orx.org/node/12971, https://news.orx.org/node/12972 and https://news.orx.org/node/12973.   To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX' or visit: www.orx.org.   

In 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 website: https://orx.org/community/ccar. If you're not a member but want to find out how you could get involved, then get in touch with us. To find out more about ORX Membership and access a range of operational risk resources, just search ‘ORX' or visit: orx.org. 

Listen 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 operational risk losses discussed in this episode on our website at: https://orx.org/blog/top-5-orx-news-losses-q4-2024 You can also find the top 5 largest operational risk losses of 2024 on our website at: https://orx.org/blog/top-5-orx-news-losses-of-2024 ORX News subscribers can view the full Deep Dives discussed in this episode on the ORX News website here: https://news.orx.org/node/12866, https://news.orx.org/node/12771 and https://news.orx.org/node/12688. ORX News subscribers can also read more on related news articles, including a special in focus article on the collapse of Credit Suisse, via the ORX News website at: https://news.orx.org/node/12560, https://news.orx.org/node/12642 and https://news.orx.org/node/11636. To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX' or visit: www.orx.org.    

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.    

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

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  

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

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  

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   

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   

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   

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

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   

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  

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

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  

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   

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

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

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 

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  

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 

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   

Listen 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 operational risk' short report on our website at: https://orx.org/resource/observations-on-controls-in-operational-risk-2023 ORX members can also access the full ‘Event Type Operational Risk Reference Taxonomy' on our website at: https://orx.org/resource/event-type-operational-risk-reference-taxonomy ORX News subscribers can read more on the stories covered in this episode via the ORX News website at: https://news.orx.org/node/12074, https://news.orx.org/node/11750, https://news.orx.org/node/11602, and https://news.orx.org/node/11586 as well as the 2023 Mid-Year Review here: https://news.orx.org/node/11849. To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX' or visit: www.orx.org  

Listen 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 more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX' or visit: www.orx.org  

Listen 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 access the report via our website here: https://orx.org/resource/top-risk-review-november-2023    To find out more about ORX Membership, ORX premium services, and access other operational risk resources, just search ‘ORX' or visit: www.orx.org 

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 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.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  

In 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 risks and their profiles and do a more in-depth dive into climate risk scenarios. The full report is now available to all ORX Scenarios subscribers and ORX members here: https://orx.org/resource/insights-into-material-risks-2023. And a free summary will be freely available to download shortly. To find out more about ORX Scenarios, ORX Membership, and access other operational risk resources, just search ‘ORX' or visit: https://orx.org/  

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 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 episode, along with all previous top 5s, on our website at: https://orx.org/blog/top-5-orx-news-losses-q3-2023     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.      To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX' or visit: www.orx.org  

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 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 hack of 2023 so far involving third-party supplier and file transfer software, MOVEit.    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-q3-2023    You can also read our full blog on the top 3 cybersecurity concerns and top 3 cyber risk management priorities on our website here: https://orx.org/blog/3-cybersecurity-concerns-3-cyber-risk-management-priorities    Our 2022 Cyber Risk Quantification Study is available for all ORX Cyber subscribers to access here: https://orx.org/resource/cyber-risk-quantification-study-2022   ORX News subscribers can read more on the stories covered in this episode via the ORX News website at: https://news.orx.org/node/11643 and https://news.orx.org/node/11758, as well as the Deep Dive on ChatGPT here: https://news.orx.org/node/11803   Finally, you can also listen to our previous podcast episode on DORA here: https://orx.org/podcast/top-5-losses-findings-from-crypto-report-dora   To find out more about ORX Cyber, ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX' or visit: www.orx.org 

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 what to consider when implementing them.    The ORX Reference Risk Indicator Library is available for free to all ORX members and also available for non-members to purchase. You can find out more and access the library via our website here: https://orx.org/resource/reference-risk-indicator-library   To find out more about ORX Membership, ORX premium services, and access other operational risk resources, just search ‘ORX' or visit: www.orx.org

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 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-orx-news-losses-q2-2023 You can also find out more about our Risk Management Community and Working Group on our website here: https://orx.org/community/risk-management ORX News subscribers can read more on the stories covered in this episode via the ORX News website at: https://news.orx.org/node/7095, https://news.orx.org/node/7201, https://news.orx.org/node/11483, https://news.orx.org/node/11743 and https://news.orx.org/node/10630. Please note that there is another episode of the ORX Operational Risk Podcast to be released this month, which covers the launch of the ORX Risk Indicator Library – so make sure to give that a listen too! To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX' or visit: www.orx.org  

Listen 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 https://news.orx.org/node/7095 ORX members can also view a summary of the ORX and Oliver Wyman panel discussion on the Digital Operational Resilience Act (DORA) here: https://orx.org/blog/orx-oliver-wyman-panel-discussion-on-dora Please note that ORX podcasts are taking a break for the summer and will be back again in September. We wish you all a wonderful summer and hope that you can join us again next time! To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX' or visit: https://orx.org/

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 2023 and an overview of 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-news-losses-q2-2023 ORX News subscribers can read more on the stories covered in this episode via the ORX News website at: https://news.orx.org/node/11309, https://news.orx.org/node/11585, https://news.orx.org/node/11737, https://news.orx.org/node/11563 and https://news.orx.org/node/11743  ORX members can also find out more about our Risk Management Community and Working Group on our member-only website here: https://members.orx.org/communities-groups/risk-management-community Please note that there is another episode of the ORX Operational Risk Podcast this month, which covers some of the key learnings from our recent work on stress testing conducted for the ORX Analytics Community – so make sure to give that a listen too! To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX' or visit: www.orx.org

Listen 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/overview-stress-testing-landscape-operational-risk We're also making a public summary available on our website soon and we'll update these show notes with a link when it becomes available. 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 May 2023 and an overview of 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 – so make sure to give that a listen too! To find out more about ORX Membership, ORX premium services, and access other operational risk resources, just search ‘ORX' or visit: www.orx.org

In 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, findings from a recently published Crypto report and highlights of the ORX/Oliver Wyman panel discussion on the Digital Operational Resilience Act (DORA) – so make sure to give that a listen too! To find out more about ORX Membership, ORX premium services, and access other operational risk resources, just search ‘ORX' or visit: https://managingrisktogether.orx.org/  

In 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.org/orx-news/top-5-orx-news-losses-q2-2023 ORX News subscribers can read more on the stories covered in this episode via the ORX News website at: https://news.orx.org/node/11706, https://news.orx.org/node/11615, https://news.orx.org/node/11305 and https://news.orx.org/node/7095 ORX members can also view a summary of the ORX/Oliver Wyman panel discussion on the Digital Operational Resilience Act (DORA) here: https://members.orx.org/latest-news/orx-oliver-wyman-panel-discussion-digital-operational-resilience-act Please note that there is another episode of the ORX Operational Risk Podcast this month, which covers some of the outcomes from our recent LeadersConnect Live 2023 event – so make sure to give that a listen too! To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX' or visit: https://managingrisktogether.orx.org/

In 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 with all previous top 5s, on our website at: https://managingrisktogether.orx.org/orx-news/top-5-orx-news-losses-q1-2023 ORX News subscribers can read the full In Focus articles for further details about the collapse of Credit Suisse and SVB, including a timeline of events on the ORX News website here: https://news.orx.org/node/11636 and https://news.orx.org/node/11682 ORX members can also read the In Focus articles on the collapse of Credit Suisse and SVB here: https://members.orx.org/orx-news/orx-news-focus-collapse-credit-suisse and https://members.orx.org/orx-news/orx-news-focus-collapse-silicon-valley-bank  Please note that there is another episode of the ORX Operational Risk Podcast this month, which covers some of the key findings and outcomes from our recently published Operational Risk Horizon 2023 report – so make sure to give that a listen too! To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX' or visit: https://managingrisktogether.orx.org/

In 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 website here: https://members.orx.org/orx-publications/operational-risk-horizon-2023. It is also accompanied by an interactive visualisation that allows members to explore the emerging risk factors, particularly their interconnected nature. The Operational Risk Horizon 2023 report and visualisation are also available for any firm to purchase, and can be done so via this page on our website: https://managingrisktogether.orx.org/insights-resources/operational-risk-horizon-2023. You can find out more about this year's study and report on this page too. 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 March 2023 and a deep dive into the collapse of Credit Suisse and Silicon Valley Bank – so make sure to give that a listen too! To find out more about ORX Membership, ORX premium services, and access other operational risk resources, just search ‘ORX' or visit: https://managingrisktogether.orx.org/

In 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 purchasing which can be done via this page: https://engage.orx.org/call/orx-greenwashing-scenario-toolkit-2023.  You can also explore our available resources from the ORX Scenarios service here: https://managingrisktogether.orx.org/orx-scenarios Please note that there is another episode of the ORX Operational Risk Podcast that has been released this month, which covers the ORX News top 5 operational risk losses of February 2023 and a focus on key findings from the 2022 Year in Review report – so make sure to give that a listen too! To find out more about ORX Scenarios, ORX Membership, and access other operational risk resources, just search ‘ORX' or visit: https://managingrisktogether.orx.org/

In 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 ORX News subscribers can read the full Year in Review 2022 report on the ORX News website here: https://news.orx.org/node/11565 ORX News subscribers can also read more on the stories covered in this episode via the ORX News website at: https://news.orx.org/node/11566, https://news.orx.org/node/9403 and https://news.orx.org/node/10797 Please note that we have another episode of the ORX Operational Risk Podcast being released for this month, focusing on our most recent publication for the ORX Scenarios service, the Greenwashing Scenario Development Handbook, which tackles a key industry priority on how to develop a scenario on the complex and highly topical climate change-related transition risk of greenwashing – so keep a look out for this! To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX' or visit: https://managingrisktogether.orx.org/

In 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://managingrisktogether.orx.org/insights-resources/orx-cyber-guide-managing-cyber-risk-scenarios   Please note that there is another episode of the ORX Operational Risk Podcast that has been released this month, which covers the ORX News top 5 operational risk losses of January 2023 and a focus on the S for Social in ESG (Environmental, Social and Governance) – so make sure to give that a listen too!   To find out more about ORX Cyber, ORX Scenarios, ORX Membership, and access other operational risk resources, just search ‘ORX' or visit: https://managingrisktogether.orx.org/

In 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 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 You can also find out more about the ORX Reference Control Library and how to purchase it here:  https://managingrisktogether.orx.org/insights-resources/orx-reference-control-library ORX News subscribers can read more on the ESG stories covered in this episode via the ORX News website at: https://news.orx.org/node/11271 and https://news.orx.org/node/11354 Please note that we have another episode of the ORX Operational Risk Podcast being released for this month, which focuses on our recent guide on how to manage Cyber risk scenarios – so keep a look out for this! To find out more about ORX News, ORX Membership, and access other operational risk resources, just search ‘ORX' or visit: https://managingrisktogether.orx.org/  

What 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 focus on the rise and fall of the bankrupt cryptocurrency exchange, FTX, looking into the ripple effects on the global crypto markets and the “future” of crypto.  You can find a written version of 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-q4-2022. ORX News subscribers can also access Deep Dives for more information at: https://news.orx.org/search/deep-dive. To find out more about ORX Membership, ORX News and ORX Cyber services, as well as access other operational risk resources, just search ‘ORX' or visit: https://managingrisktogether.orx.org/

In 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 You can also find out the latest information about the ORX Reference Taxonomy here: https://managingrisktogether.orx.org/news-blogs-updates/survey-insights-indicate-orx-reference-taxonomy-being-considered-industry The latest Top Risk Review report is available to ORX members here: https://members.orx.org/orx-publications/top-risk-review-november-2022. Non-members can find out more and order a copy of the report to purchase at: https://managingrisktogether.orx.org/insights-resources/top-risk-review-november-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/

In 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 episode on the ORX website at: https://managingrisktogether.orx.org/orx-news/top-5-orx-news-losses-q4-2022. ORX News subscribers can also access Deep Dives for more information at: https://news.orx.org/search/deep-dive. The full ORX Scenarios Insights into Material Risks 2022 report is available to members and subscribers here: https://members.orx.org/orx-publications/orx-scenarios-insights-material-risks-2022-report. You can also find out more about this year's ORX Scenarios Library at: https://managingrisktogether.orx.org/orx-scenarios/orx-scenarios-library. To find out more about ORX Scenarios, ORX News, ORX Membership and access other operational risk resources, just search ‘ORX' or visit: https://managingrisktogether.orx.org/