The ORX Operational Risk Podcast

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 part one of a two-part series covering 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/