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 August 2025, which now features cause and impact. In addition, the team cover the top ten most viewed stories on the ORX News website in August 2025, a business disruption deep dive, the 2025 mid-year review, and the most recent spotlight story about a cyber event at Salesforce which potentially compromised the data of over 700 organisations. You can find the top 5 largest operational risk losses of August 2025 discussed in this episode on our website at: https://orx.org/blog/top-5-orx-news-losses-august-2025 ORX News subscribers can see more on the top 10 most viewed loss events of August 2025 and the 2025 mid-year review on the ORX News website here: https://news.orx.org/node/13441 and https://news.orx.org/node/13342 ORX News subscribers can also read more on the latest deep dive and story spotlight via the ORX News website at: https://news.orx.org/node/13420 and https://news.orx.org/node/13394 ORX News and ORX Cyber subscribers can access the Cyber Operational Risk Event Round-ups 2025 on our website here: https://orx.org/cyber-operational-risk-event-round-ups-2025 ORX News and ORX Scenarios subscribers can download the full Geopolitics Scenario Development Handbook on our website here: https://orx.org/scenario-development-handbook-geopolitics-2025-orx-scenarios To find out more about ORX News, ORX Cyber, ORX Scenarios, or access other operational risk resources, just search ‘ORX’ or visit: www.orx.org.
In this episode of the ORX Operational Risk Podcast, Helen L'Abbate (Deputy Director – Research and Information), Emilie Odin (Senior Research Manager), and Stanca Oproiu (Assistant Research Manager) discuss how firms are integrating operational risk and resilience strategies to strengthen their overall risk management. Podcast discussion highlights include: The evolution of ORX’s Risk and Resilience Community How firms are integrating risk and resilience; fully, partially, or not at all Opportunities to connect horizontal resilience and vertical risk views Challenges with data integration and organisational culture The role of regulation and process libraries in driving alignment ORX members can read our paper on the Relationship between operational risk and reliance management here: https://orx.org/resource/the-relationship-between-operational-risk-and-resilience-management ORX members can use the Risk Management Explorer to quickly find resources on the risk management cycle. Access it here: https://orx.org/resources/risk-management-explorer 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 To find out more about ORX Membership, visit our website: https://orx.org/
In this episode of the ORX Operational Risk Podcast, Steve Bishop, Research and Information Director, is joined by Simon Wills, Senior Board Advisor, and Mike Constantinou, ORX Consultant, to share their highlights from our Governance and Management Structure Study. Building on the foundations laid out in ORX’s Vision for ONFR paper, this episode dives into the nine key trends in our latest Governance and Management Structures Study. Through in-depth interviews with 20 risk leaders across the ORX Membership, the study uncovered topics shaping ONFR governance today, from structural shifts and role clarity across the three lines of defence, to the rise of unified ONFR frameworks and the growing strategic influence of ONFR functions. ORX members can download the full Governance and Management Structure Study here: https://orx.org/resource/governance-and-management-structure-study Available for ORX members and non-members you can read more about our Vision paper here: https://orx.org/podcast/vision-future-of-operational-risk-financial-services Our podcast on the Vision is also available to listen to here: https://orx.org/podcast/vision-future-of-operational-risk-financial-services To find out more about ORX Membership, visit our website: https://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 June 2025, including the top losses for insurance, the US, and other global regions. In addition, the team cover highlights from the recent quarterly information session held for subscribers covering ORX News service content over Q2 2025. You can find the top 5 largest operational risk losses of June 2025 discussed in this episode on our website at: https://orx.org/blog/top-5-orx-news-losses-june-2025 ORX News subscribers can view the full highlights and recordings from the quarterly information sessions on the ORX News website here: https://news.orx.org/node/13290 and https://news.orx.org/node/13121. ORX News subscribers can also register to attend the next information session for Q3 in October via our website here: https://orx.org/events/orx-news-quarterly-information-sessions-2025 ORX News subscribers can find out more about the news stories covered in this episode, as well as other related stories on the ORX News website, including: https://news.orx.org/node/13106, https://news.orx.org/node/13107, https://news.orx.org/node/13154 and https://news.orx.org/node/13207. 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 is joined by Nikki Truss-West and Rob Reay-Jones to unpack key insights from the recent European ORX Cyber and ORX Scenarios Forums. The discussion explores top and emerging risks facing risk managers, including third-party and supply chain vulnerabilities and the growing influence of geopolitical volatility. Hear how scenario practices are evolving to become more agile and integrated, with a shift toward non-capital uses and a stronger focus on customer impact. The episode also highlights the importance of cross-functional collaboration, cultural change and the future of second-line cyber risk teams. ORX service subscribers and ORX members can read the full blog summaries from both the cyber and scenarios forums on our website: https://orx.org/blog/insights-from-the-orx-european-cyber-forum-2025 https://orx.org/blog/european-scenarios-forum-2025-key-insights-and-emerging-risk-trends ORX Cyber and ORX Scenarios subscribers can sign up to our North American forums taking place in October here: ORX Cyber: https://orx.org/events/north-american-cyber-forum-2025 ORX Scenarios: https://orx.org/events/north-american-scenarios-forum-2025 To find out more about ORX Cyber, ORX Scenarios 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 top five largest operational risk losses of May 2025, including the top losses for insurance, the US and other global regions. In addition, the team cover a data deep dive on geopolitics, a spotlight news story about software failures impacting Bloomberg’s terminals, and a deep dive about a near miss fat finger error at Citi which nearly credited 81 trillion dollars to a client account. You can find the top 5 largest operational risk losses of May 2025 discussed in this episode on our website at: https://orx.org/blog/top-5-orx-news-losses-may-2025 ORX News subscribers can view the full geopolitics data deep dive on the ORX News website here: https://news.orx.org/node/13183 ORX News subscribers can also find out more about the Citi deep dive and other related stories covered in this episode on the ORX News website here: https://news.orx.org/node/13161, https://news.orx.org/node/13154, https://news.orx.org/node/13138, https://news.orx.org/node/13125 and https://news.orx.org/node/13113. You can view the highlights from the Q1 2025 ORX News information session on our website here: https://orx.org/blog/highlights-orx-news-information-session-q1-2025 ORX News subscribers can find out more and register for the Q2 2025 information session on our website at: https://orx.org/events/orx-news-quarterly-information-sessions-2025 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 top five largest operational risk losses of April 2025, including the top losses for insurance, the US and other global regions. In addition, the team focus on operational resilience including covering a story about the power cut which severely impacted financial services in Spain and Portugal last month, and a cyber incident still affecting retail giant, Marks and Spencer, over a month after the incident was first reported. You can find the top 5 largest operational risk losses of April 2025 discussed in this episode on our website at: https://orx.org/blog/top-5-orx-news-losses-april-2025 You can also read our blog on ‘Building operational resilience’ on our website here: https://orx.org/blog/building-operational-resilience ORX News subscribers can find out more about the stories covered in this episode on the ORX News website here: https://news.orx.org/node/13106 and https://news.orx.org/node/13107. You can view the highlights from the Q1 2025 ORX News information session on our website here: https://orx.org/blog/highlights-orx-news-information-session-q1-2025 ORX News subscribers can find out more and access the recording of the Q1 2025 information session, as well as register for the Q2 2025 information session on our website at: https://orx.org/events/orx-news-quarterly-information-sessions-2025 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 special episode of the ORX Operational Risk Podcast, Steve Bishop (Research and Information Director, ORX) is joined by Luke Carrivick (ORX Executive Director) and Roland Kennett (Client Success Director, ORX) to share their highlights from LeadersConnect Live 2025. Recorded during the event in New York, this episode covers topics such as: The importance of communication for good operational risk management Takeaways from a Chief Risk Officer (CRO) panel Third party and an extended ecosystem Frameworks and governance For more highlights from the event, check out our blogs: Day 1: https://orx.org/blog/leadersconnect-live-2025-day-1-highlights Day 2: https://orx.org/blog/leadersconnect-live-2025-day-2-highlights About LeadersConnect Live LeadersConnect Live is our premier, in-person, invitation-only event for senior leaders from ORX member firms. It provides an opportunity for Heads of Operational Risk and Heads of Non-Financial Risk to discuss future of operational and non-financial risk (ONFR) and learn about important topics. The 2025 event took place in New York on 20-21 May. To find out more about LeadersConnect Live 2025, visit the event page: https://orx.org/events/leadersconnect-live-2025
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