Evolving governance: key trends in ONFR structures

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.