EBA Risk Event Taxonomy – What It means for financial institutions

In this episode of the ORX Podcast, host Steve Bishop is joined by Luke Carrivick and John Bosnell to unpack the European Banking Authority’s (EBA) newly published Operational Risk Event Taxonomy. They explore why this update is so significant for financial institutions and how it compares to our own ORX Operational Risk Taxonomy.  The episode highlights ORX’s role in shaping the taxonomy, the practical implications for firms already using our taxonomy, and how new attributes like legal, third party, and ESG risks enhance risk categorisation. Topics covered:  Challenges and opportunities of the EBA taxonomy How ORX responded to the new EBA Practical advice for firms preparing for the transition  Ongoing ORX risk standards for the global industry, including for 2026 Below are links to further resources referenced in the podcast. Read our blog on ‘ORX responds to EBA taxonomy proposal’ on our website, where it's accessible to all. You can visit it here: https://orx.org/blog/orx-responds-to-eba-taxonomy-proposal For further information regarding our EBA resources or the ORX Risk Event Taxonomy, both available exclusively to ORX members, please refer to the links provided below: Blog: https://orx.org/blog/orx-responds-to-eba-taxonomy-proposal Reference Taxonomy: https://orx.org/operational-risk-reference-taxonomy   Taxonomy guidance: https://orx.org/blog/orx-reference-taxonomy-guidance-enhanced-for-2023 The podcast also highlights our ORX libraries, which are accessible to ORX members via the links provided below: Reference Control Library: https://orx.org/resource/orx-reference-control-library Reference Risk Indicator Library: https://orx.org/resource/reference-risk-indicator-library Reference Process Service Library: https://orx.org/resource/orx-reference-process-service-library The Scenario Library, accessible to ORX Scenario subscribers, serves as a valuable resource for users to benchmark their internal scenarios against the industry. Visit the library here: https://orx.org/orx-scenarios/library. 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 October 2025, a recent spotlight story covering the global service outage at AWS, and the latest on the FCA’s Motor Finance compensation scheme. The team also cover the top 10 most viewed stories of October 2025 and provide a service update.   You can find the top 5 largest operational risk losses of October 2025 discussed in this episode on our website at: https://orx.org/blog/top-5-orx-news-losses-october-2025   ORX News subscribers can find out more on the top 10 most viewed loss events of October 2025 on the ORX News website here: https://news.orx.org/node/13556   ORX News subscribers can read the full latest spotlight story and deep dive on the AWS outage via the ORX News website at: https://news.orx.org/node/13516 and https://news.orx.org/node/13619   ORX News subscribers can also read more on the Motor Finance stories on the ORX News website here: https://news.orx.org/node/13554, https://news.orx.org/node/13553, https://news.orx.org/node/13552, https://news.orx.org/node/12986, https://news.orx.org/node/13537, https://news.orx.org/node/12955, https://news.orx.org/node/13178, https://news.orx.org/node/12702, https://news.orx.org/node/13535, https://news.orx.org/node/13534, https://news.orx.org/node/12219 and https://news.orx.org/node/12946   To find out more about ORX News and other ORX services, or access further operational risk resources, just search ‘ORX’ or visit: www.orx.org.  

In this episode of the ORX Podcast, Melanie Lavallin, Emilie Odin and Natasha Smith-Craig reveal the biggest risks on the radar for financial services firms, based on our latest Top Risk Review H2 2025 survey. Our team also features insights from our latest Insurance analysis report and introduces our first-ever Asset management analysis report. What’s on the agenda? Headline findings from the Top Risk Review Risk ranking analysis Emerging insurance trends and analysis Data influencing industry decisions Outlook for next year’s Top Risk Review For full access to the Top Risk Review H2 2025 report, ORX members and ORX Lite subscribers can download it for free via the ORX website: https://orx.org/resource/top-risk-review-h2-2025. In addition, ORX has released a comprehensive Insurance analysis report that provides in-depth insights tailored for professionals in the insurance industry. Access the complete report here: https://orx.org/resource/top-risk-review-h2-2025#insurance. Our first Asset management analysis report can be read here: https://orx.org/resource/top-risk-review-h2-2025#assetman. Additional information is available on the Top Risk in the recent press release, 'Top Risk Review H2 Shows Fraud Risks Surging Across the Financial Sector,' which can be found on our website here: https://orx.org/blog/top-risk-review-h2-shows-fraud-risks-surging-across-the-financial-sector.  More about the topic on Third Party Risk Management can be found here: https://orx.org/resource/third-party-ecosystem-risk-management-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 September 2025, a business disruption data deep dive, and the most recent spotlight story involving a cyber-attack in Brazil where hackers tried to transfer over $130 million US dollars from accounts held by HSBC and other banks. In addition, the team cover the top ten most viewed stories on the ORX News website in September 2025, new ORX cross-services content, and a summary of the latest ORX News Quarterly Information Session. You can find the top 5 largest operational risk losses of September 2025 discussed in this episode on our website at: https://orx.org/blog/top-5-orx-news-losses-september-2025  ORX News subscribers can see more on the top 10 most viewed loss events of September 2025 on the ORX News website here: https://news.orx.org/node/13467 ORX News subscribers can also read more on the business disruption data deep dive, latest spotlight story, and highlights from the Q3 2025 ORX News Information Session via the ORX News website at: https://news.orx.org/node/13463, https://news.orx.org/node/13397 and https://news.orx.org/node/13523 ORX News and ORX Cyber subscribers can access the latest Cyber Operational Risk Event Round-ups on our website here: https://orx.org/cyber-operational-risk-event-round-ups-2025 ORX News, ORX Cyber and ORX Scenarios subscribers can download the full ORX Scenario Development Handbook: Cyber Risk Events using ORX News data on our website here: https://orx.org/resource/orx-scenario-development-handbook-cyber-risk-events 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. 

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.