Dr. Luke Carrivick is Head of Research and Information at ORX – the world’s largest operational risk association with more than 100 banks, insurers and asset managers as members. He leads many industry initiatives spanning operational risk measurement and management, as well as supervisory policy. He is also responsible for the delivery of a wide range of research, information and benchmarking including: loss data exchange, a public loss data service called ORX News, and ORX Scenarios – a service that supports organisations with effective scenario development. Luke has been at ORX for more than eight years and prior to joining held a variety of positions in banking, technology and academia. He also holds an MBA, PhD and M.A in Mathematics from Cambridge University.
In this paper, the author takes a data-driven approach and combines the individual active taxonomies of sixty large financial institutions (fifty-eight for construction and two for validation) to create a coherent new reference taxonomy: the ORX…