Steve Bishop is responsible for developing and implementing the strategy for risk information activities within the ORX Research Information team. He also leads the ORX insurance service, including managing the global insurance loss data service, and running working groups and events specifically tailored for insurance firms. Risk information includes responsibility for ORX Scenarios – a service that supports organisations with effective scenario development; data standards; developing the ORX Reference Taxonomy; the ORX quality assurance framework (governing loss data services); and the development of ORX services to support the management of material risks, for example, the ORX Cyber service that Steve and his team are in the process of launching. Steve has been at ORX for three and a half years and prior to joining held a number of risk management positions in both banking and insurance.
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…