ORR Innovation Awards: Initiative of the year
A definitions working group has worked with the ORX membership to draft a new set of op risk loss reporting standards. The new set is both fully comprehensive and flexible enough to be easily extended
Understanding operational risks within institutions has never been more pertinent than it is today. The Operational Riskdata eXchange (ORX) recognises this, and has spent the past three years developing a set of new standards by which members can report their loss events.
The new standards have replaced the original standards document, which was written in 2004. The process was led by a working
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