Welcome to Op Risk Benchmarking, a new research service scrutinising op risk practices at a range of financial institutions. Each quarter, we’ll share some of the findings from one of four cohorts – G-Sibs, other banks, asset managers and insurers, and FMIs.

Participants get to see all the data – message us for details: ORMBenchmarking@risk.net

Top 10 operational risks for 2024

• Ransomware attacks, combined with the emerging threat of AI, have cemented cyber risk as the financial industry’s number one operational risk for 2024.

• Third-party risk takes third spot in the rankings, following hack attacks on tech vendor Ion Group and securities lending platform EquiLend last year.

• External fraud also re-enters the Top 10 as criminals harness the power of gen AI to defraud financial firms in more creative ways.

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Op Risk Benchmarking: The G-Sibs

Using data submitted by 11 G-Sibs, our new Benchmarking series explores how the world’s largest banks are managing their biggest operational risks. Team sizes and setups, modelling practices, internal reporting, GRC vendors – take a look here.

Safety in numbers?

FMIs demonstrate broad variability in the size of the second-line teams tasked with overseeing infosec – but that’s starting from a relatively low base: many have teams comprising of just one specialist, while the mean average is slightly more than five. 

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Op Risk Benchmarking: Banks

Our second Op Risk Benchmarking series focuses on op risk frameworks at large domestic and regional banks, taking a deep dive into each of their top five risks: information security; IT disruption; change management; execution & process errors; and regulatory compliance risk.

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