ORX to launch controls benchmarking service

App will be delivered via start-up tech platform led by former HSBC op risk chief

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Image: Getty/Risk.net montage

Operational risk consortium ORX is developing a product that allows firms to benchmark their control libraries against those of their peers, as banks and insurers look to bring rigour and standardisation to an area of non-financial risk management that has often been accused of being disparate and patchy.

The new application, which leverages ORX’s new control library, will allow firms to review their existing internal control library against typical control types in the reference library, as

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