ORR Innovation Awards: Initiative of the year
Revised ORX data reporting standards
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 group of 10 banks – the ‘definitions working group’ – headed by Mark Laycock, senior adviser for
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