The ORX Operational Risk Podcast

In this episode, we explore the key themes shaping the operational risk landscape based on ORX News coverage in Q1 2026. Alongside the latest loss data and major events, we look at how industry priorities compare with realised losses, highlighting gaps between perception and experience in areas such as conduct, cyber and third-party risk. We also examine developments in external fraud, cyber incid...

In this episode, we explore how firms are rethinking and strengthening their approaches to controls. Drawing on findings from our recent research, we discuss the progress many firms have made in putting solid foundations in place, including standardising and rationalising control data, developing central control libraries and bringing greater clarity to control definitions and prioritisation. We a...

In this episode of the ORX Operational Risk Podcast, Steve Bishop, Research and Information Director, is joined by Helen L’Abbate, Research and Information Deputy Director and Nikki Truss‑West, Research Senior Manager, to discuss findings from the 2026 Operational Risk Horizon and Cyber Horizon studies. The research explores why Horizon feels closer, how cyber threats are evolving, and what firms...

In this episode of the ORX Operational Risk Podcast, Helen L’Abbate, Deputy Director of Research and Information, is joined by Emilie Odin and Nikki Truss‑West, ORX Research Senior Managers, to unpack how digital transformation, new customer expectations, tighter margins and modern operating models have accelerated firms’ reliance on external suppliers. Drawing on insights from the Third Party Eco...

Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the top five largest operational risk losses of December 2025, the latest top 10 most viewed stories including CME Group’s trading disruption, a deep dive into the global service outage at AWS, and some service updates. You can find the top 5 largest operational risk losses of December 2025 discussed in this...

In this episode of the ORX Operational Risk Podcast, host Steve Bishop is joined by Luke Carrivick and Simon Wills delve into the refresh of our Strategic Vision for Operational and Non-Financial Risk (ONFR) . The discussions centre on the evolution of the Vision, its significance for the risk management community, and the steps risk leaders can take to strengthen resilience and achieve strategic...

In this episode of the ORX Podcast, host Steve Bishop is joined by Luke Carrivick and John Bosnell to unpack the  European Banking Authority’s (EBA) newly published Operational Risk Event Taxonomy . They explore why this update is so significant for financial institutions and how it compares to our own  ORX Operational Risk Taxonomy .  The episode highlights ORX’s role in shaping the taxonomy, the...

Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the top five largest operational risk losses of October 2025, a recent spotlight story covering the global service outage at AWS, and the latest on the FCA’s Motor Finance compensation scheme. The team also cover the top 10 most viewed stories of October 2025 and provide a service update.   You can find the...

In this episode of the ORX Podcast, Melanie Lavallin, Emilie Odin and Natasha Smith-Craig reveal the biggest risks on the radar for financial services firms, based on our latest Top Risk Review H2 2025 survey. Our team also features insights from our latest Insurance analysis report and introduces our first-ever Asset management analysis report. What’s on the agenda? Headline findings from the Top...

Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the top five largest operational risk losses of September 2025, a business disruption data deep dive, and the most recent spotlight story involving a cyber-attack in Brazil where hackers tried to transfer over $130 million US dollars from accounts held by HSBC and other banks. In addition, the team cover the...

Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the top five largest operational risk losses of August 2025, which now features cause and impact. In addition, the team cover the top ten most viewed stories on the ORX News website in August 2025, a business disruption deep dive, the 2025 mid-year review, and the most recent spotlight story about a cyber ev...

In this episode of the ORX Operational Risk Podcast, Helen L'Abbate (Deputy Director – Research and Information), Emilie Odin (Senior Research Manager), and Stanca Oproiu (Assistant Research Manager) discuss how firms are integrating operational risk and resilience strategies to strengthen their overall risk management. Podcast discussion highlights include: The evolution of ORX’s Risk and Resilie...

In this episode of the ORX Operational Risk Podcast, Steve Bishop, Research and Information Director, is joined by Simon Wills, Senior Board Advisor, and Mike Constantinou, ORX Consultant, to share their highlights from our Governance and Management Structure Study.   Building on the foundations laid out in ORX’s Vision for ONFR paper, this episode dives into the nine key trends in our latest Gove...

Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the top five largest operational risk losses of June 2025, including the top losses for insurance, the US, and other global regions. In addition, the team cover highlights from the recent quarterly information session held for subscribers covering ORX News service content over Q2 2025. You can find the top 5...

In this episode of the ORX Operational Risk podcast, Simon Johnson is joined by Nikki Truss-West and Rob Reay-Jones to unpack key insights from the recent European ORX Cyber  and  ORX Scenarios  Forums. The discussion explores top and emerging risks facing risk managers, including third-party and supply chain vulnerabilities and the growing influence of geopolitical volatility.   Hear how scenario...

Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the top five largest operational risk losses of May 2025, including the top losses for insurance, the US and other global regions. In addition, the team cover a data deep dive on geopolitics, a spotlight news story about software failures impacting Bloomberg’s terminals, and a deep dive about a near miss fat...

Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the top five largest operational risk losses of April 2025, including the top losses for insurance, the US and other global regions. In addition, the team focus on operational resilience including covering a story about the power cut which severely impacted financial services in Spain and Portugal last month...

In this special episode of the ORX Operational Risk Podcast, Steve Bishop (Research and Information Director, ORX) is joined by Luke Carrivick (ORX Executive Director) and Roland Kennett (Client Success Director, ORX) to share their highlights from LeadersConnect Live 2025. Recorded during the event in New York, this episode covers topics such as: The importance of communication for good operation...

In this episode of the ORX Operational Risk Podcast Steve Bishop, Emilie Odin, and Stanca Oproiu from ORX, discuss the outcomes of our most recent Top Risk Review H1 2025 survey. They share the most significant material risks affecting the financial services industry today. The discussion highlights key headlines, with a special focus on geopolitical and AI factors. For full access to the Top Risk...

Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the top five largest operational risk losses of March 2025, including the top losses for insurance, the US and other global regions. In addition, the team cover two deep dives – one on a third-party management control failure, and another on card product misclassification and regulatory fines. They also prov...

In this episode of the ORX Operational Risk Podcast, Steve Bishop is joined by Mike Constantinou (ORX Consultant), Daniel Mikkelsen (a Senior Partner based in McKinsey’s London office) and Laura Webanck (a Partner in McKinsey’s New York office) to talk about the new Reference Process and Service Library. The library was developed with the support of McKinsey as knowledge partners and in collaborat...

Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the enhanced top five largest operational risk losses, including the top five largest losses of February 2025 and the top losses for insurance, the US and other global regions. In addition, the team cover highlights from the 2024 Year in Review report, which explores insights into all losses from 2024 and de...

In this episode, the ORX Research and Information Team explore the results from the recent ORX Operational Risk Horizon and Cyber Horizon surveys. These surveys were run with a group of global banks and insurers and look at the biggest risks facing financial services firms in the coming 1-3 years. Key themes discussed from the studies include: An increasingly connected risk landscape The dominance...

Listen to this episode of the ORX Operational Risk Podcast to hear the ORX News team cover the five largest operational risk losses of January 2025, as well as the latest editorial content including a Data Deep Dive report looking at people, workforce and culture-related operational risk loss events; an In Focus report exploring the rising toll of billion-dollar climate events, specifically the mo...

In this short episode of the ORX Operational Risk Podcast, Martin Monakhov and Mike Constantinou share highlights from their work with the ORX CCAR Community in 2024 – especially from the roundtable held in the US in November. Key themes from the roundtable include: Using structured scenarios in stress testing Enhancing stress testing processes Uncertainty around the Basel III endgame They then qu...