In 2019, Oliver Wyman collaborated with the world’s largest operational risk association, ORX, to enhance a reference risk taxonomy relevant for the changing financial services industry. The updated reference operational risk taxonomy report was released for banks and insurance companies to utilize in November 2019.
ORX and Oliver Wyman used the latest analytics techniques to develop a more up-to-date reference taxonomy, pulling together taxonomies of 50+ financial institutions from across the globe into a reference view. The work began as a response to leading banks and insurance firms calling for ORX to help modernize and standardise the way operational and non-financial risk is categorised, analysed and reported.
For a copy of the report, please click here.