The Operational Riskdata eXchange Association (ORX) – a global association of operational risk professionals has launched a Risk Indicator Library, a first-of-its-kind resource for operational and non-financial risk (ONFR), . The library is a comprehensive tool containing 370 risk indicators based on data from over 50 financial services firms. It aims to help ONFR functions benchmark and optimise their internal risk indicators, develop more forward-looking indicators, and segment risk reporting according to different levels and audiences. The tool addresses the need to improve data quality, identify predictive indicators, and automate data collection to make ONFR management more effective and efficient.
Its creation, in collaboration with management consultancy Oliver Wyman, builds on other ORX tools such as the Event Type Reference Taxonomy, the Reference Cause and Impact Taxonomy and the Control Library.
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