The ORX Operational Risk Podcast

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 can do now to strengthen resilience.
What we cover in this episode:

Agility and resilience: What risk teams need today

Cyber Horizon 2026: What’s changing.  

Interconnectivity: How risks influence one another  

How firms are using the Horizon report

Episode Resources:
ORX members and ORX Lite subscribers can read our full version of the Operational Risk Horizon 2026 report here: https://orx.org/resource/operational-risk-horizon-2026.
Non-members can download a free summary of our report to find out more: https://orx.org/download/operational-horizon-risk-2026?hsCtaAttrib=206975921927.
Available for all, find out more about Horizon by reading our blogs:

Operational Risk Horizon in 2026: Emerging threats and industry priorities: https://orx.org/blog/operational-risk-horizon-in-2026-emerging-threats-and-industry-priorities

Uncertainty dominates operational risk planning in the finance sector: https://orx.org/blog/uncertainty-dominates-operational-risk-planning-finance

 
ORX Cyber subscribers can access the full Cyber Horizon 2026 report here: https://orx.org/resource/cyber-horizon-2026.

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 Ecosystem Risk Management practice paper and the Third Party Cyber Risk Oversight and Assessment 2025 report, the discussion translates emerging risks and community insights into practical, actionable guidance for risk teams.
Listen in as we explore what’s behind the surge in third‑party relationships, the cyber and resilience risks created by increasingly complex supply chains, and the steps firms are taking to strengthen oversight across both TPRM and cyber functions.
Topic highlights: 

What third‑party ecosystem really means

What’s driving the rapid expansion

The risks created by the expanding ecosystem

How ORX members are evolving their TPRM frameworks

A first look at ORX’s 2026 third‑party deliverables

Episode resources
Available to ORX members 
Third Party Ecosystem Risk Management paper: https://orx.org/resource/third-party-ecosystem-risk-management-2025
Third Party Ecosystem Risk Initiative: https://orx.org/project/third-party-ecosystem-risk-initiative
Insurance sector review of navigating third party risk management blog: https://orx.org/blog/insurance-sector-review-of-navigating-third-party-risk-management
Blog - Third party risk management: Summary of LeadersConnect discussions: https://orx.org/blog/third-party-risk-management-summary-discussions
Available to ORX Cyber subscribers
Third Party Cyber Risk Oversight & Assessment report: https://orx.org/resource/third-party-cyber-risk-oversight-and-assessment-2025
Blogs available to everyone
BCBS third-party risk principles: What you need to know: https://orx.org/blog/bcbs-third-party-risk-principles-what-you-need-to-know
Embedding TPRM in business strategy: Seven steps to success: https://orx.org/blog/bcbs-third-party-risk-principles-what-you-need-to-know
EBA finalises new operational risk event taxonomy: https://orx.org/blog/eba-finalises-new-operational-risk-event-taxonomy
Third Party Ecosystem Risk Initiative: Key TPRM challenges revealed: https://orx.org/blog/third-party-ecosystem-risk-key-challenges
Geopolitics, AI and third parties drive surge in op risk materiality: https://orx.org/blog/geopolitics-ai-and-third-parties-drive-surge-in-op-risk-materiality
To find out more about ORX Membership, ORX subscription services, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org.

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 episode on our website at: https://orx.org/blog/top-5-orx-news-losses-december-2025

ORX News subscribers can find out more on the top 10 most viewed loss events of December 2025 on the ORX News website here: https://news.orx.org/node/13678

ORX News subscribers can read the full story on CME Group’s trading disruption as well as the full deep dive on the AWS global service outage via the ORX News website at: https://news.orx.org/node/13617 and https://news.orx.org/node/13619

ORX News and ORX Cyber subscribers can access the latest Cyber Operational Risk Event Round-ups on our website here: https://orx.org/cyber-operational-risk-event-round-ups-2025

To find out more about ORX News, ORX Cyber and other ORX services, or to access further operational risk resources, just search ‘ORX’ or visit: www.orx.org.

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 success through 2026 and beyond.
The updated Vision reflects the changing risk landscape, influenced by factors such as geopolitical volatility, digital transformation, and increased interconnectivity.
 
Key actionable strategies for risk leaders highlighted in the podcast

Assess your ONFR framework – ensure alignment with the refreshed Vision.

Invest in digital risk management – build technology and leverage AI and data for speed and scale.

Engage with peers – participate in ORX forums and the community to share and learn.

Episode resources
Available to all:

Download the updated ORX Vision: https://orx.org/resource/strategic-vision-operational-non-financial-risk

Read our blog on ‘How our vision for operational and non-financial risk management has evolved in 2025’: https://orx.org/blog/vision-operational-and-non-financial-risk-managment-evolved-in-2025

Read our blog on ‘Advancing operational risk management: Insights from RiskMinds’ where we share about the Vision refresh: https://orx.org/blog/advancing-operational-risk-management-insights-from-riskminds

To find out more about ORX Membership, ORX subscription services, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org.

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 practical implications for firms already using our taxonomy, and how new attributes like legal, third party, and ESG risks enhance risk categorisation.
Topics covered: 

Challenges and opportunities of the EBA taxonomy

How ORX responded to the new EBA

Practical advice for firms preparing for the transition 

Ongoing ORX risk standards for the global industry, including for 2026

Below are links to further resources referenced in the podcast.
Read our blog on ‘ORX responds to EBA taxonomy proposal’ on our website, where it's accessible to all. You can visit it here: https://orx.org/blog/orx-responds-to-eba-taxonomy-proposal
For further information regarding our EBA resources or the ORX Risk Event Taxonomy, both available exclusively to ORX members, please refer to the links provided below:

Blog: https://orx.org/blog/orx-responds-to-eba-taxonomy-proposal

Reference Taxonomy: https://orx.org/operational-risk-reference-taxonomy  

Taxonomy guidance: https://orx.org/blog/orx-reference-taxonomy-guidance-enhanced-for-2023

The podcast also highlights our ORX libraries, which are accessible to ORX members via the links provided below:

Reference Control Library: https://orx.org/resource/orx-reference-control-library

Reference Risk Indicator Library: https://orx.org/resource/reference-risk-indicator-library

Reference Process Service Library: https://orx.org/resource/orx-reference-process-service-library

The Scenario Library, accessible to ORX Scenario subscribers, serves as a valuable resource for users to benchmark their internal scenarios against the industry. Visit the library here: https://orx.org/orx-scenarios/library.
To find out more about ORX Membership, ORX subscription services, and access other operational risk resources, just search ‘ORX’ or visit: www.orx.org.