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Alexia Mavronicola
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9nd Edition 
Operational Risk Management in Financial Institutions

Can you tell us a little bit about your professional background and your current area of expertise?

For the past 8 years I have been Head of Analytics and Research at ORX. I am responsible for the delivery of a wide range of research, information and benchmarking across both operational risk measurement and management including: loss data exchange, public loss events on our ORX News platform and ORX Scenarios which helps firms with their scenario development. Prior to joining ORX, I held a variety of positions in banking, technology and academia, with an MBA, PhD and M.A in Mathematics from Cambridge University.

What are the key aspects of ORX's industry reference taxonomy for operational risk?

Taxonomies play a crucial role in the operational risk framework, providing a common language to support analysis, aggregation and reporting of risks across an organisation. The ORX reference taxonomy is based on the analysis of more than 60 operational risk taxonomies used across the industry. It can be used by organisations as a key reference to benchmark their own taxonomies and to observe trends across the industry. It demonstrates how the industry’s need has evolved from a Basel event taxonomy to one which, although retaining some elements of Basel, provides greater granularity within conduct and compliance, and provides focus on contemporary concerns such as cyber, outsourcing and model risk.

How can financial firms implement effective operational risk governance frameworks in order to enable operational resilience?

This is a challenging question. Financial resilience has been replaced by operational resilience, and the question is not so much “how” things can go wrong but “when” they go wrong, and what is our tolerance for disruption. I think it is a significant shift of regulatory focus from the viability of individual institutions (capital centric) to explicitly focusing on the wider customer / market / industry impact that operational disruptions cause. My recommendation to any financial firm wanting to implement effective frameworks for operational resilience would be to look at what others are doing in order to avoid reinventing the wheel. This is exactly why ORX was set up as an association.

What would you like to achieve by attending the Marcus Evans 9th Edition of Operational Risk Management?

I am interested in many of the other sessions, but for my session I am keen for the audience to understand why we have produced a reference taxonomy and how we intend it to be used.

Dr. Luke Carrivick 
Head of Analytics and Research

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Ahead of the 9th Edition Operational Risk Management in Financial Institutions we spoke with Luke Carrivick, Head of Analytics and Research at ORX

18 - 20 November 2019 | London

About the Conference

This marcus evans conference will look to bolster operational risk management practices alongside the emergence of new threats in an increasingly agile environment.
Managing operational risk in financial firms is becoming increasingly challenging as financial firms have to consider the next generation of threats they are vulnerable to as the use of digital becomes increasingly widespread. Those in operational risk must keep up with the changing times and the introduction of new technology as well as the regulatory attention from the Basel IV capital rules for operational risk (in the context of SMA methodology) and refreshed outsourcing guidelines. The role of operational risk must cover an umbrella of risk types such a security, information and conduct risk, so the challenges and pressure is immense.

Dr Luke Carrivick is Head of Analytics and Research at ORX – the world’s largest operational risk association with more than 95 banks, insurers and asset managers as members. He leads many industry initiatives spanning operational risk measurement and management, as well as supervisory policy. He is also responsible for the delivery of a wide range of research, information and benchmarking including: loss data exchange, a public loss data service called ORX News, and ORX Scenarios – a service that supports organisations with effective scenario development. Luke has been at ORX for more than 8 years and prior to joining held a variety of positions in banking, technology and academia. He also holds an MBA, PhD and M.A in Mathematics from Cambridge University.

More Information

To View the Conference Agenda, click HERE!

To view the Conference Agenda, click HERE!