What is ORX reporting?

ORX reporting standards: Setting the standard for the operational risk discipline. ORX continues to lead the way in setting the reporting standards by which the industry views operational risk events.

What is ORX data?

Public reports on ORX loss data This annual report on the ORX insurance operational risk loss database shows trends in operational risk losses within the insurance and reinsurance industry.

What is operational risk reporting?

Operational risk management reports must address both organization wide and line of business results. These reports must summarize operational risk exposure, loss experience, relevant business environment, and internal control assessments, and should be produced on a quarterly basis.

Which one of the following is an operational risk?

Operational risk is the risk of losses caused by flawed or failed processes, policies, systems or events that disrupt business operations. Employee errors, criminal activity such as fraud, and physical events are among the factors that can trigger operational risk.

What is external loss data?

What is External Loss Data? External loss data is the data relating to losses that were suffered by other firms in the same industry or even in different industries as a result of operational risk. The key point to note here is that the loss happens because of operational risks.

What are 4 types of operational risk?

There are five categories of operational risk: people risk, process risk, systems risk, external events risk, and legal and compliance risk.

What is internal loss data?

• Defined by some as Variance in net earnings not caused by credit. and market risk. But generally accepted definition and as defined by Basle or RBI is. • Risk of loss resulting from inadequate or failed internal processes, people and systems or from external events.

How is external loss data obtained?

How is External Loss Data Collected? External loss data is data that originates in other companies. Hence, companies do not have any mechanism to access the data directly. They have to pay to access the data from other sources.

What is KRI in risk management?

A key risk indicator (KRI) is a metric for measuring the likelihood that the combined probability of an event and its consequences will exceed the organization’s risk appetite and have a profoundly negative impact on an organization’s ability to be successful.

What is a KRI vs KPI?

While the KRI is used to indicate potential risks, KPI measure performance. While many organizations use these interchangeably, it is necessary to distinguish between the two. KPIs are typically designed to offer a high-level overview of organizational performance.

What is the difference between a KPI and a KRA?

Employee Key Performance Indicators (KPI) are metrics used by organizations to measure their employees’ efforts and suggest improvements. Employee Key Result Areas (KRA) are a set of goals and objectives that each organization assigns for their employees at the beginning of their evaluation period.

Can a KPI also be a KRI?