ORX Standards

All ORX members are required to submit data to a common standard and in a common format. The standards are developed and maintained by the ORX Definitions Working Group. The standards are published, in detail, as the ORX Operational Risk Reporting Standards (ORRS). In June 2011 the Board endorsed the latest version of the ORRS:

Click here to receive a copy of the June 2011 ORX Operational Risk Reporting Standards (text and appendix).


The latest version of the ORRS has been restructured into two documents. The first document, the text, contains the definitions. Each of the detailed sections has a consistent format outlining the principle or definition, followed by the requirement and examples of items to be included and those to be excluded from reporting to ORX. The second document, the appendix, contains a detailed description of each of the data categories.

This 2011 edition of the ORRS contains descriptions of Products, Processes and Large Loss Event Attributes, as these are new since the 2007 edition of the ORRS. Products and Processes enable more granular benchmarking and understanding of where the events are taking place and their impact on P&L. The additional detail for Large Losses includes Causes, Jurisdiction, Role of the Firm, Counterparty Type and Environmental Volatility. ORX defines a Large Loss as being equal to, or larger than, €10 Million. This additional information supports Members when comparing these large losses with their own environment and activities.

The Reporting Standards will continue to be updated as industry and supervisory practice evolves.

Latest news