Operational risk association ORX has launched a Reference Process and Service Library. The new resource consists of two separate but connected libraries – one focused on key business processes and the other on services.

Currently, most firms polled by ORX (84%) use a process library and 43% have developed service libraries, but few have connected these, the organisation says. The vision for most of ORX’s members is to have a ‘single source of truth’ with a mapping between key services and supporting process and in turn a clear link to risk and controls.

Developed with support from McKinsey & Company, the tool is based on 60,000 processes and services submitted by 50 banks and insurers.

Luke Carrivick, executive director at ORX comments: “Members tell us that they are shifting to an end-to-end view of risk and controls as a key enabler to organisational resilience. In doing so, it is essential that they develop standardised views of processes and services for use within their organisation, designed to an optimal level of detail and granularity – which is a significant effort and challenge. Members are progressing on this journey and agree that an industry-wide, standard view of processes and services will accelerate their work.”

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