Create an ORX external event

Create an Operational Riskdata eXchange (ORX) external risk event to share the risk event of your company with other organizations. This exchange of risk events information acts as a learning for other organizations in the industry and prevents them from making the same errors.

Before you begin

Role required: sn_risk_workspace.operational_risk_manager

About this task

The ORX association enables operational and non-financial risk professionals to collect, measure and analyse data in an effective way that is consistent with industry. To view and create an ORX event, you must enable the Show ORX External Events property.

Procedure

1. Navigate to All > Risk > Risk Workspace > External risk events > ORX events.
2. Click New.
3. On the form, fill in the fields.

   Table 1. New ORX external event form

   Field	Description
   Name	Name of the risk event
   Description	Brief description of the event.
   Company details
   Company	Company in which the event occurred.
   Region	Region in which the event occurred.
   Role of the firm	Role the firm had in relation to the transaction.
   Business line level 2	Business line of the event.
   Country	Country in which the event occurred.
   Counterparty	Type of counterparty or claimant that is involved in the event.
   ORX member	Option to show if the company is an existing ORX member.
   Loss details
   Loss event id	ID of the loss event.
   Loss category	Category of the loss.
   Event type level 2	Level 2 of the event such as corporate finance, merchant banking and so on.
   Process code	Code of the process.
   Product code	Code of the product.
   Open	Option to denote if the risk event is open.
   Sources	Source of the event.
   Classification
   Boundary risk	Operational risk event which triggers a consequence for example, financial loss in another risk category.
   AMA status	Advanced measurement approach (AMA) is one of three possible operational risk methods that can be used under Basel II by a bank or other financial institution.
   Financial amounts
   Gross loss amount	Gross loss amount.
   Direct recovery	Any payment other than an indirect recovery received by the firm which offsets the loss.
   Indirect recovery	Recovery made through insurance.
   Net Loss (in Local Currency)	Net loss incurred in the local currency.
   Net Loss (in Euro)	Net loss incurred converted to Euros.
   Key dates
   Date of discovery	Date the event was discovered.
   Date of event start	Date the event started
   Date of settlement	Date the event was settled.
   Date of publication	Date the even was published.
   Date of event finish	Date the event finished.
   Cause
   Cause level 3	Third cause level of the event.
   Additional details
   Jurisdiction	Jurisdiction of the event.
   Scenario category	Category of the scenario such as conduct, external fraud, technology and so on.
   Environmental volatility	Aspect of the environment or circumstances in which the bank was operating at the time of the event.
   Activity
   Work notes	Notes that are visible to any responder to this event, their manager, or an administrator.
   Additional comments	Additional comments about this event.