The ORRF Risk Research Forum a forum on risk research organised by the ORRF, a recognised internationally as a leading risk research foundation. It was established, in April 1999, as an independent
think tank, with tacit support from the
Financial Services Authority
The Financial Services Authority (FSA) was a quasi-judicial body accountable for the financial regulation, regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investmen ...
(FSA) and the
Science Research Council.
ORRF's aim is to drive forward the boundaries of knowledge in the field of
risk, with a view to improving performance, enhancing resilience, and increasing transparency (which promotes market forces and acts as a barrier to
fraud
In law, fraud is intentional deception to secure unfair or unlawful gain, or to deprive a victim of a legal right. Fraud can violate civil law (e.g., a fraud victim may sue the fraud perpetrator to avoid the fraud or recover monetary compens ...
,
corruption
Corruption is a form of dishonesty or a criminal offense which is undertaken by a person or an organization which is entrusted in a position of authority, in order to acquire illicit benefits or abuse power for one's personal gain. Corruption m ...
, and
financial crimes).
Research and publications by ORRF have won international acclaim.
ORRF has held forum events on leading-edge issues in collaboration with the
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of ...
, the FSA,
BaFin, the OCC, the
New York State Banking Department, the Dutch National Bank and professional bodies such as the
British Bankers' Association, ISDA, the
Institute of Actuaries, the
Securities & Investment Institute, and many others.
ORRF established the
Institute of Operational Risk
The Institute of Operational Risk was established in January 2004 and in accordance with the requirements stipulated by the UK Secretary of State in regard to the formation of an Institute. It was formed as a professional body in response for a n ...
(IOR), in 2004, to disseminate research findings and promote leading-edge thinking amongst practitioners, with the aim of raising professional standards. ORRF received support from
Cambridge University Judge Institute, BaFin, ISDA, and the Financial Services National Training Organization (FSNTO).
Membership of ORRF is by invitation only, with its members being regarded as leading experts and key opinion formers in their field. Membership is primarily drawn from
academia, regulatory bodies, professional institutes, rating agencies, and major
financial services
Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...
firms.
The chairman of ORRF i
Professor Brendon Young
References
External links
*Financial Reporting Council; Board of Actuarial Standards; Modelling Consultation Paper; November 2008
*
Moody's Analytics Framework for Operational Risk Management of Banks; 2003
*Jobst, Andreas A.; International Monetary Fund - Monetary and Capital Markets Department; ‘Constraints of Consistent Operational Risk Measurement and Regulation: Data Collection and Loss Reporting’; Journal of Financial Regulation and Compliance; 2007.
{{DEFAULTSORT:Orrf Risk Research Forum
Financial risk