Introduction to E2E Process Management

As digital transformation shapes the financial-services industry, organizations increasingly depend on third-party services and technology. This shift underscores the critical need for comprehensive end-to-end (E2E) process management to effectively oversee nonfinancial risks.

Collaboration Between McKinsey and ORX

In response to these emerging challenges, McKinsey has partnered with ORX, a leading global association specializing in operational risk management. This collaboration aims to develop a vital resource for institutions as they navigate nonfinancial exposures.

The Operational Risk Reference Library

The result is the world’s first comprehensive reference process and service library tailored for operational risk management. This library has been built upon the extensive input of 50 banks and insurance companies, incorporating an impressive collection of 60,000 individual processes and services.

Methodology Behind the Development

The creation of this library involved meticulous mapping of operational processes and services, ensuring that it serves as a valuable tool for financial institutions aiming to bolster their risk management frameworks. This methodology provides a structured approach to understanding and managing operational risk, offering members a rich repository of best practices and insights.

Conclusion

The collaboration between McKinsey and ORX serves as a pivotal step in enhancing operational risk management within the financial services sector. By providing a robust, organized framework, institutions can better navigate the risks associated with their increasingly digital operations.

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