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
A think tank, or public policy institute, is a research institute that performs research and advocacy concerning topics such as social policy, political strategy, economics, military, technology, and culture. Most think tanks are non-governme ...
, with tacit support from the
Financial Services Authority (FSA) and the
Science Research Council
The Science and Engineering Research Council (SERC) and its predecessor the Science Research Council (SRC) were the United Kingdom, UK agencies in charge of publicly funded scientific and engineering research activities, including astronomy, biote ...
.
ORRF's aim is to drive forward the boundaries of knowledge in the field of
risk
In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environ ...
, 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 intent (law), intentional deception to deprive a victim of a legal right or to gain from a victim unlawfully or unfairly. Fraud can violate Civil law (common law), civil law (e.g., a fraud victim may sue the fraud perpetrato ...
,
corruption
Corruption is a form of dishonesty or a criminal offense that is undertaken by a person or an organization that is entrusted in a position of authority to acquire illicit benefits or abuse power for one's gain. Corruption may involve activities ...
, 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 Kingdom of England, English Government's banker and debt manager, and still one ...
, 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 (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
The University of Cambridge is a Public university, public collegiate university, collegiate research university in Cambridge, England. Founded in 1209, the University of Cambridge is the List of oldest universities in continuous operation, wo ...
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
An academy (Attic Greek: Ἀκαδήμεια; Koine Greek Ἀκαδημία) is an institution of tertiary education. The name traces back to Plato's school of philosophy, founded approximately 386 BC at Akademia, a sanctuary of Athena, the go ...
, regulatory bodies, professional institutes, rating agencies, and major
financial services
Financial services are service (economics), economic services tied to finance provided by financial institutions. Financial services encompass a broad range of tertiary sector of the economy, service sector activities, especially as concerns finan ...
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