About us

The International Operational Risk Working Group (IORWG) is an international working group dedicated to advancing the management of operational risk in the central banking industry.
The IORWG was established in October 2005, initiated by a proposal from the Bank of Spain that was agreed to by seventeen Central Banks. Today IORWG is the world‘s leading operational risk association for central banking industry. The IORWG has become an important forum in the global central banking industry for innovation, research, collective learning and exchange for sound & good practices. IORWG is made up of more than a hundred of member institutions.


The Federal Reserve of Philadelphia and the Bank of Spain co-chair the IORWG. These institutions coordinate the administration of the working group. During the annual conferences, the IORWG members determine the research activities for the coming year.

Expert Groups

IORWG work program is supported by a small number of expert groups. All expert groups are supported by the Membership.


The Group meets at least once a year for two days, typically in the first half of May. There may be circumstances where an additional meeting may be required. The meetings are hosted by Member countries on a rotational basis. The group has developed an active program of 14 conferences for its membership and invited guests:

  1. 14th Chile, 2019
  2. 13th Singapore, 2018
  3. 12th Portugal, 2017
  4. 11th Philippines, 2016
  5. 10th South Africa, 2015
  6. 9th Israel, 2014
  7. 8th Morocco, 2013
  8. 7th Sweeden, 2012
  9. 6th Thailand, 2011
  10. 5th Brazil, 2010
  11. 4th Denmark, 2009
  12. 3rd France, 2008
  13. 2nd United States, 2007
  14. 1st Spain, 2006

The 15th annual conference will take place in Ireland, 2020.


The IORWG has a strong and effective network in central banking operational risk management. The network is built through contacts made at Members, Expert Groups and Conferences. The strength of the network is a major asset for the association.

Latest Alerts


15th IORWG Conference 2020

We regret to inform you that the 15th annual conference in Ireland has been canceled due to the general situation of the coronavirus.

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