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.
Leadership
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.
Conferences
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 16 conferences for its membership and invited guests:
- 16th México, 2022
- 15th Ireland, 2021 - eConference
- 14th Chile, 2019
- 13th Singapore, 2018
- 12th Portugal, 2017
- 11th Philippines, 2016
- 10th South Africa, 2015
- 9th Israel, 2014
- 8th Morocco, 2013
- 7th Sweeden, 2012
- 6th Thailand, 2011
- 5th Brazil, 2010
- 4th Denmark, 2009
- 3rd France, 2008
- 2nd United States, 2007
- 1st Spain, 2006
The 16th annual conference took place in Mexico, 2022.
Network
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.
