The core purpose of IORWG is to advance the management of operational risk in the global central banking industry.
IORWG research is driven by member interest. Each year IORWG members in the annual conference propose a portfolio of expert groups to member institutions who then vote to support either through leading the expert group or just participating. In a normal year this means that IORWG commissions four expert groups and some initiatives from certain members. The expert groups set out so far are summarized below:

Expert Group Topics

Risk Appetite & Tolerance

Third Party – Vendor Risk Management

Risk Management Function in Central Banks, Monetary and Supervisory Authorities - Risk Repository

Maturity Model & Best Practices

Cybersecurity - Cloud Computing


The IORWG is producing a comprehensive set of guidelines of topical interest IORWG members.

These IORWG guidelines aim at fostering best practices for the management of Operational Risks in Central Banks, Monetary and Supervisory Authorities.

It is important to note that these guidelines do not intend to set up mandatory standards for IORWG members, but to collect sound principles and good practices from previous expert groups and experiences from volunteering IORWG members.

The current IORWG guidelines used in different Central Banks & Monetary and Supervisory Authorities are:

1. Overview of Operational Risk Management Principles and Practices (2016)

2. Business process mapping guideline (2017)

3. Overview of Risk & Control Self-Assessment Practices (2017)


Below you will find some recommended documents produced either in the context of the expert groups or in the context of the annual conferences.