Policy Document on Operational Risk Integrated Online Network (ORION)

Issuance Date:

25 February 2021

Effective Date:

1 March 2021

Summary:

Operational Risk Integrated Online Network (ORION) Policy Document is a comprehensive guidance on reporting governance, reporting procedures, mandatory data items, reporting taxonomies of Operational Risk submission in regards to Loss Event, Key Risk Indicators and Scenario Analysis. This document includes the User Guide and Technical Specifications for application accessibility and system functionality navigation, with a set of FAQs tailored specific to the reporting requirement to guide the users in ensuring quality submission.

Highlights:

The recent revision to ORION Policy and FAQ Documents intends to:

1. Provide clarity on the reporting of Shariah Non-compliance event in ORION;
2. Realign cyber-risk related definitions and terminologies with the Financial Stability Board cyber lexicons; and
3. Enhance the granularity of ORION reporting requirement to improve the accuracy of operational risk reporting.

Applicability:

• Licensed banks
• Licensed Investment banks
• Licensed Islamic banks
• Licensed International Islamic banks
• Licensed insurers
• Licensed takaful operators
• Licensed international takaful operators
• Prescribed development financial institutions
• Approved issuers of a designated payment instrument
• Approved issuers of a designated Islamic payment instrument

Section In Charge: ORSU

Issuing Department/s: Risk Specialist and Technology Supervision Department

Attachment:

• Operational Risk Integrated Online Network (ORION)
• ORION Frequently Asked Questions (FAQ)
• ORION User Guide and Technical Specifications

Superseded Policies:

• Operational Risk Integrated Online Network (ORION) Policy Document issued on 22 June 2018