With support from the British Bankers' Association (BBA), the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin),[10] Cambridge University Judge Institute of Management, International Swaps and Derivatives Association (ISDA) and the Financial Services National Training Organisation (FSNTO)[11] the Secretary of State granted ORRF permission to form the Institute of Operational Risk.
Since incorporation, the stated mission of the IoR has been to promote the development and discipline of Operational Risk and to foster and maintain investigations and research into the best means and methods of developing and applying the discipline and to encourage, increase, disseminate and promote knowledge, education and training and the exchange of information and ideas.
As membership continued to grow, it became necessary to refine the original governance structure and in late 2006, a new two tier framework was proposed.
This change in governance was significant as it recognised the fact the Institute had evolved as a professional body of national repute to one of international standing.
In 2019 the IOR became part of the wider Institute of Risk Management (www.theirm.org) in order to support further international growth.