It was established, in April 1999, as an independent think tank, with tacit support from the Financial Services Authority (FSA) and the Science Research Council.
ORRF's aim is to drive forward the boundaries of knowledge in the field of risk, with a view to improving performance, enhancing resilience, and increasing transparency (which promotes market forces and acts as a barrier to fraud, corruption, and financial crimes).
ORRF established the Institute of Operational Risk (IOR), in 2004, to disseminate research findings and promote leading-edge thinking amongst practitioners, with the aim of raising professional standards.
ORRF received support from Cambridge University Judge Institute, BaFin, ISDA, and the Financial Services National Training Organization (FSNTO).
Membership is primarily drawn from academia, regulatory bodies, professional institutes, rating agencies, and major financial services firms.