5 largest operational risk losses: January 2020

  • 18 February 2020

Do you know which op risk loss events have had the most impact recently? Read on for the 5 largest operational risk losses reported by ORX News in January 2020.

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The ORX News service works by searching global media outlets for operational risk loss events. Our team of multilingual researchers summarise the stories and classify them with the relevant information such as the sector, business line, event type and scenario category. This means you can easily use the service to enhance your scenario generation process, monitor important risk trends and raise awareness of operational risk events.

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Top 5 op risk losses reported by ORX News in January 2020

1. VTB – $535.0m

VTB loses USD 535 million in alleged Mozambique loan fraud scheme.

Business Line: BL0102 Municipal / Government Finance
Event Line: EL0201 External Theft & Fraud

2. Bank of India – $106.4m

Bank of India defrauded of INR 7.56 billion in commercial loan fraud.

Business Line: BL0401 Commercial Banking
Event Type: EL0201 External Theft & Fraud

3. Central Bank of Suriname – $100.0m

Central Bank of Suriname loses USD 100 million of currency reserves in alleged embezzlement.

Business Line: BL1001 Corporate Items
Event Type: EL0102 Internal Theft & Fraud

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4. Citadel Securities – $97.7m

Citadel Securities agrees to pay CNY 670 million to settle CSRC allegations of trading rule violations.

Business Line: BL0201 Equities
Event Type: EL0402 Improper Business or Market Practices

5. Wells Fargo – $47.6m

Wells Fargo to pay USD 79 million after it wrongly withheld deferred compensation payments.

Business Line: BL0301 Retail Banking
Event Type: EL0301 Employee Relations

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The operational risk year to date

Summary of distribution, frequency and severity of ORX News event digests.

ORX News top 5 largest op risk losses chart January 2020

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ORX News Monthly Top 5 Stories - January 2020

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ORX News is an industry-leading provider of publicly reported operational risk loss events. Financial firms around the world use the service to monitor operational risk losses and understand trends.

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