5 largest operational risk losses: August 2020

  • 14 September 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 August 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 August 2020

1. Citigroup – $520.4m

Citigroup mistakenly pays USD 900 million to Revlon lenders in clerical error.

Business Line: BL0401 Commercial Banking
Event Line: EL0701 Transaction Capture, Execution & Maintenance

2. Bank of Nova Scotia – $127.4m

Scotiabank agrees to pay over USD 127.4 million to settle over commodities price manipulation.

Business Line: BL0202 Global Markets
Event Type: EL0402 Improper Business or Market Practices 

3. TD Bank Group – $122m 

TD Bank to pay USD 122 million restitution over overdraft enrollment practices. 

Business Line: BL0302 Card Services
Event Type: EL0401 Suitability, Disclosure & Fiduciary 

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4. Capital One – $80m 

Capital One fined USD 80 million for failing to establish cyber risk management processes. 

Business Line: BL0301 Retail Banking
Event Type: EL0401 Suitability, Disclosure & Fiduciary 

5. Interactive Brokers Group – $38.7m

Interactive Brokers fined USD 38.7 million for SAR reporting failures and AML failures. 

Business Line: BL0801 Retail Brokerage
Event Type: EL0402 Improper Business or Market Practices

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The operational risk year to date

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

Top 5 chart August 2020

Download the ORX News top 5 largest losses

ORX News Monthly Top 5 Stories - August 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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