5 largest operational risk losses: August 2021

  • 15 September 2021

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 2021.

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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 2021

1. Poly Network – $269m

Poly Network loses USD 269 million in cryptocurrencies in hack exploiting system vulnerability.

Business Line: BL0501 Cash Clearing
Event Type: EL0201 External Theft & Fraud

2. Livingston Group Asset Management Company – $110m

Southport Capital CEO alleged USD 110 million Ponzi scheme defrauds hundreds of customers.

Business Line: BL0703 Fund Management
Event Type: EL0102 Internal Theft & Fraud

3. HDR Global Trading Limited – $100m 

BitMEXto pay USD 100 million for operating illegally and having insufficient AML controls.

Business Line: BL0501 Cash Clearing
Event Type: EL0702 Monitoring & Reporting

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4. Quoine – $97m 

Liquid loses over USD 97 million in cryptoassetsvia hack on warm wallets.

Business Line: BL0501 Cash Clearing
Event Type: EL0201 External Theft & Fraud

5. Crédit Agricole – $95.1m

Amundi entities to pay EUR 80.1 million for alleged manipulation of Euro Stoxx 50 Futures.

Business Line: BL0201 Equities
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 2021

Download the ORX News top 5 largest losses

ORX News Monthly Top 5 Stories - August 2021

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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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