5 largest operational risk losses: December 2020
- 13 January 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 December 2020.
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Top 5 op risk losses reported by ORX News in December 2020
1. Promsvyazbank – $1178.9m
Promsvyazbank executives embezzle RUB 87.2 billion via fictitious securities purchase.
Business Line: BL0201 Equities
Event Type: EL0102 Internal Theft & Fraud
2. GE – $200m
GE to pay USD 200 million to SEC for misleading investors on its insurance financing.
Business Line: BL2102 Traditional Life
Event Type: EL0401 Suitability, Disclosure & Fiduciary
3. BlueCrest – $170m
BlueCrest to pay USD 170 million for failing to disclose it replaced traders with algorithm.
Business Line: BL0703 Fund Management
Event Type: EL0401 Suitability, Disclosure & Fiduciary
4. Bank Gorod – $142.7m
Bank Gorod executives allegedly embezzle RUB 10.5 billion via fictitious cession agreements.
Business Line: BL0401 Commercial Banking
Event Type: EL0102 Internal Theft & Fraud
5. Nationstar – $110m
Nationstar ordered to pay USD 110 million remediation over deceptive mortgage practices.
Business Line: BL0301 Retail Banking
Event Type: EL0401 Suitability, Disclosure & Fiduciary
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The operational risk year to date
Summary of distribution, frequency and severity of ORX News event digests.
