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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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 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 

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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.

Top 5 chart December 2020

Download the ORX News top 5 largest losses

ORX News Monthly Top 5 Stories - December 2020

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