5 largest operational risk losses: February 2021

  • 10 March 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 February 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 February 2021

1. Navient – $22.2m

Navient ordered to repay USD 22.3 million to US government for overpaid student loan subsidies.

Business Line: BL0301 Retail Banking
Event Type: EL0402 Improper Business or Market Practices

2. Bitfinex and Tether – $18.5m

Bitfinex and Tether agree to pay a USD 18.5 million NY AG settlement for deceptive conduct.

Business Line: BL0501 Cash Clearing
Event Type: EL0402 Improper Business or Market Practices

3. NWB Bank – $9.9m 

NWB Bank defrauded of EUR 12 million loan based on forged documents.

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

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4. CaixaBank – $2.4m 

CaixaBank fined EUR 2 million by CNMV for mis-selling complex financial products.

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

5. BNL – $1.2m

BNL vaults accessed by thieves who steal an estimated EUR 1 million by disabling alarm system.

Business Line: BL0301 Retail Banking
Event Type: EL0201 External Theft & Fraud

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The operational risk year to date

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

Top 5 chart February 2021

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ORX News Monthly Top 5 Stories - February 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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