5 largest operational risk losses: January 2021

  • 12 February 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 January 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 January 2021

1. Deutsche Bank – $122.9m

Deutsche Bank pays USD 123 million in settlements over alleged bribery and corruption.

Business Line: BL0401 Commercial Banking
Event Type: EL0402 Improper Business or Market Practices

2. Wells Fargo – $40.0m

Wells Fargo to settle USD 40 million for overcharging payment processing fees.

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

3. Nasdaq Clearing – $36.2m 

Nasdaq Clearing fined SEK 300 million over deficiencies in operations and margin requirements.

Business Line: BL0502 Securities Clearing
Event Type: EL0402 Improper Business or Market Practices

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4. MT Global – $32.4m 

MT Global fined GBP 23.8 million by HMRC for AML and record-keeping failures.

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

5. Capital One – $13.0m

Capital One to settle USD 13 million class action over unfair ATM balance inquiry fees.

Business Line: BL0302 Card Services
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 January 2021

Download the ORX News top 5 largest losses

ORX News Monthly Top 5 Stories - January 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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