5 largest operational risk losses: July 2020

  • 10 August 2020

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 July 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 July 2020

1. Goldman Sachs Group – $2.5bn

Goldman Sachs agrees to pay USD 2.5 billion to the Government of Malaysia over 1MDB fraud.

Business Line: BL0101 Corporate Finance
Event Line: EL0401 Suitability, Disclosure & Fiduciary

2. Deutsche Bank – $150m 

Deutsche Bank fined USD 150 million for compliance failures over Epstein, FBME and Danske.

Business Line: BL0901 Private Banking
Event Type: EL0402 Improper Business or Market PracticesL0401 Suitability, Disclosure & Fiduciary

3. American International Group – $39.9m 

VFA to pay USD 40 million to settle SEC charges over retirement plans disclosure failures. 

Business Line: BL0705 Fund Management – client funds
Event Type: EL0401 Suitability, Disclosure & Fiduciary


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4. Credit Suisse – $15.5m

Credit Suisse settles for USD 15.5 million with pension funds over debt write-downs.

Business Line: BL1001 Corporate Items
Event Type: EL0702 Monitoring & Reporting

5. UBS – $10m

UBS pay USD 10 million for circumventing retail investor priority in municipal bond offering. 

Business Line: BL0801 Retail Brokerage
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 July 2020

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ORX News Monthly Top 5 Stories - July 2020

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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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