5 largest operational risk losses: July 2021

  • 11 August 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 July 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 July 2021

1. Westpac – $255.1m

Westpac exposed to AUD 341 million loss through Forum Financing leasing invoice fraud.

Business Line: BL0401 Commercial Banking
Event Type: EL0201 External Theft & Fraud

2. LBGI – $125.2m

LBGI fined GBP 90.7 million for misleading language in 9 million home insurance renewals.

Business Line: BL02103 Protection Insurance
Event Type: EL0401 Suitability, Disclosure & Fiduciary

3. TIAA – $97m 

TIAA pays USD 97 million for failure to disclose conflict of interest in pension plan advice.

Business Line: BL2101 Pensions
Event Type: EL0401 Suitability, Disclosure & Fiduciary

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4. Sumimoto Mitsui – $73.9m 

Sumimoto Mitsui exposed to AUD 98.9 million loss through Forum Finance leasing invoice fraud.

Business Line: BL0401 Commercial Banking
Event Type: EL0201 External Theft & Fraud

5. Westpac – $65.1m

Westpac to pay AUD 87 million remediation to customers for failing to pass on corporate action.

Business Line: BL0601 Custody 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 July 2021

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ORX News Monthly Top 5 Stories - July 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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