5 largest operational risk losses: June 2020

  • 15 July 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 June 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 June 2020

1. SEB Group – $107.3m

SEB fined SEK 1 billion by FI for deficiencies in its AML measures in Baltic operations.

Business Line: BL0901 Private Banking
Event Line: EEL0402 Improper Business or Market Practices

2. MetLife – $84m

MetLife pays USD 84 million for misrepresenting the value of its reserves to investors.

Business Line: BL2102 Traditional Life
Event Type: EL0401 Suitability, Disclosure & Fiduciary

3. JPMorgan Chase & Co. – $62.5m

Chase Bank pays USD 62.5 million over improper fees and illegal interest rates for soldiers. 

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

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4. Postbank (South Africa) – $62.1m

Postbank incurs USD 62 million loss after employees print and steal master key. 

Business Line: BL0301 Retail Banking
Event Type: EL0102 Internal Theft & Fraud

5. Commerzbank – $47.7m

Commerzbank fined GBP 37.8 million by FCA for anti money laundering control failures. 

Business Line: BL0401 Commercial Banking
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 June 2020

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ORX News Monthly Top 5 Stories - June 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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