5 largest operational risk losses: March 2020

  • 7 April 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 March 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 March 2020

1. Swedbank – $397.2m

Swedbank fined SEK 4 billion by FI for AML failures in its Baltic operations.

Business Line: BL0901 Private Banking
Event Line: EL0402 Improper Business or Market Practices

2. ABN AMRO – $338.4m

ABN AMRO pays Italian tax agency up to EUR 300 million over alleged cum-ex trading by Fortis. 

Business Line: BL0201 Equities
Event Type: EL0402 Improper Business or Market Practices

3. Standard Chartered – $25.4m

Standard Chartered fined GBP 20.5 million by UK regulator for breaching EU's Russia sanctions.

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

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4. Australia and New Zealand Banking Group – $22.1m

ANZ to pay customers NZD 35.4 million over loan calculator error.

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

5. Assicurazioni Generali – $11.2m

Generali Vie fined EUR 10 million by ACPR for contractual and accounting failures.

Business Line: BL2101 Pensions
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.

ORX News top 5 chart - March 2020

Download the ORX News top 5 largest losses

ORX News Monthly Top 5 Stories - March 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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