5 largest operational risk losses: March 2021

  • 12 April 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 March 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 March 2021

1. Sberbank – $108.2m

Sberbank defrauded of RUB 8 billion through commercial loans to supermarket chain.

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

2. Sandell Asset Management – $105.0m

Sandell Asset Management settles for USD 105 million with NY AG over tax evasion claims.

Business Line: BL0703 Fund Management
Event Type: EL0102 Internal Theft & Fraud

3. Hutton Ventures – $53.0m 

Hutton Ventures ordered to pay USD 53 million for deceptive student debt relief practices.

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

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4. Mercuria Energy Group – $36.0m 

Mercuria defrauded of USD 36 million as purchased copper replaced with painted paving stones.

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

5. Rahn+Bodmer – $22.0m

Rahn+Bodmer pays USD 22 million to US for conspiring to facilitate tax evasion.

Business Line: BL0901 Private 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 March 2021

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ORX News Monthly Top 5 Stories - March 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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