5 largest operational risk losses: May 2021

  • 10 June 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 May 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 May 2021

1. UBS – $210.5m

UBS fined EUR 172.4 million by European Commission over EGB trading cartel.

Business Line: BL0202 Global Markets
Event Type: EL0402 Improper Business or Market Practices

2. Nomura – $158.2m

Nomura fined EUR 129.6 million by European Commission over EGB trading cartel.

Business Line: BL0202 Global Markets
Event Type: EL0402 Improper Business or Market Practices

3. UniCredit – $84.8m 

UniCredit fined EUR 69.4 million by European Commission over EGB trading cartel.

Business Line: BL0202 Global Markets
Event Type: EL0402 Improper Business or Market Practices

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4. Swiss Life Group – $77.4m 

Swiss Life to pay USD 77.4 million for aiding US taxpayers avoid paying tax.

Business Line: BL2102 Traditional Life
Event Type: EL0403 Product Flaws

5. Bank of America – $75.0m

BofA to pay USD 75 million settlement for improperly charging overdraft and other fees.

Business Line: BL0301 Retail Banking
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 May 2021

Download the ORX News top 5 largest losses

ORX News Monthly Top 5 Stories - May 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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