5 largest operational risk losses: November 2020

  • 9 December 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 November 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 November 2020

1. Líder – $414.9m

Líder ordered to pay BRL 2.26 billion in restitution over irregular use of public funds.

Business Line: BL2203 Motor
Event Type: EL0402 Improper Business or Market Practices 

2. JPMorgan – $250m

JPMorgan to pay USD 250 million over inadequate internal controls in fiduciary business. 

Business Line: BL0601 Custody Services
Event Type: EL0401 Suitability, Disclosure & Fiduciary

3. Julius Baer – $79.7m 

Julius Baer takes USD 79.7 million provision for expected fines over FIFA allegations.

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

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4. Covéa – $23.3m 

Covéa ordered to pay EUR 19.6 million over CEO’s misconduct in SCOR takeover bid.

Business Line: BL1001 Corporate Items
Event Type: EL0402 Improper Business or Market Practices 

5. Tengri Bank – $18.5m

Tengri Bank executives allegedly embezzle KZT 8 billion through deliberately unreturned loan.

Business Line: BL0401 Commercial Banking
Event Type: EL0102 Internal Theft & Fraud

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The operational risk year to date

Summary of distribution, frequency and severity of ORX News event digests.

Top 5 chart November 2020

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ORX News Monthly Top 5 Stories - November 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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