5 largest operational risk losses: November 2021

  • 9 December 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 November 2021.

Never miss a loss event with ORX News

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.

See how you could benefit from an ORX News subscription

Top 5 op risk losses reported by ORX News in November 2021

1. Mashreqbank – $100m

Mashreqbank agrees to pay USD 100 million for alleged breach of Sudan related US sanctions. 

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

2. bZeroX – $55m

bZx loses USD 55 million after theft of developer’s private keys in phishing attack.

Business Line: BL0501 Cash Clearing
Event Type: EL0201 External Theft & Fraud

3. Navient – $42.5m 

Navient to pay USD 42.5 million to settle two class action suits over misleading investors.

Business Line: BL0301 Retail Banking
Event Type: EL0402 Improper Business or Market Practices

Book an ORX News demo

Arrange a demo

4. Westpac – $42.4m 

Westpac to pay at least AUD 59.4 million for charging deceased customers financial advice fees.

Business Line: BL0900 Private Banking
Event Type: EL0401 Suitability, Disclosure & Fiduciary

5. Westpac – $41.4m

Westpac to pay and provision at least AUD 58 million for charging inadequately disclosed fees.

Business Line: BL0900 Private Banking
Event Type: EL0401 Suitability, Disclosure & Fiduciary

Stay ahead of the curve with ORX News

ORX News is a vital tool for raising awareness of the current risk landscape, helping you to identify the latest threats and the biggest operational risk challenges.

Book a demo today to find out how ORX News can support risk management at your firm

The operational risk year to date

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

Top 5 chart November 2021

Download the ORX News top 5 largest losses

ORX News Monthly Top 5 Stories - November 2021

Subscribe to ORX News

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.

I want to know more about ORX News