5 largest operational risk losses: October 2020

  • 10 November 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 October 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 October 2020

1. Citibank – $400m

Citibank pays USD 400 million over poor risk management, data governance and control failures. 

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

2. USAA – $85m

USAA Federal Savings Bank pays USD 85 million to OCC over poor risk and IT risk management.

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

3. Morgan Stanley – $60m 

Morgan Stanley fined USD 60 million over unsafe data practices and due diligence.

Business Line: BL0901 Private Banking
Event Type: EL0401 Suitability, Disclosure & Fiduciary

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4. Reliance Trust – $39.8m 

Reliance Trust pays USD 39.8 million for alleged mismanagement of 401(k) funds.

Business Line: BL0703 Fund Management
Event Type: EL0401 Suitability, Disclosure & Fiduciary 

5. AGM Market – $24.8m

AGM Market fined AUD 35 million by ASIC over account managers’ misconduct in derivatives sales.

Business Line: BL0801 Retail Brokerage
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 October 2020

Download the ORX News top 5 largest losses

ORX News Monthly Top 5 Stories - October 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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