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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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
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.
