5 largest operational risk losses: September 2020

  • 12 October 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 September 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 September 2020

1. JPMorgan Chase – $920.2m

JPMorgan Chase agrees to pay USD 920.2 million for spoofing metals and US Treasury markets.

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

2. LCF – $236.5m

Investors sue LCF for GBP 178 million over alleged mini-bond fraud.

Business Line: BL0703 Fund Management
Event Type: EL0102 Internal Theft & Fraud

3. Rabobank – $189.3m 

Rabobank loses up to EUR 160 million after Mexican government seizes ship collateral. 

Business Line: BL0401 Commercial Banking
Event Type: EL0701 Transaction Capture, Execution & Maintenance

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4. Mutual of Omaha – $6.7m 

Mutual of Omaha agrees to pay USD 6.7 million to settle class action suit over ERISA breaches.

Business Line: BL2101 Pensions
Event Type: EL0401 Suitability, Disclosure & Fiduciary 

5. Macquarie – $5.1m

Macquarie pays AUD 7 million over advisers inflating value of company shares to investors. 

Business Line: BL0703 Fund Management
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 September 2020

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ORX News Monthly Top 5 Stories - September 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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