5 largest operational risk losses: September 2021

  • 8 October 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 September 2021.

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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 2021

1. BitConnect – $2000m

BitConnect executives allegedly embezzle BTC 325,000 investor funds in fraudulent offering.

Business Line: BL0501 Cash Clearing
Event Type: EL0102 Internal Theft & Fraud

2. Erste Abwicklungsanstalt – $1168.4m

Erste Abwicklungsanstalt found liable for around EUR 1 billion WestLBcum-ex tax debt.

Business Line: BL0201 Equities
Event Type: EL0402 Improper Business or Market Practices

3. ABN Amro Group – $297m 

ABN AMRO provisions EUR 250 million over interest calculations on revolving credits.

Business Line: BL0301 Retail Banking
Event Type: EL0401 Suitability, Disclosure & Fiduciary

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4. Interactive Brokers Group – $84.3m 

Interactive Brokers to pay USD 84.3 million for failing to adequately prepare trading system.

Business Line: BL0801 Retail Brokerage
Event Type: EL0403 Product Flaws

5. Wells Fargo & Company – $72.7m

Wells Fargo USD 72.7 million DoJsettlement for overcharging customers using FX services.

Business Line: BL0401 Commercial Banking
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 2021

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ORX News Monthly Top 5 Stories - September 2021

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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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