ORX News quarterly newsletter 2016

  • 31 January 2017
ORX News


Our ORX News quarterly newsletter includes features and analysis of the latest trends in publicly reported operational risk events in the financial services industry. It summarises the most important developments in operational risk every quarter.

Summary of Quarter 4, 2016


Banking losses this quarter were dominated by penalties from several regulators across multiple jurisdictions, related to the manipulation of interest rate benchmarks and foreign exchange rates. 

The Australian Competition and Consumer Commission, the European Commission, the Swiss Competition Authority, the Australian Securities and Investments Commission and the Brazilian Administrative Council for Economic Defense assessed 23 penalties for total losses of over USD 861 million.

In India, 19 banks were required to replace thousands of debit cards after they were compromised in a security breach on India’s ATM network. Malware was introduced into ATMs during what could be one of India’s biggest financial data breaches to date, affecting as many as 3.3 million debit cards.

Asset Management

ORX News recorded five asset management loss events this quarter. The most notable asset management loss event involved hedge fund Platinum Partners, whose founder was accused by the US Securities and Exchange Commission of defrauding investors of around USD 1 billion. In the United Kingdom, Aviva was fined GBP 8.2 million for breaching client asset rules in outsourcing agreements.


ORX News recorded 10 insurance loss events this quarter. Notable losses included a USD 44 million fraud perpetrated against Cigna, Humana, Anthem and Health Net in the USA. The insurers were targeted by a rehabilitation centre which billed them for services which were never provided.

Download the newsletters to stay fully up to date with the latest from ORX News

ORX News quarterly newsletter Q4 2016

ORX News quarterly newsletter Q3 2016

ORX News quarterly newsletter Q2 2016

ORX News quarterly newsletter Q1 2016