Top 5 ORX News Losses: Q4 2020
- 13 January 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 Q4 2020.
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December
1. Promsvyazbank – $1178.9m
Promsvyazbank executives embezzle RUB 87.2 billion via fictitious securities purchase.
2. GE – $200m
GE to pay USD 200 million to SEC for misleading investors on its insurance financing.
3. BlueCrest – $170m
BlueCrest to pay USD 170 million for failing to disclose it replaced traders with algorithm.
4. Bank Gorod – $142.7m
Bank Gorod executives allegedly embezzle RUB 10.5 billion via fictitious cession agreements.
5. Nationstar – $110m
Nationstar ordered to pay USD 110 million remediation over deceptive mortgage practices.
November
1. Líder – $414.9m
Líder ordered to pay BRL 2.26 billion in restitution over irregular use of public funds.
2. JPMorgan – $250m
JPMorgan to pay USD 250 million over inadequate internal controls in fiduciary business.
3. Julius Baer – $79.7m
Julius Baer takes USD 79.7 million provision for expected fines over FIFA allegations.
4. Covéa – $23.3m
Covéa ordered to pay EUR 19.6 million over CEO’s misconduct in SCOR takeover bid.
5. Tengri Bank – $18.5m
Tengri Bank executives allegedly embezzle KZT 8 billion through deliberately unreturned loan.
October
1. Citibank – $400m
Citibank pays USD 400 million over poor risk management, data governance and control failures.
2. USAA – $85m
USAA Federal Savings Bank pays USD 85 million to OCC over poor risk and IT risk management.
3. Morgan Stanley – $60m
Morgan Stanley fined USD 60 million over unsafe data practices and due diligence.
4. Reliance Trust – $39.8m
Reliance Trust pays USD 39.8 million for alleged mismanagement of 401(k) funds.
5. AGM Market – $24.8m
AGM Market fined AUD 35 million by ASIC over account managers’ misconduct in derivatives sales.
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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.