Each month, the ORX News team publish a list of the five largest operational risk losses reported in the previous month. Read on to find out which operational risk loss events have had the most impact recently in Q1 2022.
March 2022
1. Sky Mavis – $625.5m
Axie Infinity loses USD 625.5 million in crypto after hack on Ronin blockchain validator nodes.
2. Barclays – $592.9m
Barclays expects GBP 450 million loss from repurchasing over-issued ETNs.
3. USAA – $140m
USAA to pay USD 140 million for SARs reporting and persistent BSA/AML programme failures.
4. City National Rochdale – $30.4m
City National Rochdale to pay USD 30.4 million over undisclosed conflicts of interest.
5. BNY Mellon – $11.9m
BNY Mellon fined EUR 10.8 million by Central Bank Ireland for systemic outsourcing breaches.
*This top 5 has updated since initial publication to include a crypto loss of USD $625.5m
February 2022
1. Allianz – $4206.3m
Allianz provisions EUR 3.70 billion for Structured Alpha Funds misconduct settlements.
2. Rabobank – $380.5m
Rabobank provisions EUR 333 million to compensate customers over variable interest rates.
3. Wormhole – $322.8m
Wormhole protocol loses USD 322.8 million in hack against currency conversion vulnerability.
4. BlockFi – $100m
BlockFi agrees to pay USD 100 million in penalties for unregistered sale of crypto-based securities.
5. Credit Suisse – $81m
Credit Suisse to pay USD 81 million to investors to settle stock lending cartel allegations.
January 2022
1. Navient Banking – $1.852.5m
Navient to pay USD 1.85 billion over deceptive practice and overcharging on student loans
2. Vnesheconombank – $130.8m
Vnesheconombank managers charged with RUB 10 billion embezzlement via fraudulent loans.
3. Lucian Development – $103m
Lucian Development CEO to pay USD 103 million DoJrestitution for operating Ponzi scheme.
4. Qubit Finance – $80m
Qubit Finance suffers USD 80 million hack due to duplicate deposit function in smart contracts.
5. Shawbrook Commercial Banking – $46.9m
Shawbrook to lose GBP 34.7 million in alleged GBP 282 million accounting fraud by Arena TV.
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