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 Q3 2022.
September 2022
1. Citigroup - $200m
Citigroup to pay USD 200 million over staff use of WhatsApp and record-keeping failures.
2. Deutsche Bank - $200m
Deutsche Bank to pay USD 200 million over staff use of WhatsApp and record-keeping failures.
3. Goldman Sachs - $200m
Goldman Sachs to pay USD 200 million over staff use of WhatsApp and record-keeping failures.
4. Credit Suisse - $200m
Credit Suisse to pay USD 200 million over staff use of WhatsApp and record-keeping failures.
5. UBS - $200m
UBS to pay USD 200 million over staff use of WhatsApp and record-keeping failures.
August 2022
1. Voyager Digital - $5bn
lnvestors claim losses of up to USD 5 billion in alleged Voyager Digital crypto scheme.
2. Rost Bank - $1.75bn
Rost Bank loses at least RUB 107 billion in alleged embezzlement scheme during restructuring.
3. Nomad - $190.7m
Nomad cryptocurrency bridge loses around USD 190.7 million in security exploit hack.
4. Jefferies Financial Group - $80m
Jefferies to pay USD 80 million to settle investigations into staff misuse of personal devices.
5. Standard Advisory Services - $75m
Standard Advisory allegedly defrauds clients of USD 75 million via undisclosed transactions.
July 2022
1. Bank of America - $225m
BoA fined USD 225 million after mishandling access to benefits via prepaid cards mid-pandemic.
2. Bank of America - $200m
Bank of America to pay USD 200 million over unauthorised use of personal devices.
3. Morgan Stanley - $200m
Morgan Stanley to pay USD 200 million over staff use of WhatsApp and record-keeping failures.
4. Barclays - $199.2m
Barclays provisions GBP 165 million over investigations into staff misuse of personal devices.
5. Julius Baer - $109.7m
Julius Baer to pay EUR 105 million to settle charges it enabled embezzlement of Snoras' assets.
About ORX News
Stay on top of the latest operational risk losses with ORX News. ORX News is a leading source for information and analysis on publicly reported operational risk loss events from around the globe.
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