Standard - June 2023
An industry loss event (ILE) is an operational risk event resulting from a common cause or set of events and is experienced by many firms. ILEs only apply to large loss events.
Examples include the mis-selling of Payment Protection Insurance (UK), the mis-selling of Mortgage Back Securities (USA), LIBOR Manipulation (International), and FX Manipulation (International).
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ORX Standards Senior Manager, ORX