Jumbo Goldman 1MDB fine upends 2020 trend to lower losses
Financial fraud and fat fingers loom large, but annual top 10 op risk losses still show fewer fails. Data by ORX News
Ask any op risk manager to imagine the perfect storm for fomenting loss and they might well describe the scene for 2020. Many feared the pandemic, which forced employees to up sticks overnight and work from home indefinitely, would stir up a squall of problems, such as money laundering, fraud and cyber attacks for their op risk profiles.
Yet, as the numbers clearly show, 2020’s reported incidents and op risk losses confounded these expectations and, along with capital levels, trended lower for
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