ORX News top five largest loss events:

www.orx.org
April 2017 +44 (0)1225 430 390

Rank Loss amount Summary Location Business Event

Line Type
China A Minsheng Bank branch manager in Beijing has been China BL0901 EL0102
Minsheng accused of selling CNY 3 billion worth of fictitious wealth Private Internal
Banking management products to help a corporate client disguise Banking Theft &
Corp. – USD its commercial debt. Fraud
436.2 million
Shoko Shoko Chukin Bank has been ordered to repay the Japan BL0401 EL0102
Chukin Bank Japanese government after it was discovered that the Commercial Internal
– USD 179.4 government-affiliated bank had illegally granted JPY Banking Theft &
million 19.8 billion of loans as part of a low-rate crisis response Fraud
financing programme for small businesses.
Union Bank On 16 April 2017, it was reported that hackers had India BL0204 EL0102
of India – stolen USD 171 million from Union Bank of India Treasury/ Internal
USD 171 using the Society for Worldwide Interbank Financial Funding Theft &
million Telecommunication (SWIFT) network. It took six days for Fraud
the bank to recover the funds.
Central Bank Two diamond companies, both part of the Winsome India BL0401 EL0102
of India – Group, have been accused of defrauding Central Bank of Commercial Internal
USD 146.6 India of INR 9.55 billion using letters of credit. Two other Banking Theft &
million banks were also affected by the scheme. Fraud

Deutsche On 20 April 2017, the US Federal Reserve System USA BL0202 EL0402
Bank – USD announced that it had fined Deutsche Bank and its US Global Improper
137 million intermediate bank holding company USD 137 million for Markets Business
unsafe and unsound practices in the foreign exchange or Market
market. Practices

The operational risk year to date

Summary of distribution, frequency and severity of ORX News event digests.
ORX News
120
7
ORX News is an industry-
6 100
leading provider of publicly
Total losses (USD billions)

Frequency of loss events

5 reported operational risk loss

80
data.
4
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0 0 +44 (0)1225 430392
Apr-16 May16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17
Africa Asia/Pacific Eastern Europe Latin America & Caribbean North America Western Europe Frequency

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