Operational Risk

Op Risk News Feed

November 13th, 2014

‘Cartell’ Chat Room Traders Boasted of Whacking FX Market

Forex Investors May Face $1 Billion Loss as Trade Site Vanishes

Switzerland opens criminal investigation into several individuals in forex case

November 12th, 2014

Fed investigating bank conduct in forex markets

BOE Chief FX Dealer Fired as Probe Faults Non-Escalation

Six Banks to Pay $4.3 Billion in First Wave of Currency-Rigging Penalties

November 10th, 2012

Banks Said Poised to Settle With CFTC in FX-Rigging Cases

November 9th, 2014

Bank of America Said to Make New Pitch to SEC for Relief

UBS to settle allegations over precious metals trading

November 7th, 2014

JPMorgan's $9B whistleblower breaks secrecy

UK prepares forex fines for six banks on Wednesday: sources

BofA, U.S. Bancorp settle lawsuit over roles as WaMu trustees

Nationstar Leads Servicer Plunge as Probes Widen: Mortgages

November 2nd, 2014

Banks Set Aside $2.7 Billion on FX as Settlements Near

J.P. Morgan found hackers through breach of corporate event website: media

October 30th, 2014

U.S. prosecutors reopen probes against several big banks: NYT

Britain's Fraud Office launches probe into Tesco accounting scandal

October 8th, 2014

Prison Prospect Makes U.K. Bank Boards Less Appealing

U.S. Preparing Charges Against Banks in Currency Rate-Rigging Cases

October 7th, 2014

U.S., U.K. Regulators Push to Settle Deutsche Bank Libor Case This Year

U.S. Prosecutor Masterminded $37 Billion Bank Penalty Win

October 4th, 2014

Hackers’ Attack Cracked 10 Financial Firms in Major Assault

October 3rd, 2014

UBS Said to Face Fine of $6.2 Billion in French Tax Case

JPMorgan Employee Password Was Key in Hack Hitting 76 Million Homes

S&P Probed by New York Attorney General Over Mortgage Bonds

September 29th, 2014

Swiss bank UBS warns of penalties as forex settlement talks begin

Lloyds Bank dismisses 8 staff after rate rigging probe

September 28th, 2014

BNP Paribas, After Scandal, Says Chairman Will Resign

September 27th, 2014

Warren Calls for Hearings on New York Fed Allegations

Goldman tightens conflict-of-interest rules

September 24th, 2014

Barclays Fined Twice in One Day for Compliance Failures

43% of companies had a data breach in the past year

September 23rd, 2014

Barclays fined $62 million for client fund failings

September 17th, 2014

U.S. attorney general urges changes to fight more Wall St. crime

September 16th, 2014

Virginia sues 13 banks for $1 billion over alleged mortgage bond fraud

Biggest Banks Said to Overhaul FX Trading After Scandals

September 12th, 2014

HSBC to Pay $550 Million to End Mortgage-Related Suit

Banks join forces in push for coordinated FX settlement: sources

September 9th, 2014

Home Depot confirms security breach following Target data theft

S&P Faces Squeeze After $1.3 Billion Countrywide Fine

September 5th, 2014

Barclays, BofA, Citigroup Sued for ISDAfix Manipulation

BP 'grossly negligent' in 2010 U.S. spill, fines could be $18 billion

August 30th, 2014

The Cyber-Terror Bank Bailout: They're Already Talking About It, and You May Be on the Hook

August 27th, 2014

JPMorgan, Four Other Banks Hit by Hackers: U.S. Official

August 26th, 2014

CFTC fines Merrill Lynch $1.2 million for client fee errors

August 24th, 2014

Blurred Lines in Big Bank Mortgage Settlements

Goldman to Pay $3.15 Billion to Settle Mortgage Claims

August 21st, 2014

Bank of America settles mortgage probes for $16.65 billion

August 20th, 2014

BofA Accused of Rolling USA for $900 Million

Standard Chartered to Pay $300 Million on Unflagged Deals

August 13th, 2014

Barclays Seen Facing $2 Billion in Misconduct Costs

CFPB Orders Amerisave To Pay $19.3 Million For Bait-And-Switch Mortgage Scheme

August 12th, 2014

Exclusive: Standard Chartered to scour records for money laundering, with penalty at stake

August 6th, 2014

JPMorgan wins dismissal of Los Angeles lawsuit over mortgage lending

REPORT: Bank Of America Is Looking At A Record $17 Billion Settlement With The Feds Over Mortgage Fraud Claims

August 5th, 2014

Russian gang stole 1.2 billion Net passwords

British Bank Standard Chartered Faces Action, Again, by New York State

July 30th, 2014

Credit Suisse Dragged Into Dark-Pools Trading Probe

Wall Street Faces New U.S. Scrutiny of Derivatives Tactic

Bank of America ordered to pay $1.27 billion for 'Hustle' fraud

July 29th, 2014

U.S. trial over S&P ratings could begin in September 2015, take 4 months

Deutsche Bank, UBS Sucked Into Dark-Pools Trading Probe

July 24th, 2014

GM Sets Aside at Least $400 Million to Pay Recall Victims

S&P faces fraud charges over mortgage ratings

Britain files criminal charges against Alstom UK unit

ECB hacked: Data stolen from central bank

Morgan Stanley to Pay $275 Million in Subprime RMBS Settlement

July 22nd, 2014

Deutsche Bank Suffers From Litany of Reporting Problems, Regulators Said

Barclays Dark Pool, Corporate Tax, Banker Pay: Compliance

Credit Suisse to Exit Commodities, Posts Big Quarter Loss

Senate Report: Tax Move Helped Hedge Funds Save Billions

July 21st, 2014

Renaissance Avoided More Than $6 Billion Tax, Report Says

Citi’s Banamex, regulator clash over who played key role in loan fraud

Barclays Dark Pool Volume Fell 66% Week After Lawsuit

July 17th, 2014

Exclusive: SEC targets 10 firms in high frequency trading probe - SEC document

Barclays, Deutsche Bank Face U.S. Senate Hearing

July 16th, 2014

Litigation costs hit Bank of America's quarterly profit

BofA pays AIG $650 million to settle mortgage disputes

Spot Bank of America's "One-Time, Non-Recurring" Litigation Charges

Bank of America's $10 Billion In 2014 Legal Charges Mask Ugly Trends, Net Interest Margin Drops To Lowest On Record

July 14th, 2014

Exclusive: Prosecutors' case against GM focuses on misleading statements

Citi to pay $7 billion to settle U.S. mortgage securities probe

July 10th, 2014

Exclusive: Commerzbank may pay $600 million-$800 million to settle U.S. probe - sources

July 9th, 2014

Citigroup Near Settlement of U.S. Mortgage Probe

July 7th, 2014

SunTrust Reaches Agreement With Multi-Agency Force on HAMP Issues

U.S. in sanctions talks with Commerzbank and Deutsche: source

Banks Dreading Computer Hacks Call for Cyber War Council

July 1st, 2014

FHFA Inspector General Cites Risks on Nonbank Mortgage Servicers

June 30th, 2014

Foreign Banks Still in the Dark About Missing Metals in China

GM to Recall 8.45 Million More Vehicles in North America

French watchdog: BNP has agreed to $8.9 billion fine, one-year clearing suspension in U.S.

GM victims fund to have wide eligibility

BNP Paribas board approves record $8.9B settlement

June 28th, 2014

GM recalls thousands of new pickups, SUVs, in U.S. and Canada

New York AG Schneiderman finally flexes muscles against Wall Street

BlackRock Gets SEC Wells Notice on Former Employee Rice

Dark Days for the Man Who Would Save Barclays

SEC judge suspends two KPMG auditors over bank case

June 27th, 2014

GM recalls 194,107 Buicks in China due to headlight issue

BNP Paribas Caves On US Pressure, Will Pay $8.9 Billion Fine

Bank Of America: Government Settlements Cost Less Than They Appear

June 26th, 2014

GM's Barra says more recalls possible as automaker reviews data

China Finds $15 Billion of Loans Backed by Fake Gold Trades

PBOC Halts Repos as China Money Rate Climbs to Seven-Week High

Making the Credit Raters Sweat

June 25th, 2014

GM dealers stop selling some Cruze sedans with Takata air bags

U.S. charges two more in IBM insider trading case

Dark Pool Greed Drove Barclays to Lie to Clients, N.Y. Says

June 23rd, 2014

MBIA says Credit Suisse hid crucial documents in U.S. mortgage case

Supreme Court Tinkering With Securities Class Actions

BNP Is Close to $9 Billion Sanctions Accord With U.S.

June 22nd, 2014

GM board warned of serious problems in 2002: Reuters

Why hedge funds are under attack by cyber-criminals

June 20th, 2014

Judge lets DoJ proceed with fraud case against Bank of America

Exclusive: BofA asks Holder to meet with its CEO - sources

Ex-NSA Chief Pitches Banks Costly Advice on Cyber-Attacks

June 19th, 2014

BlackRock, Pimco Sue Deutsche Bank, U.S. Bank Over Trustee Roles

GM Officials Ignored Alert on Car Stalling

Currency Probe Widens as U.S. Said to Target Markups

June 18th, 2014

GM hit with $10 billion lawsuit saying recalls damaged brand

June 17th, 2014

SunTrust to Pay Nearly $1B Over Foreclosures, Mortgage Practices

Citi, Bank of America in Standoff With Regulators

City of Miami sues JPMorgan, claims mortgage discrimination

Study Asserts Startling Numbers of Insider Trading Rogues

June 13th, 2014

Citigroup and U.S. Deadlocked in Settlement Talks

U.S. to sue Citigroup over faulty mortgage bonds: sources

BNP Executive Leaving Won’t Quell U.S. Penalty Demands

June 12th, 2014

Europe Bankers Cringe at Rising U.S. Fines Amid BNP Probe

June 11th, 2014

Bank of America Mortgage Settlement Is Said to Be Deadlocked

June 9th, 2014

Cyberattack Insurance a Challenge for Business

Cybercrime costs global economy $400 billion: Report

June 6th, 2014

Heartbleed Part 2: The handshake bug

Ex-Deutsche Bank Trader Facing Record $17 Million Fine

Class-action suit filed against 13 exchanges over HFT

GM recalls 106,000 more vehicles

BNP Executive Firings Sought by Top New York Bank Regulator Amid Probe

Barclays Fine Spurs U.K. Scrutiny of Derivatives Conflict

BofA could pay at least $12B to settle US probes: Report

June 5th, 2014

Cracking Down on Illegal Mortgage Referrals

Hollande Says Big BNP Fine May Hit Europe Bank Stability

June 4th, 2014

Canada Charges US Executives as Anti-Bribery Push Advances

BNP Fine Shows Risks for Banks Ensnared in Litigation

June 3rd, 2014

ECB Officials Anxious About Impact of U.S. Fines on EU Banks

May 30th, 2014

L.A. sues JPMorgan Chase, alleges predatory home loans to minorities

Ford recalls nearly 1.4 million vehicles in North America

U.S. Seeking More Than $10 Billion Penalty From BNP 

May 28th, 2014

UK fraud office probes GSK after claims of foreign bribery

May 27th, 2014

‘Fabulous Fab’ won’t appeal fraud conviction

Mortgage Probes Shift to Smaller Banks

May 24th, 2014

Goldman, JPMorgan sued over zinc price manipulation

S&P, Moody’s Lose Bid to Block Calpers $800 Million Suit

May 23rd, 2014

Exclusive: EBay initially believed user data safe after cyberattack

Barclays hit with £26m fine over gold fix

May 21st, 2014

GM adds 218,000 older small cars to growing recall list

BNP Falls as U.S. Probe Said to Cost More Than $5 Billion

May 20th, 2014

Ocwen’s bad day just got worse

EU accuses JPMorgan, HSBC of market fixing

May 19th, 2014

Credit Suisse Pleads Guilty in Felony Case

May 18th, 2014

Credit Suisse’s Dougan and Rohner May Leave Bank: Swiss Report

May 17th, 2014

Legal claims over RBS cash call near 4 billion pounds

GM to pay $35 million U.S. fine for delayed response

May 15th, 2014

Credit Suisse Said Close to Guilty Plea, $2.5 Billion Accord With U.S.

May 13th, 2014

Exclusive: Regulators scrutinize financial risk-modeling firms

May 12th, 2014

Lawmakers pressure Credit Suisse boss Dougan to resign

Head of Dutch KPMG quits after investigations

Two banking giants implore US authorities to go easy

No end in sight for Deutsche Bank Libor probe: sources

May 9th, 2014

U.S. judge says Wal-Mart should face lawsuit over alleged Mexico bribery

JPMorgan examining its relationship with domestic U.S. banks: WSJ

May 8th, 2014

Regulator Suggests End to Banks’ Self-Grading

Holding Auditors Accountable on Reports

Breakingviews: Barclays CEO finds his backbone (3:38) 

Asia's Largest Property Developer Is At The Center Of Hong Kong's Largest Ever Corruption Trial

May 6th, 2014

Credit Suisse Said Near U.S. Tax Deal for Over $1 Billion

May 5th, 2014

U.S. attorney general says banks may face criminal cases soon

Target CEO Steinhafel to Step Down Following Data Breach

Barclays, Credit Suisse Battle Banker Exodus, U.S. Woes

April 30th, 2014

Credit Suisse, BNP Paribas at Risk of Criminal Charges Over Taxes, Business With Banned Nations

BNP warns U.S. fine may 'far exceed' $1.1 billion provision

April 28th, 2014

Bank of America’s Bad Accounting

G.A.O. Report Sees Deeper Bank Flaws in Foreclosures

April 24th, 2014

CFPB analyst cites 'profound' mortgage servicer community impact

BofA in DOJ settlement talks for $10B+: Sources

April 17th, 2014

Ocwen’s Erbey: Lawsky hold has frozen all MSR deals

Here's How Much Wall Street Banks Spent On Legal Bills This Quarter

April 11th, 2014

Mexico bank regulator, Citigroup report second fraud at Banamex

Heartbleed bug affects gadgets everywhere

Bond Traders From JPMorgan to RBS Placed on Leave

Federal prosecutors in Manhattan probe JPMorgan's Masters: Report

DoJ probes Citigroup unit over suspicious transactions: WSJ

Exclusive: SEC eyes test that may lead to shift away from 'dark pools'

April 9th, 2014

BofA to pay $727 million to consumers over credit card practices

Toyota to recall nearly 6.5 million vehicles for steering, other faults

April 8th, 2014

Allstate, BofA agree to end toxic mortgage lawsuit

U.S. wants one trial in $5 billion fraud case versus S&P

Takeda, Lilly Ordered to Pay $9 Billion in Diabetes-Drug Case

Citigroup Reaches $1.13 Billion Pact Over Mortgage Bonds

April 6th, 2014

Eight (No, Nine!) Problems With Big Data

April 3rd, 2014

Bank of America near credit card deal with U.S. regulator

G.M. Turns to Experienced Crisis Experts

March 31st, 2014

CFPB awash in mortgage complaints

'I'm worried' about high-speed trading: Former Pimco exec

Michael Lewis, 'Flash Boys,' and '60 Minutes'


March 29th, 2014

Hong Kong ICAC Said to Search Outgoing JPMorgan CEO’s Office

March 28th, 2014

Ex-ICAP Brokers Charged Libor Probe as Total Hits 14

Citigroup hurt by negligent auditing on failed stress test: Financial Times

General Motors recalling 824,000 more small cars

March 27th, 2014

PwC is sued for $1 billion over MF Global collapse

BofA Wins Recommendation for U.S. Mortgage Suit Dismissal

Judge rules Goldman must face lawsuit over mortgage securities

March 26th, 2014

Bank of America to pay $9.3 billion to settle mortgage bond claims

UBS Said to Suspend FX Traders in New York, Zurich and Singapore

Scandal-Hit British Banks Turn to 'Weirdy Beardy'

Target, security auditor Trustwave are sued over data breach

Nissan recalling over one million vehicles for airbag issue

March 25th, 2014

FAA tells Boeing to fix 747-8 software to avoid crash

Sentinel Chief Bloom Guilty in $500 Million Investor Scam

Former Madoff associates found guilty of fraud

U.S. prosecutors eye new approach on company misconduct after Toyota

Mexican Oil Executive Under House Arrest On Suspicion Of Defrauding Citibank Up To $400 Million

March 24th, 2014

SEC Is Probing Dealings by Banks and Companies in Loan Securities

Top J.P. Morgan Executive in China to Leave Bank

March 21st, 2014

Bond trading under watch by regulators: Report

Credit Suisse Settles Mortgage Litigation for $885 Million

Pressures Mount on GM Recall

S&P Judge Tentatively Rules It Must Face Deception Claims

March 19th, 2014

A Mystery: Who Are the Dewey Secret Seven?

March 18th, 2014

GM Appoints Vehicle Safety Chief as Scrutiny Intensifies

New York official seeks curbs on high-frequency traders

March 15th, 2014

U.S. class action over bitcoin losses names Mizuho as defendant

March 14th, 2014

U.S. regulator sues 16 banks for rigging Libor rate

Bank of Canada Examines Loonie Fixings

March 13th, 2014

McDonald's hit by lawsuits claiming it steals wages

Big fine imposed on ex-Goldman trader Tourre in SEC case

Goldman Sachs Said to Send Refunds After Dark Pool Error

March 12th, 2014

Fed Looked at Currency Trading in 2012, Didn't Act

Tokyo lawsuit raised red flags on Mt. Gox funding, compliance

March 11th, 2014

Federal prosecutors open criminal probe of GM recall: source

The Morning Risk Report: Banks See More Risk In Lawsuits

Bank of England in shake-up after rate manipulation criticism

March 5th, 2014

London gold-fix banks accused of manipulation in U.S. lawsuit

BOE Suspends Employee as Notes Show Currency Concerns From 2006

March 2nd, 2014

SEC investigating Citigroup over Mexico fraud: Source

February 28th, 2018

Citi Paid $400 Million in Fake Invoices

Sears investigating possible security breach

Mt. Gox bitcoin debacle: huge heist or sloppy glitch?

For-profit college charged with predatory lending

Citigroup reports fraud in Mexico unit, lowers 2013 results

February 26th, 2014

Target warns data breach could hurt future profit

Three Former Barclays Employees Face Libor Charges in U.K. Court

BofA under probe over US housing program, forex

February 25th, 2014

National Fair Housing Alliance Takes Aim at BofA Over Racial Loan Profiling

Mt. Gox Bitcoin Exchange Down Amid $365 Million Theft Claim

February 24th, 2014

Ex-Jefferies Trader’s Customers Say Lies Part of the Job

UBS Said to Seek Immunity in FX-Rigging Probes by EU, US

February 21st, 2014

Credit Suisse to Pay $197 Million in SEC U.S. Client Case

Madoff said JPMorgan executives knew of his fraud: lawsuit

February 20th, 2014

Deutsche Bank Pays $1.27 Billion to Settle Kirch Dispute

February 19th, 2014

Ex-Jefferies Director Faces Jury in TARP Fraud Case

Post-Target breach ripples may cost $200 million

February 17th, 2014

Kickstarter Says Customer Data Accessed in Hack

Former Barclays Employees Charged by U.K. Over Libor Rigging

February 14th, 2014

Target Warned of Vulnerabilities Before Data Breach

Danske Bank Price Fixing Probe Fuels Calls for Tougher Rules

February 13th, 2014

Ocwen may face bad servicing suit

French Bank Is Suspected of Violating Blacklistings

Lehman settles with Freddie Mac over $1.2 billion claim

February 11th, 2014

Two Hong Kong Firms to Pay $11 Million Over Inside Trades

February 10th, 2014

Lawsuit Challenges Government’s $13 Billion Deal With JPMorgan

February 9th, 2014

Barclays launches investigation after customer data leak

Deutsche Bank found in 'material non-compliance' with Dubai regulator

February 7th, 2014

Toyota Nears $1 Billion Deal to End Probe

Foreign-Exchange Probe Widens

BOE Staff Said to Have Condoned Currency Traders’ Conduct

February 6th, 2014

JPMorgan Chase Fined by DOJ for False Claims Act Violations

Identity theft rises as crooks get more creative

February 5th, 2014

Busting a credit card hacker

Lawsky Said to Open Currency Probe of Over Dozen Banks

Deutsche Bank Said to Fire Three Currency Traders Amid Probe

Deutsche Bank Settles French Loan Spat as Elections Loom

February 4th, 2014

U.S. judge approves JPMorgan's $543 million deal to settle Madoff claims

Analysis: Lawsuits over forex market face uncertain future

U.S. retailers at Senate hearing: hackers have upper hand

Morgan Stanley Reaches $1.25 Billion Settlement of FHFA Suit

JPMorgan To Pay $614 Million In Settlement Over Junk Mortgages

February 3rd, 2014

Credit card data breach targets Marriott, Sheraton, other hotels

Spying Fears Abroad Hurt U.S. Tech Firms

February 1st, 2014

Target Card Breaches Open New Front in Old Battle With Bankers

January 31st, 2014

Court Approves Bank Of America's $8.5 Billion Settlement Over Toxic Mortgages

January 30th, 2014

Ex-RBS Bankers Charged Over Movie Tax-Avoidance Scheme in U.K.

US seeks $2.1bn over BofA loans ‘hustle’

Libya’s sovereign wealth fund to sue Goldman over $1bn trades

January 29th, 2014

Exclusive: Google close to settling EU antitrust probe - sources

January 28th, 2014


January 27th, 2014

Legg Mason Agrees to $21 Million Settlement with SEC

Legal Costs Set to Put RBS in the Red

January 25th, 2014

US retailer Michaels warns of possible payment card breach

BofA Swaps Desk Investigated by CFTC, DOJ, Filing Disclosed

January 23rd, 2014

SEC judge bars "Big Four" China units for six months over audits

Neiman Marcus Says 1.1 Million Cards May Be Affected by Breach

January 22nd, 2014

U.S. banks and retailers trade barbs over data breaches

UBS to RBS Said to Be in EU Talks Over Franc Libor Fines

January 20th, 2014

Expert hacker: Healthcare.gov 'absolutely 100%' insecure

January 19th, 2014

Analysis: After Target hack, Verifone smart card readers could shine 

January 17th, 2014

Exclusive: NY AG won't ask Bank of America for damages but Merrill case goes on

A Sneaky Path Into Targets Customers' Wallets

Ex-JPMorgan Asia Head Said to Be Questioned by FBI About Hirings

January 16th, 2014

Judge Disallows Plan by Detroit to Pay Off Banks

Metals, Currency Rigging Worse Than Libor, Bafin Chief Says

January 15th, 2014


January 14th, 2014

US credit cards 'weakest link' for hackers: CEO

Rabobank Ex-Traders Charged With Yen Libor Rigging

FBI suspects front running of Fannie, Freddie in swaps market

Identity thieves gear up to steal your tax refund

January 13th, 2014

With data vulnerable, retailers look for tougher security

January 12th, 2014

Federal Reserve Said to Probe Banks Over Forex Fixing

Exclusive: U.S. investigating Honeywell over export, import controls

More well-known US retailers victims of cyberattacks: Sources

January 11th, 2014

Neiman Marcus: Hackers may have stolen payment card data

January 10th, 2014

Target Raises Estimate of Customers Hit by Breach

Banks to face Justice Dept action against money laundering: WSJ

Wall Street predicts $50 billion bill to settle US mortgage suits

January 9th, 2014

Alcoa to pay $384M in foreign corrupt practices case

January 7th, 2014

J.P. Morgan Settles Its Madoff Tab

Federal Probe Targets Banks Over Bonds

JPMorgan Agrees To Pay $1.7 Billion To Bernie Madoff Victims

January 6th, 2014

U.S. judge orders RBS unit in Japan to pay $50 million over Libor

January 5th, 2014

Questions left unanswered about Yahoo malware attack

JPMorgan Chase nears a $2 billion deal in a case tied to Madoff

January 3rd, 2014

Emergency manager: Detroit debt deal necessary

JPMorgan Settles Pittsburgh Bank Suit Probing U.S. Deal

January 1st, 2014

Hackers post account info of 4.6 million Snapchat users: report

JPMorgan Halts Latvia Dollar Deals After Probes, Bank Group Says

December 29th, 2013

Exclusive: Hacker took over BBC server, tried to 'sell' access on Christmas Day

At Least 15 Are Killed in Explosion at Russian Rail Station

December 27th, 2013

Bank of America's gender bias settlement approved by court

Target says PINs stolen, but confident data secure

U.S. judge expands classes in lawsuits over $34 billion mortgage debt

December 26th, 2013

U.S. regulator fines Barclays over decade of records failures

December 24th, 2013

Target meets with state attorneys as lawsuits pile up

December 23rd, 2013

Banks pay for past sins as U.S., Europe levy record fines

December 22nd, 2013

J.P. Morgan Chase Places Limits on Debit Cards Used During Target Breach

Weak US card security made Target a juicy target

December 19th, 2013

Banks Said to Snitch on FX Rivals in Race to Avoid Fines

SAC Manager Guilty as Insider Focus Turns to Martoma

U.S. Secret Service Probes Card Security Breach at Target


December 16th, 2013

JPMorgan blocked probe in Madoff case: government official

December 13th, 2013

Yahoo Mail Has Been Down for Some Users for Several Days

December 12th, 2013

Criminal action is expected for JPMorgan in Madoff case

December 11th, 2013

RBS Wins 'Dumbest Bank of the Year' Award

December 10th, 2013

For BofA, billions more in legal costs from crisis

December 7th, 2013

Ex-Deutsche Bank employee in HK guilty of taking $3.7m in bribes

Bank tabulated business linked to China hiring

Rogue trader gets prison, told to repay Goldman $118 mln

December 6th, 2013

Bank of America Added to Los Angeles's Lawsuit

J.P. Morgan Is in Talks With U.S. Over Madoff Warnings


December 5th, 2013

Standard Chartered Says Bank Client Data Stolen in Singapore

Wall Street: The day of reckoning nears

Deutsche Bank quits commodities under regulatory pressure

JPMorgan warns 465,000 card users on data loss after cyber attack

December 4th, 2013

Bank of America settles municipal bond rigging lawsuit

Exclusive: U.S. plans new bank fraud cases in early 2014 - attorney general

Deutsche Bank Tokyo Employee Arrested for Suspected Bribes

Bank of America, Citigroup faulted over mortgage servicing

EU Commission fines banks $2.3 billion for benchmark rigging

Managing Third-Party Vendor Compliance Under the CFPB

December 3rd, 2013

Ex-WaMu CEO Killinger Said to Be Near Settlement in Bank Failure

Boom-era credit deals poised for comeback

Europe to unleash heavy rate-fixing fines

 
JPMorgan Settlement Docs Show Every Large Bank in U.S. Committed Mortgage Fraud

 
Rating agencies face sanctions by EU watchdog

December 2nd, 2013

DOJ to scale back CDS investigation without charges

Bank of America to pay $404 million to Freddie Mac to settle mortgage dispute

EU Threatens Action Against Big Three Ratings Firms

November 28th, 2013

UBS Restructuring Forex Unit

November 27th, 2013

Ernst & Young Settles Lehman Investor Suit for $99 Mln

US banks could face legal charges of over $100 billion: S&P

November 26th, 2016

Gold Fix Drawing Scrutiny Amid Knowledge Tied to Eruption

Speed Traders Meet Nightmare on Elm Street With Nanex

November 24th, 2013

Banks' packaging of risky mortgages into securities and selling them to investors was a key factor that led to the nation's financial crisis.

November 22nd, 2013

Former Credit Suisse Investment Banker Sentenced in Financial Crisis Case

Who's Paying for JPMorgan's Settlements?

Wells Fargo’s Lofrano Should Be Added to Fraud Suit, U.S. Says

November 21st, 2013

Banks ban traders from group chat rooms

November 19th, 2013

JPMorgan Settlement Offers Look Into Mortgage Machine

Dimon Says He’s Surprised by Probe Costs Tied to Bear Stearns

November 18th, 2013

MF Global's 2011 collapse was Wall Street's largest since the 2008 bankruptcy of Lehman Brothers

U.S. Poised to Announce $13 Billion JPMorgan Settlement

November 17th, 2013

JPMorgan Said to Agree to Cover WaMu Costs on Mortgage Deal

November 16th, 2013

Who Has Your Back? It's Hard to Tell

November 15th, 2013

JPMorgan Chase to pay $4.5 billion in mortgage security deal

November 13th, 2013

JPMorgan’s Fruitful Ties to a Member of China’s Elite

U.S. probe of JPMorgan hiring in China involves ex-premier's daughter: NYTimes

Cost of Settling Mortgage Cases Varies Widely by Agency

November 11th, 2013

BofA, Freddie Mac in talks to settle mortgage dispute: WSJ

Big Banks May Block Traders From Chat Rooms

Moody's, S&P and Fitch sued over failed Bear Stearns funds

November 9th, 2013

U.S. seeks $864 million from Bank of America after fraud verdict

November 8th, 2013

UBS Pays $3.76 Billion to Swiss Central Bank in Buyback of Toxic Assets

Ex-ICAP Brokers Said to Face U.K. Prosecutors in Libor Probe

November 7th, 2013

Royal Bank of Scotland to Pay $153.7 Million to Settle Mortgage Case

November 6th, 2013

Federal judge will approve SAC's forfeiture deal with prosecutors: hearing

Exclusive: EU to levy record fines on Libor banks: source

November 5th, 2013

JPMorgan talks back on track after turbulence: WSJ

Exclusive: EU to fine Deutsche, JPMorgan and others in rate probe - source

November 1st, 2013

JPMorgan Discloses Eight DOJ Probes From Asia to Madoff

October 30th, 2013

Data Security Added to Worries About Website

Outsourcing is too risky for banks: Regulators

Citigroup, JPMorgan Said to Put Currency Dealers on Leave

U.S. attorney wants DOJ to take civil action against BofA: filing

October 29th, 2013

Dutch Rabobank fined $1 billion over Libor scandal

JPMorgan's settlement with Justice Dept. at risk: WSJ

Deutsche Bank, UBS Profits Battered by Rising Legal Costs

October 28th, 2013
 
U.S. Banks' Legal Tab Is Poised to Rise

October 26th, 2013

Midlevel manager held to account in housing crisis

October 25th, 2013

JP Morgan settles for $5.1bn with US housing regulator

October 24th, 2013

White House reveals key flaw in Obamacare website

JPMorgan Faces Possible Penalty In Madoff Case

October 23rd, 2013

Bank of America liable for Countrywide mortgage fraud

October 22nd, 2013

Reuters: JPM settlement could cost closer to $9B


October 20th, 2013

For JPMorgan, ending criminal probe proves impossible for now

FHFA Is Said to Seek at Least $6 Billion From BofA for MBS Sales

October 18th, 2013

Health Law's Rocky Debut Puts Sebelius in Cross Hairs

JPMorgan Said to Reach Record $13 Billion U.S. Settlement

October 18th, 2013

JPMorgan Chase reportedly settles with FHFA for $4B

 
HSBC to Appeal $2.46 Billion Judgment

October 14th, 2013

Ex-RBS Trader in U.K. Probe Said to Be JPMorgan’s Usher

October 9th, 2013

JPMorgan wants out of dicey lending to salve reputation: WSJ

RBS Said to Pass Currency Trader Chats to FCA Amid Probe
 
 
Commodity Prices Wrong as Often as 27% of Time for Traders

October 8th, 2013

Prosecutors give SAC settlement ultimatum

October 7th, 2013

Falcone Banned at Fidelity for 7 Years by N.Y.’s Lawsky

Insurers Getting Faulty Data From U.S. Health Exchanges

October 5th, 2013

HSBC Unit Judge Orders Judgment on $1.5 Billion in Claims

Analysis: IT experts question architecture of Obamacare website

October 4th, 2013

London Whale Lifts U.K. Regulator to Highest Fines in a Decade

Mortgage Firm Data Key to Wall Street Probe, U.S. Says

BlackBerry Accused of Inflating Shares With False Claims

Swiss Regulator Probes Currency Market

October 3rd, 2013

Goldman Said to Make $1.5 Million Error in Ford Bond Sale

Citigroup fined $30 million after analyst sent report to SAC, others

September 30th, 2013

J.P. Morgan Insider Helps U.S. in Probe

September 27th, 2013

Citigroup Follows JPMorgan as Legal Target, Peabody Says

FHFA Offered Unqualified Buyers Foreclosures, Study Finds

September 26, 2013

JPMorgan Talks Said to See Possible $11 Billion Settlement
 
Swaps Rules Worry Industry

JPMorgan chief meets Holder in bid for deal to end probes, avoid criminal charges

JPMorgan Urged to Pay More in Mortgage Deal

September 25th, 2013

NYSE, Nasdaq Consider Cooperating to Address Glitches

Mortgage App Fraud Declines 5.6 Percent Year-Over-Year in Q2

September 24th, 2013

ICAP Staff Face Criminal Charges Tied to Libor

Prosecutors Pursue Big SAC Settlement

JPMorgan eyes $4bn ‘pay for peace’ deal

September 23, 2013

Regulator sues Morgan Stanley, eight others over faulty securities

U.S. government to sue JPMorgan in mortgage case: sources

September 20th, 2013

S&P: Exchanges' glitches put ratings at risk

September 19th, 2013

Pricing Glitch Afflicts Rollout of Online Health Exchanges

JPMorgan Guilty Admission a Win for SEC’s Policy Shift

September 18th, 2013

J.P. Morgan 'Whale' Fine Put at Over $900 Million

September 17th, 2013

Ex-JPMorgan Employees Indicted Over $6.2 Billion Loss

Judge refuses injunction request in eminent domain case

September 16th, 2013

Citigroup must pay couple $3.1 million for not overseeing broker: panel

September 6th, 2013

BP Spill Claims Administrator Cleared in Ethics Probe

September 5th, 2013

Microsoft's Nokia Buy Ends 'Phone Maker' Era

China says Yunnan county 'faked' economic data

September 4th, 2013

S&P: US lawsuit is 'retaliation' for ratings downgrade

August 30th, 2013

Credit union regulator sues Morgan Stanley over mortgage losses

August 28th, 2013

JPMorgan Bribe Probe Said to Expand in Asia as Spreadsheet

U.S. Bank Legal Bills Exceed $100 Billion

August 27th, 2013

Currency Spikes at 4 P.M. in London Provide Rigging Clues

US demands more than $6bn from JPMorgan to settle claim

BofA Settles Black Advisers’ Bias Suit for $160 Million

JPM Fines May Hit $600 Million

August 23rd, 2013

Eli Lilly 'deeply concerned' by China bribery claim

Nasdaq boss blames three-hour halt on outsiders

Exclusive: Monte Paschi accused of misleading Italy regulator in 2012

Nasdaq Focus on ‘Defensive Driving’ After Trading Outage

Fonterra in Sri Lanka shutdown after new health scare

Investor Profits on Tech Error with Nasdaq Stock Options

August 22nd, 2013

Nasdaq Halts Trading in Stocks, Options Amid ‘Issue’

August 20th, 2013

U.S. judge OKs Citigroup $730 million bondholder settlement

Goldman faces losses on erroneous trades

August 19th, 2013
 
Judge endorses US use of fraud law against Bank of America

US launches probe of JPM energy business: Report
 

August 17th, 2013

Hiring in China by JPMorgan under scrutiny

Regulator probes Deutsche Bank over money laundering controls - report

August 12th, 2013

Bribery 'routine' for foreign pharmaceutical firms in China

August 9th, 2013

Banks sue Richmond to halt plan to seize mortgage

Greek spot checks find half of firms cheating on tax

U.S. Said to Plan to Arrest Pair in Big Bank Loss

August 8th, 2013

JPMorgan Nears Settlement With SEC on London Whale Loss

Former RBC Associate Jailed For Insider Trading
 
JPMorgan says being investigated by DOJ over mortgages

August 7th, 2013

The crackdown on bank misbehavior masks a troubling reality

JPMorgan Sued With Goldman Sachs in Aluminum Antitrust Case 

Bank of America hit with government lawsuits over mortgages

August 3rd, 2013

Michael Lewis: Authorities' Response To The Financial Crisis 'Bizarre'

August 2nd, 2013

Swaps Probe Finds Banks Rigged Rate at Expense of Retirees

July 29th, 2013

Credit Bureau Ordered To Hand Over $18 Million To An Oregon Woman

July 28th, 2013

JPMorgan faces 'hard sell' in crowded market for commodity traders

July 26th, 2013

JPMorgan Commodities Exit May Sap Liquidity Until Others Step in

Tourre Tells Jurors ‘I Haven’t Done Anything Wrong

Manager of defunct hedge fund pleads guilty to fraud

Stanford University Network Hacked

Embattled hedge fund SAC Capital enters not guilty plea

July 22nd, 2013

UBS settles US mortgage litigation

July 21st, 2013

Poor quality and bad management: India ignored warnings in free meal program

July 20th, 2013

A Shuffle of Aluminum, but to Banks, Pure Gold

Boeing 787 Probe Said to Focus on Pinched Beacon Wire

July 19th, 2013

Cohen’s SAC Career Faces End as SEC Presses Supervision

July 17th, 2013

JPMorgan in Talks to Settle Energy Manipulation Case for $500 Million

July 10th, 2013

Investigators Raise Questions About Pilots

July 11th, 2013

Elizabeth Warren Introducing A Bill That Would Be Wall Street's Worst Nightmare

July 4th, 2013

Parliament Pins U.K. Bank Trouble On IT Fiasco

July 3rd, 2013

Bank of America Ordered to Face Texas Property Fees Suit

Wells Fargo Must Face Foreclosure Suit After Loan Modified (1)

July 1st, 2013

European commission suspects banks of collusion over credit default swaps

July 2nd, 2013

2.5 million Californians exposed in data breaches

June 29th,2013

Reliving the walk

June 27th, 2013

Bank of America Said to Send Property Reviews to India

June 25, 2013

Anglo Irish tape revelations spark official investigation

June 21st, 2013

Insight: Losses loom for investors enmeshed in U.S. mortgage chaos

June 19th, 2013

BofA, Citi, Chase, Wells Fargo fail key servicing tests

June 14th, 2013

Former Bank of America workers allege it lied to home owners

June 12th, 2013

Traders Said to Rig Currency Rates to Profit Off Clients 

 

     Operational risk is inherent in all banking products, activities, processes and systems, and the effective management of operational risk has always been a fundamental element of a bank’s risk management program. As a result, sound operational risk management is a reflection of the effectiveness of the board and senior management in administering its portfolio of products, activities, processes, and systems. 

     Risk management generally encompasses the process of identifying risks to the bank, measuring exposures to those risks (where possible), ensuring that an  effective capital planning and monitoring program is in place, monitoring risk exposures and corresponding capital needs on an ongoing basis, taking steps to control or mitigate risk exposures and reporting to senior management and the board on the bank’s risk exposures and capital positions. Internal controls are typically embedded in a bank’s day-to-day business and are designed to ensure, to the extent possible, that bank activities are efficient and effective, information is reliable, timely and complete and the bank is compliant with applicable laws and regulation. In practice, the two notions are in fact closely related and the distinction between both is less important than achieving the objectives of each. 

     Sound internal governance forms the foundation of an effective operational risk management framework. Although internal governance issues related to the management of operational risk are not unlike those encountered in the management of credit or market risk, operational risk management challenges may differ from those in other risk areas.

     Common industry practice for sound operational risk governance often relies on three lines of defense – (i) business line management, (ii) an independent corporate operational risk management function and (iii) an independent review. Depending on the bank’s nature, size and complexity, and the risk profile of a bank’s activities, the degree of formality of how these three lines of defense are implemented will vary. In all cases, however, a bank’s operational risk governance function should be fully integrated into the bank’s overall risk management governance structure.

     In the industry practice, the first line of defense is business line management. This means that sound operational risk governance will recognize that business line management is responsible for identifying and managing the risks inherent in the products, activities, processes and systems for which it is accountable.

     A functionally independent corporate operational risk function (CORF) is typically the second line of defense, generally complementing the business line’s operational risk management activities. The degree of independence of the CORF will differ among banks. For small banks, independence may be achieved through separation of duties and independent review of processes and functions. In larger banks, the CORF will have a reporting structure independent of the risk generating business lines and will be responsible for the design, maintenance and ongoing development of the operational risk framework within the bank. This function may include the operational risk measurement and reporting processes, risk committees and responsibility for board reporting. A key function of the CORF is to challenge the business lines’ inputs to, and outputs from, the bank’s risk management, risk measurement and reporting systems. The CORF should have a sufficient number of personnel skilled in the management of operational risk to effectively address its many responsibilities.

     The third line of defense is an independent review and challenge of the bank’s operational risk management controls, processes and systems. Those performing these reviews must be competent and appropriately trained and not involved in the development, implementation and operation of the framework. This review may be done by audit or by staff independent of the process or system under review, but may also involve suitably qualified external parties.

     If operational risk governance utilizes the three lines of defense model, the structure and activities of the three lines often varies, depending on the bank’s portfolio of products, activities, processes and systems; the bank’s size; and its risk management approach. A strong risk culture and good communication among the three lines of defense are important characteristics of good operational risk governance.

     Internal audit coverage should be adequate to independently verify that the framework has been implemented as intended and is functioning effectively. Where audit activities are outsourced, senior management should consider the effectiveness of the underlying arrangements and the suitability of relying on an outsourced audit function as the third line of defense.

     Internal audit coverage should include opining on the overall appropriateness and adequacy of the framework and the associated governance processes across the bank. Internal audit should not simply be testing for compliance with board approved policies and procedures, but should also be evaluating whether the framework meets organizational needs and supervisory expectations. For example, while internal audit should not be setting specific risk appetite or tolerance, it should review the robustness of the process of how these limits are set and why and how they are adjusted in response to changing circumstances.

     Because operational risk management is evolving and the business environment is constantly changing, management should ensure that the framework’s policies, processes and systems remain sufficiently robust. Improvements in operational risk management will depend on the degree to which operational risk managers’ concerns are considered and the willingness of senior management to act promptly and appropriately on their warnings.
   
     Internal auditors have constructed international standards to provide objective assurance about control, governance and risk management .The Institute of Internal Auditors (IIA) provides guidance that has been organized into an International Professional Practices Framework (IPPF). The guidance is organized into mandatory guidance and strongly recommended guidance to its members .The International Standards for the Professional Practice of Internal Auditing has designed performance standards that encompass a variety of activities (reference the Professional Guidance section of the IIA’s website). 
   
 These IIA standards include Managing the Internal Audit Activity (2000), Nature of Work (2100), Engagement Planning (2200), Performing the Engagement (2300), Communicating Results (2400), Monitoring Progress (2500) and Resolution of Senior Management’s Acceptance of Risk (2600). 
   
 The Governance (2110) and Risk Management Standards (2120) are subsets of the Nature of Work (2100) standard. The Risk Management standards include evaluating an organization's risk exposure (2120.A1), evaluating fraud risks (2120.A2), reviewing risk during consulting (2120.C1), risk knowledge gained during consultancy (2120.C2), and limitation of involvement in risk management (2120.C3)