Op risk data: losses focus attention on bank resilience
Also: StanChart’s control fail fines, plus three losses in Russia. Data by ORX News
The largest publicly reported loss of February is £102.2 million ($133.3 million) in provisions that UK bank Standard Chartered has set aside in response to a decision notice issued by the UK Financial Conduct Authority. The regulator’s penalty relates to the effectiveness of financial crime controls in Standard Chartered’s London branch between 2009 and 2014, and the bank accepted that weaknesses existed in some of its processes during this time.
The fine is part of a related $900 million
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