Top five op risk loss events in January 2008
1 Loss amount: $7,156 million
Firm: Société Générale
BIS event type: Unauthorised activity
BIS business line: Trading & sales
Société Générale lost $7.16 billion when junior-level futures trader Jerome Kerviel, using his knowledge of bank computer systems, conducted massive rogue trades in 2007 and 2008. Société Générale's total losses resulted from the bank's unwinding of Kerviel's positions in a poor financial market. The record-setting fraud focused attention on the bank's supervisory and risk
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