Types of operational risk loss by event, May 2007 to May 2009
Client, product and business practice losses have been steadily present throughout the past two years, with early losses in 2008 including those due to rogue trading and lax internal controls. By late 2008, the Bernie Madoff scandal surfaced, where banks and asset managers disclosed their losses due to the scheme. Also in 2008, losses moved from being large internal fraud losses to showing a sharp
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