Op Risk database reveals fraud costs

Fraud is a far greater operational risk than banks have been prepared to admit, according to data compiled by Aon, the insurance company.

Last month, Chicago-based Aon launched an operational loss risk database, Aon OpBase, which it says is the first commercially available database of op risk losses based on records of actual insurance claims, rather than just publicly reported losses, for example.

The database covers 12,000 risk events at 2,000 financial firms dating back 10 years, and

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