Top five op risk loss events in March 2009


1. Loss amount: $501.11 million

Firm: Dubai Islamic Bank

BIS event type: Theft and fraud

BIS business line: Commercial banking

Dubai Islamic Bank of the United Arab Emirates reported that it lost at least $501.11 million due to credit fraud by seven individuals. The bank accused businessmen Charles Ridley, Ryan Cornelius and Erin Nil of using fake business transactions to obtain credit between 2004 and 2007. The suspects were associated with finance company CCH International. The bank further

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Investment banks: the future of risk control

This survey report explores the current state of risk controls in investment banks, the challenges of effective engagement across the three lines of defence, and the opportunity to develop a more dynamic approach to first-line risk control

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