Top five op risk loss events in June 2009


1. Loss amount: $106.14 million

Firm: Government Service Insurance System (GSIS)

BIS event type: Systems

BIS business line: Insurance (non-BIS)

The Philippines state-owned insurance company lost at least $106.14 million as a result of systems failure. Beginning in March, the company's database management system crashed multiple times after one table crossed a certain data storage limit, affecting 90% of the company's operations. GSIS had reportedly failed to establish a data recovery system

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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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