Types of operational risk loss by event, August 2007 to August 2009

Three of the top losses during August this year involved commercial banking, the largest of which involved internal fraud. Due to an alleged conspiracy among regional bank executives and the loan applicant, Bank of Communications granted massive loans to a property development firm in which several US and European banks had declined to invest.

The Singapore investment refunds by Great Eastern Life Assurance continued the trend of suitability and disclosure losses related to the credit crisis

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