Top ten operational risk events for financial services companies in 2011

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Most of the top 10 losses in 2011 occurred in the ‘clients, products and business practices’ category, as banks had to handle the consequences of selling subprime mortgages and risky mortgage-backed securities prior to the US housing market’s collapse in 2008. However, the data was marked by two large internal fraud events at Busan Savings Bank and UBS. Although internal fraud events typically result in smaller losses, these two events showed that poor internal c

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