Risk Events Database

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OpsRisk Excellence provides (external) risk event and loss database for better  operational risk management. The source of  data are newspapers, websites and academic materials.  These are   compiled by a team of Senior Operational Risk Officers and members of the outfit.

In reading these events, ask –  “what are the control breakdowns?  how  can I prevent these in  my institution? what are the lessons learnt? “

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Date Risk Event Title Description Control Breakdown Source
July 2017 Metrobank exec Charged with Bank Internal Fraud Fake Loan disbursments using the Bank's Long- time client. Maker-Checker, Employee Rotation, Know-your-employee http://www.bworldonline.com/content.php?section=TopStory&title=bsp-looking-into-metrobank-internal-fraud&id=148628
June 2017 BPI Internal Glitch: Programmer's Error Resulted to Erroneous Balances of Customers Accounts The glitch happened after one of the bank's top technicians entered a wrong date while trying to update a report from the internal system. The balances were updated using transactions from April 27 to May 2 instead of June 6. Maker-Checker http://news.abs-cbn.com/business/06/21/17/bpi-programmer-owned-up-to-glitch-reassigned-official
March 2017 BDO: Accused by Cebu City Mayor of Tax Fraud Cebu City Mayo Tomas Osmena filed a complaint of alleged tax evasion with BDO Magallanes Branch for declaring a gross annual revenue of P400K in 2016, which is even lower than the branch manager's salary. Documentation http://cebudailynews.inquirer.net/117944/osmena-files-tax-fraud-complaint-vs-bdo-magallanes
March 2016 RCBC: Bangladesh Bank Heist Bangladesh Bank in FED (US) was hacked. Five transactions involving US$81 Million entered into PHL via RCBC using fictitious accounts and laundered through casinos. AML Controls Breakdown http://www.rappler.com/business/170698-rcbc-pays-bangladesh-bank-heist-fine-money-laundering

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