The Risk Universe is a website and a monthly digital magazine that seeks to shed some much needed illumination onto the world of operational risk management.

EXCLUSIVE interview with Nick Leeson, 25 years after the collapse of Barings
On this day in 1995, Barings Bank collapsed. A colossal trading loss of £827m, accumulated in secret by the original ‘rogue trader’, Nick Leeson, brought the world’s second oldest merchant bank to its knees in a matter of days. The demise of Barings was a catalyst for major change in the banking industry and would cement the formation of operational risk as a distinct risk category.

25 years on, a lot has changed since those greed-fuelled days of profit at any cost. Here, Nick Leeson speaks exclusively to Carrie Cook at The Risk Universe about the event that would change his life and the world of banking, forever.
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Latest News

Bank watchdog asks PwC to probe Goldman reporting

Britain's banking watchdog has drafted in accountants to scrutinise the quality of Goldman Sachs' regulatory reporting at its vast London-based operations.

Court orders Credit Suisse to provide $1bn fraud related documents

The Supreme Court of Bermuda has ordered Credit Suisse to turn over documents to victims of an estimated $1bn fraud carried out by Credit Suisse from the last seven years, according to Metigen.

FCA admits data breach

The UK's top regulator has referred itself to the Information Commissioners Office after suffering a data breach that revealed the names and other identifiable information of 1600 individuals who had lodged complaints against it.

OCC chastises M.Y. Safra Bank for oversight of crypto clients, extensive failures in all pillars of AML program

The regulator of the country’s largest and most complex banks has sanctioned a New York-based private bank for its oversight, monitoring and reporting of potentially suspicious activity tied to crypto clients – a rare foray into where the worlds of virtual assets and compliance converge.

FINRA bars ex-Fidelity rep who refused to testify

The Financial Industry Regulatory Authority barred an ex-Fidelity broker from association with any FINRA member in any capacity after he refused to cooperate with the regulator’s investigation into his termination, according to FINRA.

Barclays faces probe over 'Big Brother' computer software it used to spy on staff

Barclays was last night facing an investigation by the data watchdog over 'Big Brother' computer software it used to spy on staff.

Wells Fargo pays $3b, avoids prosecution for sales abuses

Wells Fargo will pay $3 billion to settle U.S. investigations into more than a decade of widespread consumer abuses under a deal that lets the scandal-ridden bank avoid criminal charges.

Citrix says hackers were inside its networks for nearly five months

Nearly a year after it reported suffering a cyberattack, software company Citrix Systems has revealed that the hackers responsible were stealing data from its systems for nearly five months.

Taiwan FSC fines Cathay Life for lax sales controls

Cathay Life failed to improve its internal controls for sales agents and its insurance underwriting mechanism despite complaints from 14 customers.

Finma penalises Julius Baer because of money laundering

The Swiss Financial Market Supervisory Authority (Finma) has found that Julius Baer fell significantly short in combating money laundering between 2009 and early 2018.

FINRA orders Stifel to pay $500k in customer dispute

A Financial Industry Regulatory Authority panel ordered Stifel to pay $500,000 in compensatory damages to a customer who had claimed one of the firm’s representatives “mishandled” her account “through unsuitable, unauthorized, and excessive trading.”

China locks away banknotes after cleaning them with UV light to stop coronavirus spread

China is disinfecting and isolating used banknotes as part of efforts to stop the spread of the new coronavirus that has killed more than 1,500 people, officials said Saturday.
 
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