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.

Latest News

Malaysian police raid Deloitte office for 1MDB-related documents

Malaysian police raided the Kuala Lumpur office of audit firm Deloitte on Thursday as part of a widening probe into a multibillion-dollar scandal at state fund 1MDB, two police sources told Reuters.

Deutsche Bank glitch blocked reporting of suspicious transactions

A software glitch at Deutsche Bank has for almost a decade prevented some potentially suspicious transactions from being flagged to law enforcement authorities, Germany’s biggest bank has discovered.

ANZ New Zealand censured over internal models

The Reserve Bank of New Zealand has revoked ANZ’s right to model its operational risk capital requirements due to persistent failures in controls.

KPMG faces £12.5m fine for faulty BYN Mellon reports

Accounting giant KPMG should be fined £12.5m or more for misconduct over reports on Bank of New York Mellon, a UK regulator said Tuesday.

Eight days after cyberattack, Baltimore’s network still hobbled

More than a week after a cyberattack hobbled Baltimore’s computer network, city officials said Wednesday they can’t predict when its overall system will be up and running and continued to give only the broadest outlines of the problem.

Commission fines banks EUR1.07 billion for forex spot fixing

Traders from Barclays, RBS, Citigroup, JPMorgan and MUFG who used chat rooms to fix the spot forex market have cost their employers EUR1.07 billion in fines following an investigation by EU antitrust authorities,.

4 brokerages fined over accounts held by Samsung chairman under borrowed names

South Korea's financial regulator on Wednesday ordered four brokerages to pay a total of 1.2 billion won (US$1.01 million) in fines as they were found to have more accounts under borrowed names used by Samsung Group's ailing chairman, Lee Kun-hee.

WhatsApp discovers 'targeted' surveillance attack

Hackers were able to remotely install surveillance software on phones and other devices using a major vulnerability in messaging app WhatsApp, it has been confirmed.

Banca IMI fined $2 million for ADR violations

Broker-dealer Banca IMI Securities has been fined $2 million by authorities in the US after pleading guilty to an antitrust charge related to its American Depository Receipts (ADRS) business.

Chinese men charged with hacking health insurer Anthem

Two Chinese men have been indicted on charges related to the breach of health insurer Anthem, which saw the personal information of 78.8 million individuals stolen, as well as attacks against three other large U.S. companies.

JPMorgan hit with historic lawsuit that could "wreak havoc" on the leveraged loan market

Ask any banker (or analyst) what the difference is between a junk bond and a loan, and you'll most likely get a blank start in response: starting with the size of the loan market, which is now virtually identical to that of the high yield bond market, continuing through the standardization of loan terms, the growth of secondary trading, and all the way through to "protections" granted to loan investors, which in an age of exclusively covenant-lite issuance, no longer exist, and one can argue that at least superficially, a loan is effectively the same as a junk bond. And yet, there is one critical difference between the two: junk bonds are securities, while loans aren't.

CFTC charges former natural gas head trader with fraudulently mismarking futures and physical trades

The Commodity Futures Trading Commission (CFTC) filed a federal civil enforcement action today in the U.S. District Court for the Southern District of New York against defendant David Smothermon of Houston, Texas, charging him with defrauding the commodities-trading company where he worked as president and head trader of the company’s gas division by scheming to inflate the reported mark-to-market profit-and-loss value of the gas division’s overall trading book in order to conceal losses that ultimately grew to cause the company to suffer more than $100 million in realized losses.

 
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