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.
Click here to download further details


Latest News

Finra panel awards $800,000 in case against Stifel

A Financial Industry Regulatory Authority arbitration panel has ordered Stifel, Nicolaus & Co. and a St. Louis-based broker at the firm to pay a client $800,000 in compensation for her claim of being hoodwinked about allowing money to be withdrawn from accounts she held with her estranged husband.

Bangkok Bank electronic system crashes

Bangkok Bank's (BBL) electronic system crashed on Wednesday due mainly a flurry of small-ticket transactions.

Coronavirus reveals shortcomings in Schwab’s business continuity plan

Charles Schwab will start permitting more of its employees to work from home — a move that follows criticism that the firm hasn’t acted quickly enough to enable staff to go remote.

Wells Fargo demands call center workers come to office despite coronavirus

Even as local and state governments around the country request that businesses let their employees work from home to help contain the growing threat of the coronavirus, Wells Fargo has labeled its workers at call centers, complaint departments, and retail banks as “essential” and is demanding that they continue to come to work against their wishes.

Swedbank money laundering report uncovers €37bn ‘high risk’ payments

Swedbank carried out €37bn of transactions with a high risk of money laundering over a five-year period, according to a damning report into the beleaguered Swedish lender’s compliance controls.

IIROC hits TD Waterhouse Canada with a record $4 million fine

Canada’s mega regulator, the Investment Industry Regulatory Organization (IIROC), today sanctioned Toronto brokerage TD Waterhouse Canada Inc., a subsidiary of The Toronto-Dominion Bank, with a fine of $4 million. A hearing panel handed down the record penalty as TD Waterhouse failed to comply with the Client Relationship Model (CRM2) rules, namely not including position cost information within the company’s quarterly retail client account statements.

Maze ransomware attackers extort vaccine testing facility

The cybercriminal gang behind Maze ransomware has been extorting a UK-based clinical research organisation that’s been preparing to play a potential role in testing vaccine candidates for the novel coronavirus, despite assurances that they would not harm any health care organisations during the COVID-19 crisis.

Ex-Merrill Lynch advisor barred by SEC for alleged $1.7M theft

The SEC barred a former Merrill Lynch advisor who allegedly stole $1.7 million from clients, the regulator said.

FIAU slaps Credorax Bank with €51,000 fine

Credorax Bank has been slapped with a €51,000 fine by the Financial Intelligence Analysis Unit (FIAU) for failing to provide it with information in a timely manner.

Deutsche Bank says five former board members probed over cum-ex

Deutsche Bank AG said five former management board members are under investigation for tax evasion, days after the first two bankers were convicted in Germany’s long-running Cum-Ex scandal.

British bank Nationwide delaying all incoming payments due to a glitch

On March 17, 2020, Nationwide delayed all incoming faster payments due to a fault in its system, according to City AM.

Swedbank fined $397 million over anti-money laundering measures

Sweden’s financial supervisory authority on Thursday handed Swedbank AB a 4 billion Swedish kronor ($397 million) fine after an investigation concluded the lender’s Baltic operations had serious deficiencies in its anti-money laundering measures.

 
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