Top 10 op risks 2015: long-duration scandals
In the seventh of our Top 10 op risks for 2015, we look at long-duration scandals. The scale of operational risk failures such as the Libor-rigging scandal mean that their after-effects will continue for years – which may not be a good thing
Although the Libor-rigging scandal featured in last year's Top 10 risks list, it has been running for longer than that. The scandal truly broke in July 2012 when the first fines were imposed, but investigations show the malpractice dates back to 2005. In addition, the investigation into attempts to rig benchmark foreign exchange rates, the first findings of which were revealed in late 2014, covers malpractice going back to at least 2008.
Central to the problem
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