AMA, RCSAs and dealing with Libor at Rabobank

Dutch bank Rabobank has shaken off its Libor label pretty quickly, leaving it to focus on its co-operative roots, the AMA and its RCSA roll-out. Anne Snel-Simmons, head of operational risk management at Rabobank, talks to OpRisk about the challenges of centralising operational risk under a co-operative model

In October 2013, Dutch bank Rabobank was fined more than $1 billion for its part in the Libor-rigging affair. The fine came in the form of a $168 million fine imposed by the UK Financial Conduct Authority, $325 million by the US Department of Justice, $475 million by the US Commodity Futures Trading Commission and $96 million by the Dutch public prosecution service, Openbaar Ministerie. The bank was accused of poor internal controls that encouraged collusion between traders and Libor submitters