Operational Risk Framework and Fraud Management-Reference-Cited by-同舟云学术

Operational Risk Framework and Fraud Management

Published:2021 Issue: Volume: Page:75-94
ISSN:2327-5677
Container-title:Machine Learning Applications for Accounting Disclosure and Fraud Detection
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Author:

Tsitsiridi Elpida¹,Lemonakis Christos²,Zopounidis Constantin³

Affiliation:

1. Technical University of Crete, Greece

2. Hellenic Mediterranean University, Greece

3. School of Production Engineering and Management, Technical University of Crete, Greece & Audencia Business School, France

Abstract

The universal financial shake of 2008 altered business and occupational circumstances and will inevitably trigger the outbreak of new forms of operational risk. Under normal conditions, OR does not cause significant losses; thus, severe damage is likely to occur when an operational miscarriage or an unexpected event takes place. Under the Basel III context, the banking sector is trying to increase safety and stability, by focusing on the quality of historical loss data, while cultivating an inside operational risk awareness culture. One of the most perilous types of OR is fraud, and its effects are often dangerous and may have long-term spillovers. In this chapter, an analysis of the meaning and the main characteristics of fraud is provided, focusing on contemporary trends of the issue. Going further, the business anti-fraud strategic plan is described along with how it maximizes its efficiency, while the chapter aims to analyze the demands for an organization to pass through fraud-fragile to fraud-resistant.

Publisher

IGI Global

Reference44 articles.

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