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Operational Risk Framework and Fraud Management: A Contemporary Approach
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Author(s): Elpida Tsitsiridi (Technical University of Crete, Greece), Christos Lemonakis (Hellenic Mediterranean University, Greece)and Constantin Zopounidis (School of Production Engineering and Management, Technical University of Crete, Greece & Audencia Business School, France)
Copyright: 2021
Pages: 20
Source title:
Machine Learning Applications for Accounting Disclosure and Fraud Detection
Source Author(s)/Editor(s): Stylianos Papadakis (Hellenic Mediterranean University, Greece), Alexandros Garefalakis (Hellenic Mediterranean University, Greece), Christos Lemonakis (Hellenic Mediterranean University, Greece), Christiana Chimonaki (University οf Portsmouth, UK)and Constantin Zopounidis (School of Production Engineering and Management, Technical University of Crete, Greece & Audencia Business School, France)
DOI: 10.4018/978-1-7998-4805-9.ch006
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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.
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