Erratum to: Measuring and Managing Operational Risk

Managing the Stable Development of Manufacturing Systems under Decentralization

“…The innovative approach involves managing industrial enterprise development by stimulating innovative activity scrutinizing and implementing innovative advancements in all aspects of the organization's economic activity (Hamrol, 2018). Leone et al (2018) showed that an integrated approach to enterprise development management is based on the simultaneous development of many management aspectstechnical, environmental, economic, organizational, and psychological aspects-in their interconnection. The definition of economic stability of a company as a production system is a comprehensive characteristic of the company for a certain period and indicates the ability to maintain the critical financial, marketing, production, and personnel indicators at the normatively set, with a high degree of probability, level under the influence of the external and internal environment (Taurino, 2018).…”

Operational risk management and customer complaints

“…Thus, the risks integral to banks’ major business activities can be eliminated/mitigated by adopting proper business practices (Supriadi and Pheng, 2018; Jones et al , 2018; Xu et al , 2017; Svatá and Fleischmann, 2011; IBBM, 2010). Operational risk is known as unexpected risk faced by banks and has now been specifically defined by regulators and recognized by banks to be important in designing their respective risk profiles (Mizgier and Wimmer, 2018; Leone et al , 2018; Yang et al , 2017; Ames et al , 2015; Bodla and Verma, 2008). Operational risk can be defined as the risk resulting from the shortcomings in information and internal control systems, or from external events such as frauds, which result in unanticipated losses, the risk related to either human errors, system failures and inefficient procedures that occur due to breakdown in internal control procedures, either in the front, middle or back office activities, leading to unanticipated losses (Peña et al , 2018; IBBM, 2010).…”

“…Managing customer service and customer complaints are crucial for organizations seeking long-term relationships with customers, especially banks (Syed and Jain, 2017; Bell and Luddington, 2006), due to their serious impact on banks’ performance and reputation in the long run (Tjahjono, 2017; Duygun and Menteş, 2015; Duygun et al , 2014). Thus, banks emphasize risk management, especially errors related to execution delivery and process management (Leone et al , 2018; Knežević, 2013). According to the Basel Committee on Banking Supervision the Joint Forum (2003), execution delivery and process management are defined as losses from failed transaction processing or process management and involve no act aimed at benefiting or causing a loss for any party.…”