Operations in Financial Services—An Overview

Hatzakis, Emmanuel D. Manos; Nair, Suresh K.; Pinedo, Michael

doi:10.1111/j.1937-5956.2010.01163.x

Cited by 62 publications

(49 citation statements)

References 266 publications

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“…However, improved data availability and monitoring procedures can also benefit a company in many ways. Internally, it should disincentivize agents from engaging in self‐interest maximization and fraudulent activities, as they are aware that all transactions can be objectively monitored by the system in real time, which in return should make it easier to align the interests of the agent and the principal (Hatzakis, Nair, & Pinedo, ). Consequently, we conjecture the following:Proposition A data‐driven approach to auditing can reduce contracting costs by reducing asymmetric information and the incentive of agents toward fraudulent behavior .…”

Section: Discussion Of Resultsmentioning

confidence: 99%

Data‐driven auditing: A predictive modeling approach to fraud detection and classification

Singh

Lai

Vejvar

et al. 2019

J Corp Accounting Finance

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This article develops and empirically tests a predictive model for audit of fraud detection with practical applications for audit operations. By analyzing real‐life accounting data, the proposed model can identify anomalous transactions and directly focus on exceptions for further investigation in real time, thus offering a significant reduction in manual intervention and processing time in audit operations. Our approach is a highly desirable supplement to the existing rule‐based models, given the growing use of information technology for analytics in auditing. The proposed approach is based on classification. Following the tenets of the principal agency theory, we discuss how our approach can help to reduce monitoring and contracting costs, disincentivize fraud, improve auditor efficiency and independence, and increase audit quality. We contribute to the current literature by discussing the implications of data‐driven audit on the moderating role of auditors in principal‐agent relationships and providing practical insights into the operational aspects of financial reporting and auditing, modeling of fraud‐detection classification models, and benefits, barriers, and enablers of implementing data driven audit in companies.

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Section: Discussion Of Resultsmentioning

confidence: 99%

Data‐driven auditing: A predictive modeling approach to fraud detection and classification

Singh

Lai

Vejvar

et al. 2019

J Corp Accounting Finance

View full text Add to dashboard Cite

show abstract

“…These factors, which, historically, have played a very important role in manufacturing, began to play a more significant role in asset management only over the last decade. Each one of these factors has started to receive attention in academic literature (see Zenios 1999, 2000;Melnick, Nayyar, Pinedo and Seshadri 2000;and Hatzakis, Nair and Pinedo 2010) however, the interdependencies and trade-offs between costs, productivity and operational risks have not yet been thoroughly analyzed (see Figure 18.1). For example, it is very likely that any reduction in costs, with the goal of increasing productivity, can without proper planning substantially increase exposure to operational risk.…”

Section: Processes Costs and Risks In Asset Managementmentioning

confidence: 98%

Global Asset Management

Pinedo¹,

Walter²

2013

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“…An important advantage of considering banking services is that we can focus on activities that are information intensive and, thus, can be executed across all channels, particularly in virtual channels. Moreover, banking services are an important part of the service sector and have received significant research attention (Hatzakis, Nair, & Pinedo, ). Most notably, the service strategy design framework we introduced in the section on activity attributes has been empirically examined already in the banking industry (Huete & Roth, ).…”

Section: Testable Hypotheses In Banking Servicesmentioning

confidence: 99%

Customer Use of Virtual Channels in Multichannel Services: Does Type of Activity Matter?

2015

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Many firms have recently adopted virtual channels, based most notably on the Internet and the phone, to complement the delivery of services to their customers by their existing physical facilities. The success of such multichannel (MC) strategies relies on the alignment of service design decisions-namely those concerning the allocation of service activities to virtual channels-with customers' MC behavior. Although prior studies have looked at the intensity with which customers use virtual channels, they have not addressed virtual channel use for different types of service activities. In our study, we investigate whether customers' use of virtual channels for MC services varies with the type of service activities they engage in, and if so, in what way. In doing so, we address two objectives. First, we investigate the impact of accessibility to the physical channel on the degree of use of virtual channels (Internet and phone, aggregated) for different types of activities. Second, we look at channel preferences (Internet vs. phone) for different types of activities when customers do resort to virtual channels to conduct activities. To address our objectives, we develop and test hypotheses regarding customers' use of virtual channels based on the match between activity attributes (complexity and volume)

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Operations in Financial Services—An Overview

Cited by 62 publications

References 266 publications

Data‐driven auditing: A predictive modeling approach to fraud detection and classification

Data‐driven auditing: A predictive modeling approach to fraud detection and classification

Global Asset Management

Customer Use of Virtual Channels in Multichannel Services: Does Type of Activity Matter?

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