Internal Audit functions within Greek banks are imposed both by the Greek law for publicly listed enterprises (Law 3016/17.5.2002), as well as by the Bank of Greece (Bank of Greece Governor’s Act. Number 2577/9-3-2006). Based on the traditional approach of internal audit within Greek Banks, an inspection of branches and credit on a tick and check (compliance) basis was conducted. Recent research (Koutoupis and Tsamis, Fourth European Academic Conference on Internal Audit and Corporate Governance. Cass Business School, London, United Kingdom, 2006) comes to a conclusion that this approach does not result in adequate coverage of risks. In addition, new international regulations and best practices such as basel committee on banking supervision requirements, COSO enterprise risk management (ERM) suggested framework, as well as The Institute of internal auditors standards for professional practice of internal auditing (standards) were in most cases partially or fully ignored by the vast majority of Greek banks. However, minimum requirements regarding the operation of internal audit functions have been set up by the Bank of Greece, which in most cases are followed by the Greek banks, as well as periodically assessed by the above banking regulator. Risk based internal audit (RBIA) was an unknown concept for the vast majority of publicly listed and non-listed Greek enterprises until very recently. Only Greek subsidiaries of US and UK enterprises were aware of the RBIA audit concept (including big foreign banks which operate in Greece as subsidiaries), as they were periodically audited by group audit functions as an immediate result of relevant risk assessments. Also, the majority of Greek publicly listed enterprises use the audit cycle approach in developing their long term (3 year) and annual audit plans, which means that they audit specific business cycles and activities within a predefined time interval (1–3 years). Audit planning is based on the head’s of internal audit and internal auditors experience without formal application of risk assessment and audit planning techniques. All Greek banks that participated in the corporate governance and internal auditing survey (Koutoupis, Third European Academic Conference on Internal Audit and Corporate Governance, 2005) stated that they follow a risk-based audit approach and develop risk based audit plans; however the vast majority of them could not prove it through a clearly documented risk assessment and risk-based audit plan. Sarbanes–Oxley Act (2002) directed National Bank of Greece to adjust its audit planning process to a risk based one. Also, other big Greek banks (case study 1–3) are now either considering or adopting a RBIA approach, mostly because of Bank of Greece pressures. internal audit functions within small banks still follow the audit cycle approach. In this paper, current status of Greek banks RBIA approach will be discussed based on relevant references, as well as on three case study examples. This research will be based on relevant literature review, as well as authors’ professional experience in past and current projects related to risk assessment, audit planning and RBIA. Specifically, RBIA approach will be critically evaluated based on three big Greek banks analysis on a case study format and benchmark against basel requirements, ERM and standards for professional practice of internal auditing. Based on the relevant assessment, best practices and recommendations for improvement will be identified. 相似文献
The theory and practice of risk measurement provides a point of intersection between risk management, economic theories of choice under risk, financial economics, and actuarial pricing theory. This article provides a review of these interrelationships, from the perspective of an insurance company seeking to price the risks that it underwrites. We examine three distinct approaches to insurance risk pricing, all being contingent on the concept of risk measures. Risk measures can be interpreted as representations of risk orderings, as well as absolute (monetary) quantifiers of risk. The first approach can be called an "axiomatic" one, whereby the price for risks is calculated according to a functional determined by a set of desirable properties. The price of a risk is directly interpreted as a risk measure and may be induced by an economic theory of price under risk. The second approach consists in contextualizing the considerations of the risk bearer by embedding them in the market where risks are traded. Prices are calculated by equilibrium arguments, where each economic agent's optimization problem follows from the minimization of a risk measure. Finally, in the third approach, weaknesses of the equilibrium approach are addressed by invoking alternative valuation techniques, the leading paradigm among which is arbitrage pricing. Such models move the focus from individual decision takers to abstract market price systems and are thus more parsimonious in the amount of information that they require. In this context, risk measures, instead of characterizing individual agents, are used for determining the set of price systems that would be viable in a market. 相似文献
Social entrepreneurship has emerged as an important means of addressing grand challenges. Although research on the topic has accelerated, scholars have yet to articulate an overarching framework that links the different pathways taken by social entrepreneurs with the positive effects of these efforts. To address this shortcoming, we conducted a systematic literature review which enabled us to conceptually differentiate between social value and social change as distinct outcomes of social entrepreneurship and identify seven pathways for achieving these outcomes. Building on our analysis, we outline a research agenda for questions pertaining to: the dynamics between social value and social change; how contextual factors and social entrepreneurs influence various pathways; design principles of business models and innovations that facilitate social value and social change; and defining, measuring, and ensuring accountability for social value and social change. 相似文献
AStA Advances in Statistical Analysis - Triggered by advances in data gathering technologies, the use of statistical analyzes, predictions and modeling techniques in sports has gained a rapidly... 相似文献
The question whether technological progress displaces employment or whether technological advance is beneficial for the level of employment has been at the core of economic debate for over two centuries. The beneficial effect might be achieved by several compensation mechanisms within the economic system. In this paper we categorize these compensation mechanisms into two basic categories that reflect the different nature of the ideas ruling the compensation. We discriminate the mechanisms of employment despite innovation from employment via innovation. In the context of new innovation economics we model an artificial industry implementing both compensation mechanisms. Simulation analysis is used to examine both the short–run and long–run properties of the model. There we focus on the influence of wage restraint policy on the functioning of the compensation mechanism. 相似文献
An experiment is discussed in which three computer-aided, interactive job shop scheduling approaches are compared using an interactive job shop scheduling simulator (JOB) developed for the project. All three approaches use a combination of computer and human capabilities to develop job shop schedules, but differ in terms of the timing and degree of human involvement required. The three scheduling approaches are (1) the successive approach, (2) the interactive approach, and (3) the semi-interactive approach. The successive approach is characterized by the computer scheduling all work orders without any human intervention. The interactive approach is distinguished by the human scheduling one work order at a time until all work orders are scheduled. The schedule is developed interactively by the person who must simultaneously consider work-order scheduling needs and machine group load capacities. The semi-interactive approach may be viewed as a combination of the successive and interactive approaches. Work orders are automatically scheduled one at a time using the successive approach criteria, but with prespecified machine-group load thresholds. As long as the load threshold is not exceeded, the successive approach is used to schedule work orders. When a threshold is exceeded, the algorithm (successive approach) pauses and human rescheduling (interactive approach) is required to rectify the overload situation. A second (reallocation) phase, identical for all three approaches, is used to overcome any scheduling problems generated in phase one. Experimental results based on nine different performance criteria (including scheduling time, makespan, machine group utilization, and work-in-process inventory) and 45 experimental runs indicate that there are differences between the results produced by the three scheduling approaches. The interactive approach yields the best overall scheduling results, but the other two approaches are clearly better than the interactive approach in some situations. The success of the interactive approach indicates that it is usually best for the human scheduler to become involved early in the computer-based job shop scheduling process. 相似文献
This paper studies the sensitivity of long-run trends in top income shares to differences in top-share measures. While the standard measure fixes a share of the population, we define alternatives that allow variation in both incomes and size of the top group based on defining absolute income thresholds. In an application to United States data, we find that top income share trends over the past century vary somewhat depending on the measure used. Allowing top groups to increase in size after 1980 along with overall economic growth results in a larger increase of top income shares. The historical drops before WWII are sensitive to the choice of income deflator: using GDP inflates interwar top income shares but using CPI deflates them. Altogether, these results recommend using complementary approaches to defining top income groups when measuring long-term top income share trends.
This paper quantifies the extent to which infants can perceive audio–visual congruence for speech information and assesses whether this ability changes with native language exposure over time. A hierarchical Bayesian robust regression model of 92 separate effect sizes extracted from 24 studies indicates a moderate effect size in a positive direction (0.35, CI [0.21: 0.50]). This result suggests that infants possess a robust ability to detect audio–visual congruence for speech. Moderator analyses, moreover, suggest that infants’ audio–visual matching ability for speech emerges at an early point in the process of language acquisition and remains stable for both native and non-native speech throughout early development. A sensitivity analysis of the meta-analytic data, however, indicates that a moderate publication bias for significant results could shift the lower credible interval to include null effects. Based on these findings, we outline recommendations for new lines of enquiry and suggest ways to improve the replicability of results in future investigations. 相似文献
AStA Advances in Statistical Analysis - In this work, we propose an extension of the versatile joint regression framework for bivariate count responses of the R package GJRM by Marra and Radice (R... 相似文献
This study develops a heuristic procedure for decision making coordination in a decentralized organization structure. The procedure consists of simplified rules of iterative communication between decentralized units and a central agent. The central agent assigns budgeted profit levels and adjusts such levels guiding the system toward optimality. The decision making procedure developed in this study is compatible with management by objectives practices and can serve as a prototype for decentralized management. 相似文献