PROFESSIONAL RISK ASSESSMENT USING KNOWLEDGE BASES IN SMALL AND MEDIUM ENTERPRISES

2010 ◽  
Vol 9 (4) ◽  
pp. 489-493 ◽  
Author(s):  
Sebastian Marius Rosu ◽  
George Dragoi ◽  
Costel Emil Cotet ◽  
Luminita Rosu
Keyword(s):  
Risk Assessment ◽  
Small And Medium Enterprises ◽  
Knowledge Bases ◽  
Medium Enterprises

scholarly journals A Risk Assessment Proposal through System Dynamics

2020 ◽  
Vol 55 (3) ◽  
Author(s):  
M. Di Nardo ◽  
M. Madonna ◽  
Mosè Gallo ◽  
Teresa Murino
Keyword(s):  
Risk Assessment ◽  
Risk Analysis ◽  
System Dynamics ◽  
Safety Management ◽  
Small And Medium Enterprises ◽  
Feedback Mechanism ◽  
Point Of View ◽  
Production Environment ◽  
Analysis Technique ◽  
Medium Enterprises

The issues about legislation of safety management, as well as main techniques of "risk analysis and evaluation", are widely integrated in complex production environment. From an organizational and technological point of view, it’s not easy to implement these techniques in Small and Medium Enterprises. In fact, each technique does not permit a complete and exhaustive analysis and quantification of risks. Application of aforementioned methods does allow for achievement of a wide number of benefits. The aim of this paper is to critically analyse both analysis and risk assessment processes. In this paper, integration between System Dynamics and Layers of Protection Analysis technique is provided in order to enhance results of risk management. System Dynamics shows to be very effective in evaluating interaction effect of different incidental scenarios properly identified through risk analysis technique used. System Dynamics modelling permits simulation through changes in time and feedback mechanism. This approach has been validated via testing in a plastic molding plant with a scenario of risk of a massive fire.

scholarly journals Operational Risk Assessment and Management in Small and Medium-sized Enterprises

2015 ◽  
Vol 16 (2) ◽  
pp. 140-148 ◽  
Author(s):  
Viktorija Stasytytė ◽  
Loreta Aleksienė
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Small And Medium Enterprises ◽  
Value Added ◽  
Operational Risk ◽  
Business Environment ◽  
Enterprise Risk ◽  
Uncertain Future ◽  
Medium Enterprises ◽  
Risk Assessment And Management

Modern organizations have raised a need to actively and quickly react to the changes in external business environment, as well as in internal processes considering not only the present situation, but also evaluating possible changes and forecasting the future. Enterprise risk assessment and management, which is strongly related with foreseeing the uncertain future, becomes topical not only scientifically, but also practically seeking to reveal new and unique solutions. Operational risk management in small and medium enterprises, creating the largest part of value added in the whole European Union, demands a separate attention and coordinated decisions and means. The objective of the paper – to analyse the process of enterprise risk management in small and medium-sized enterprises, as well as to propose adequate risk management solutions for these companies. After performing a research, it was found out that small and medium enterprises more than big organizations require a risk management strategy and methodology, need to distinguish activity objectives and events influencing them, and they can efficiently apply a risk portfolio method to manage risk. In small and medium enterprises it is recommended to incorporate a risk management system based on COSO ERM model that can be modified depending on company needs and possibilities, turning it into less formal and structured and easily applicable.

SME Financial Management

2013 ◽  
pp. 330-342 ◽  
Author(s):  
Edna Stan-Maduka
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Financial Management ◽  
Business Processes ◽  
Small And Medium Enterprises ◽  
Risk Mitigation ◽  
Simplified Approach ◽  
Medium Enterprises ◽  
Operational Processes

Regulators’ efforts to create awareness of risk management in Small and Medium Enterprises (SMEs) have heightened since the 2008 recession which affected many economies. The objective has been to stress the fundamental role of risk assessment and mitigation in the protection of business processes and profitability of SMEs. This has been hard to achieve due to the inadequate financial and operational processes within small and medium enterprises. This chapter presents an exploration of risk management in SMEs and a simplified approach to SME risk assessment and operational risk mitigation.

scholarly journals DEVELOPING STRATEGIC SOCIAL RESPONSIBILITY FOR THE MANUFACTURING SMALL AND MEDIUM ENTERPRISE: AN EXPLORATIVE STUDY

2019 ◽  
Vol 7 (2) ◽  
pp. 106-117 ◽  
Author(s):  
Dr. Mahadevan Krishnan ◽  
Dr. Jamilah Ahmad
Keyword(s):  
Risk Assessment ◽  
Social Responsibility ◽  
Small And Medium Enterprises ◽  
Transition Matrices ◽  
Decision Making Capacity ◽  
Determining Factors ◽  
Medium Enterprise ◽  
Implementation Methodology ◽  
Business Competitiveness ◽  
Medium Enterprises

Purpose of the study: This study in Malaysia explores the adoption of strategic social responsibility (SR) practices among manufacturing-based small and medium enterprises (SMEs). Methodology: A qualitative approach employing the in-depth interview method was taken-up for this study. Eight respondents from manufacturing SMEs in Penang were randomly selected from the list published by the National SME Agency, which is also reckoned as SMECorp and participated in the study. The selection of senior level managers as respondents was also based on their understanding of strategic SR initiatives and decision-making capacity within their organizations. In order to further ensure that all respondents were equal in their views, the study avoided any attempt to interfere with or incorporate existing business-related practices of SMEs, which could influence the findings of this study. Main Findings: In order to enable manufacturing SMEs to pursue sustainable and profitable SR practices, the findings first propose a six-phase SR implementation methodology. Secondly, it includes a risk assessment matrix and thirdly, it is followed by a risk transition matrix. The risk assessment and transition matrices serve as determining factors for this sector to pursue such initiatives. Applications of this study: This enables the adoption of SR initiatives which converts to business competitiveness while positioning the SME strategically from social or environmental or both perspectives. Strategic SR helps to position business, thus proving beneficial for this sector that lacks a method to address SR in a benefitting way. This is vital because strategically aligned SR is able to influence business positioning, thus proving beneficial by contributing to the revenue, image, and brand positioning for this sector. Novelty/Originality of this study: Being a preliminary study, the findings identify the steps that are to be taken by manufacturing entities of smaller magnitude for SR-related business positioning.

scholarly journals RISK ASSESSMENT IN SMALL AND MEDIUM ENTERPRISES IN THE SLOVAK REPUBLIC

2018 ◽  
Vol 6 ◽  
pp. 210-215
Author(s):  
Denisa Janasová ◽  
Stanislava Strelcová
Keyword(s):  
Risk Assessment ◽  
Risk Evaluation ◽  
Slovak Republic ◽  
Small And Medium Enterprises ◽  
Epistemic Uncertainty ◽  
Professional Community ◽  
Exact Methods ◽  
Long Time ◽  
Questionnaire Research ◽  
Medium Enterprises

The analysis and evaluation of risks are a decisive part of risk assessment in the risk management framework. Based on the results of the analysis and risk evaluation we can classify the risks as acceptable and unacceptable ones and subsequently manage them. The small and medium enterprises pay the analysis and risk evaluation the lowest attention. In our opinion this is linked with failing to utilise exact methods which seem to be complicated for their practical utilisation. They are not used especially for analysing and evaluating the risks which have their basis in epistemic uncertainty. The professional community has been discussing epistemic uncertainty for a long time. This assumption is valid mainly in the SMEs which have no competent person on the one hand and a shortage of information concerning the area assessed on the other hand. The main goal of this article is to assess the current state of implementing the process of analysing and evaluating the risk in the SMEs and to define the main problems from a questionnaire research carried out in 2017 in which 485 SMEs working in Slovakia took part. On the base of the conducted research, we can state that in spite of the fact that only high-quality risk assessment leads the companies to take suitable measures for risk reduction, the companies pay unadequate attention to the analysis and risk evaluation.

SME Financial Management

2013 ◽  
pp. 1107-1119
Author(s):  
Edna Stan-Maduka
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Financial Management ◽  
Business Processes ◽  
Small And Medium Enterprises ◽  
Risk Mitigation ◽  
Simplified Approach ◽  
Medium Enterprises ◽  
Operational Processes

Regulators’ efforts to create awareness of risk management in Small and Medium Enterprises (SMEs) have heightened since the 2008 recession which affected many economies. The objective has been to stress the fundamental role of risk assessment and mitigation in the protection of business processes and profitability of SMEs. This has been hard to achieve due to the inadequate financial and operational processes within small and medium enterprises. This chapter presents an exploration of risk management in SMEs and a simplified approach to SME risk assessment and operational risk mitigation.

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