scholarly journals Risk management as a factor of business security

2019 ◽  
Vol 16 (1) ◽  
pp. 60-67 ◽  
Author(s):  
I. A. Yagodkina ◽  
T. P. Nikolaeva
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Measurement Techniques ◽  
Successful Operation ◽  
Factors Affecting ◽  
Enterprise Risk ◽  
Expert Assessments ◽  
Degree Of Risk ◽  
Business Structures ◽  
Enterprise Security

The article substantiates the need to manage the security of business structures. The role of risk management as the basis for ensuring security for their successful operation in a competitive environment is defined. The Russian and foreign practice of risk management of entrepreneurship is considered. Attention is paid to the principles of enterprise risk management, given their characteristics. The approach to the formalization of the degree of risk is analyzed, its drawbacks are noted. The practice of identification, assessment and measurement of risks, their content is covered. A formula for measuring risk based on the probability of its occurrence and the severity of losses has been compiled. The features of foreign risk measurement techniques have been determined. Such risk assessment technologies are described as: expert assessments, statistical data and consideration of factors affecting the degree of risk. The degree of their reliability, merits and demerits is noted. Recommendations on the use of qualitative and quantitative indicators in risk assessment are given. The concept of enterprise security management is proposed.

MODELLING AND CONTROLLING THE ENTERPRISE RISKS COMPLEX ASSESSMENT SYSTEMON THE BASIS OF RUSSIAN STATE STANDARD ISO 9001-2015 CONCERNING RISK-ORIENTED THINKING. GENERAL PROBLEMS AND WAYS OF SOLVING THEM

2020 ◽  
Vol 2020 (2) ◽  
pp. 33-41
Author(s):  
Irina Merzlyakova ◽  
Aleksandr Feofanov
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
State Standard ◽  
Control Model ◽  
Enterprise Risk Management ◽  
Iso 9001 ◽  
Management Procedure ◽  
Russian State Standard ◽  
Russian State ◽  
Enterprise Risk

The article considers general problems of implementing the enterprise risk management procedure. One of the ways to solve the problems arising when meeting Russian state standard ISO 9001-2015 requirements concerning risk-oriented thinking is presented. A risk assessment control model aimed at coordinating all kinds of the enterprise departments activities, forming a clear algorithm of risk management procedure implementation and attracting a greater number of employees towards this activity is offered.

Enterprise risk management and bow ties: going beyond patient safety

2019 ◽  
Vol 26 (3) ◽  
pp. 770-785
Author(s):  
Hossam Elamir
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Patient Safety ◽  
Assessment Tool ◽  
Enterprise Risk Management ◽  
Risk Assessment Tool ◽  
Management Tool ◽  
Content Type ◽  
Enterprise Risk ◽  
Bow Tie

Purpose The growing importance of risk management programmes and practices in different industries has given rise to a new risk management approach, i.e. enterprise risk management. The purpose of this paper is to better understand the necessity, benefit, approaches and methodologies of managing risks in healthcare. It compares and contrasts between the traditional and enterprise risk management approaches within the healthcare context. In addition, it introduces bow tie methodology, a prospective risk assessment tool proposed by the American Society for Healthcare Risk Management as a visual risk management tool used in enterprise risk management. Design/methodology/approach This is a critical review of published literature on the topics of governance, patient safety, risk management, enterprise risk management and bow tie, which aims to draw a link between them and find the benefits behind their adoption. Findings Enterprise risk management is a generic holistic approach that extends the benefits of risk management programme beyond the traditional insurable hazards and/or losses. In addition, the bow tie methodology is a barrier-based risk analysis and management tool used in enterprise risk management for critical events related to the relevant day-to-day operations. It is a visual risk assessment tool which is used in many higher reliability industries. Nevertheless, enterprise risk management and bow ties are reported with limited use in healthcare. Originality/value The paper suggests the applicability and usefulness of enterprise risk management to healthcare, and proposes the bow tie methodology as a proactive barrier-based risk management tool valid for enterprise risk management implementation in healthcare.

scholarly journals Financial Risk Assessment Using Enterprise Risk Management Concept

2020 ◽  
Vol 1 (1) ◽  
pp. 1-14
Author(s):  
Anastasia Filiana Ismawati
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Financial Management ◽  
Financial Risk ◽  
Enterprise Risk Management ◽  
Financial Risks ◽  
Enterprise Risk ◽  
Management Concept ◽  
Risk Contribution ◽  
Management Report

Risk management by using risk mapping can help X Hospital located in Yogyakarta in financial management towards operating as an objective company. Enterprise Risk Management (ERM) helps organizations manage all the risks precisely and in a more integrated way. This research focuses on the risk assessment in X hospital that has not applied ERM, to analyse its financial risks. From this test, X Hospital is expected to manage its risks by using the ERM methods more, in order than the sustainability of the business can be maintained over a longer period, and thus, being able to compete with the competitors. Based on the results of risk the assessment, out of the 15 risks identified. There are top three risks that cannot be acceptable. They are: financial management report risk, contribution risk and multiple jobs risk of X Hospital. The three risks need to get response and allocations of good funds and attention from the management.

scholarly journals RISK ASSESSMENT OF INNOVATION ACTIVITIES

2020 ◽  
Author(s):  
Natalia Nikolaevna Belanova ◽  
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Innovation Activity ◽  
Probability Of Occurrence ◽  
Innovation Activities ◽  
Management Measures ◽  
Expert Assessments

The article is devoted to the analysis of risks of innovation activity. Risk assessment is based on the method of expert assessments with the determination of the probability of occurrence of an event and possible losses. This allows you to identify the most significant risks and develop risk management measures (diversification, limitation, reservation, insurance, etc.).

scholarly journals STRATEGIC APPROACH TO MANAGING THE RISK OF THE COMPANY'S BUSINESS PORTFOLIO

Management ◽  
2018 ◽  
Vol 27 (1) ◽  
pp. 111-118
Author(s):  
Liudmyla M. GANUSHCHAK-EFIMENKO ◽  
Mаryana S. SHKODA ◽  
Оlena M. NIFATOVA
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Enterprise Risk Management ◽  
Economic Feasibility ◽  
Innovation Activity ◽  
Management Mechanism ◽  
Management Tools ◽  
Management Measures ◽  
Strategic Approach ◽  
Enterprise Risk

Introduction and purpose of the research: The inevitable condition of management is uncertainty. Innovation activity is more risky than other areas of entrepreneurship. In the conditions of instability of the economic situation, the problem of the risk of loss when the company invests in innovations becomes especially relevant.Hypothesis of scientific research. It is assumed that the justification of enterprise risk management measures should be based on the synthesis of the economic feasibility of the method and its ability to address the risk, which will enable competent executives to choose effective risk management tools for the enterprise.The aim is to study the process of risk management in the innovation activity of the enterprise, to develop and substantiate the recommendations for the formation of the enterprise risk management mechanism taking into account the ownership form and its size.Research methods:- comparison methods to identify the weak and strong points of the classification schemes, methods of risk assessment and management;- systematization and classification to determine the characteristics (advantages, disadvantages, peculiarities of application) of methods of enterprise risk assessment, risk management methods and construction of a classification scheme of enterprise risks as the basis of the mechanism of its risk management;- decompositions in the construction of a business risk card due to the division and analysis of the totality of its business activities;- expert assessments in determining the enterprise risks for small, medium and large enterprises in the field of mechanical engineering.Results: substantiated and solved problems of implementation of the strategic approach in project risk management at the enterprise.Conclusions: the mechanism of enterprise risk management based on the system approach combines the administrative, legal and organizational components, makes it possible to identify the risks of the company in three aspects (industry characteristic, form of ownership, size), ensures the formation of a portfolio of risks of a particular enterprise and creates the principles for improving the management mechanism for them.

scholarly journals The risk-oriented approach to the development and implementation of the pharmaceutical quality system in the production of in-bulk finished products

2021 ◽  
pp. 4-13
Author(s):  
O. P. Baula ◽  
O. O. Saliy ◽  
O. O. Shevchenko ◽  
T. O. Shevchenko
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Control Strategy ◽  
Good Manufacturing Practice ◽  
Quality System ◽  
Factors Affecting ◽  
Pharmaceutical Quality ◽  
Pharmaceutical Quality System ◽  
Quality Risk ◽  
Oriented Approach

Aim. To determine the areas of the risk-based approach to the development and implementation of the pharmaceutical quality system with the emphasis on the production of in-bulk finished products, identify the main factors affecting the stability of the functional characteristics of drugs in order to provide their compliance with the international quality standards, Good Manufacturing Practice and quality risk management. Results. 29 pharmaceutical companies with the license in Ukraine for dispensing and packing of medicines from in-bulk products have been identified. The control strategy for the production of medicines for in-bulk products has been developed as a set of measures covering the incoming control of in-bulk products, the primary, secondary packing and their labeling, patient information leaflets, finished drug at release and shelf life, control of operating conditions of premises and equipment, parameters of dispensing and packing stages. The analysis of the specificity of the production of finished drugs from in-bulk products has been performed, and the areas of the risk-oriented approach have been determined to the development and implementation of the pharmaceutical quality system in this type of production based on the risk assessment of significant factors affecting the pharmaceutical production and the use of the appropriate risk management methods for quality in the production of medicines from in-bulk products. Conclusions. It has been determined that the risk-oriented approach to the development and implementation of the pharmaceutical quality system in the production of medicines from in-bulk products is a strategic direction. It allows increasing the effectiveness of the quality management system at a qualitatively new level, achieving goals in order to prevent adverse effects on quality and safety, and it means the best possible customer satisfaction. In our research, the quality guarantees that the pharmaceutical quality system should provide in the production of medicines from in-bulk products have been identified, and the control strategy has been developed. Key words: in-bulk products; medicines; drug quality; risk-based approach; pharmaceutical quality system; Good Manufacturing Practice; quality risk assessment

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.

Applying Enterprise Risk Management on a Fiber Board Manufacturing Industrial Case

2018 ◽  
pp. 1222-1239
Author(s):  
Syed Aftab Hayat
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Gap Analysis ◽  
Employee Motivation ◽  
Enterprise Risk Management ◽  
Terrorism Risk ◽  
Enterprise Risk ◽  
Global Corporations ◽  
The Board Of Directors ◽  
Risk Framework

The study assesses the enterprise risk management (ERM) process of a fiber board manufacturing company. The objective is to practically demonstrate how a risk framework can be applied to find the key risks affecting the company. An understanding of the fiber board industry is established by reviewing the proxy disclosures of global corporations to see how they foresee the risks to the industry in general. The current state of the ERM process of the company is then evaluated by applying the COSO 2004 risk assessment framework - the company's ERM process are mapped on a maturity model scale, roles and responsibilities of the board of directors and important risk management concepts are discussed and measured in practice. A risk assessment is undertaken with the help of risk gathering techniques to create a risk profile of the major risks affecting the company which are illustrated through heat maps. Finally, benchmarked studies are used to conduct a gap analysis of the risk findings to conclude that the management has to re-address its focus towards HR -employee motivation, working capital mismanagement, sales-production planning inefficiencies and a less likely but high impacting terrorism risk for which the company is currently not prepared. Recommendations for key risk indicators are suggested along with direction for future work.

scholarly journals Operational Risk Assessment of an English Academy in Yogyakarta

2020 ◽  
Vol 9 (2) ◽  
pp. 5-12
Author(s):  
Anastasia Filiana Ismawati
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Data Analysis ◽  
Operational Risk ◽  
Enterprise Risk Management ◽  
Operational Risks ◽  
Long Run ◽  
Enterprise Risk ◽  
Operational Activities

This research was conducted for the risk assessment on the operational activities in order to assist PT. XYZ in managing the operational activities which leads to the goals of the firm. The use of Enterprise Risk Management (ERM) can help the organization to manage the risks holistically using the intergrated methods. This research focused on the risk assessment in PT. XYZ, especially for its operating, and provided a strategy of improvement from the existing risks. The methodology used in this research is a case study with triangulation of sources as the tool to conduct the data analysis. The informants of this research are the Operational Manager of PT. XYZ and five teachers. The data was obtained by conducting interviews and there were six operational risks found which would be best to respond and to manage as soon as possible for minimizing the risks. The result of this research is to hope that PT. XYZ shall be able to manage the risks by using the ERM methodology in order to have the business in the long run and to be successfully competing in the market.

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