scholarly journals Risk Management as a Success Factor in the International Activity of Spanish Engineering

2019 ◽  
Vol 9 (1) ◽  
pp. 15
Author(s):  
Alicia Lozano-Torró ◽  
Tatiana García-Segura ◽  
Laura Montalbán-Domingo ◽  
Eugenio Pellicer
Keyword(s):  
Risk Management ◽  
Success Factors ◽  
Business Environment ◽  
Risk Identification ◽  
International Experience ◽  
Success Factor ◽  
International Construction ◽  
Engineering Consulting ◽  
Key Factor ◽  
Work Abroad

During the period between 2008–2013, the internal market in Spain was characterized by economic crisis, the contraction of the demand experienced in a turbulent business environment, and strong competition among companies. This situation forced many of these companies to work abroad. One of the success factors for Spanish engineering companies abroad has been effective risk management, which avoids compromising the company’s objectives, market share, or survival. This article examines the importance of risk management in the success of Spanish engineering consulting firms in the international construction market. Ten executives of Spanish engineering companies with international experience were interviewed, analyzing the importance of risk management for them in the success of internationalization compared with other success factors. The results show that the size of the companies interviewed has no influence on the importance that they gave to risk management, but international experience does relate to the assessment of risk identification and management as a success factor. In addition, companies considered risk management a key factor for optimizing their performance in foreign markets.

scholarly journals Applying the Heuristic to the Risk Assessment within the Automotive Industry Supply Chain

2017 ◽  
Vol 7 (1) ◽  
pp. 43-49 ◽  
Author(s):  
Daniela Marasova ◽  
Miriam Andrejiova ◽  
Anna Grincova
Keyword(s):  
Risk Management ◽  
Supply Chain ◽  
Automobile Industry ◽  
Risk Identification ◽  
Strategic Decision ◽  
Strategic Factor ◽  
Identification Evaluation ◽  
Key Factor ◽  
The Subject ◽  
Prospective Risk

AbstractRisk management facilitates risk identification, evaluation, control, and by means of appropriate set of measures, risk reduction or complete elimination. Therefore, the risk management becomes a strategic factor for a company’s success. Properly implemented risk management system does not represent a tool to avoid the risk; it is used to understand the risk and provide the bases for strategic decision-making.Risk management represents a key factor for the supply chain operations. Managing the risks is crucial for achieving the customer satisfaction and thus also a company’s success. The subject-matter of the article is the assessment of the supply chain in the automobile industry, in terms of risks. The topicality of this problem is even higher, as after the economic crisis it is necessary to revaluate the readiness of the supply chain for prospective risk conditions. One advantage of this article is the use of the Saaty method as a tool for the risk management within the supply chain.

Key success factors of engineering company (Case of Czech engineering industry)

2021 ◽  
Vol 26 (1) ◽  
pp. 73-99
Author(s):  
Lea Kubíčková ◽  
Barbora Chudá
Keyword(s):  
Success Factors ◽  
Engineering Industry ◽  
Success Factor ◽  
Pricing Policy ◽  
Healthy Development ◽  
Engineering Company ◽  
Key Factor ◽  
Main Determinants ◽  
The Stability ◽  
Definition Of

The definition of a successful company is not uniform in the scientific literature, and the determinants of a company’s success can vary from one business sector to another. Based on a study of 16 Czech engineering companies, this paper defines the success of an engineering company as a state when the company achieves the satisfaction and stability of external and internal interest groups (especially employees), contributing to its healthy development, technological expansion and long-term sustainability through marketable products or services and sufficient resources to finance that state. This definition is consistent with the results of studies such as Fortune and White (2006), Zarina et al. (2014), Arcić (2018), Mahanti (2018) or Amuda-Yusuf (2018). In the Czech engineering environment, marketing can generally be considered a key factor, and within the marketing mix, pricing policy and especially product. The breadth and depth of the products provided and their high quality also play a significant role. Furthermore, human resources are a key factor in the success of the Czech engineering company, where the emphasis is placed on the stability and loyalty of employees and their positive attitude to work, and research, development and innovation are mentioned as another key success factor. Surprisingly, financial factors were not listed as the main determinants of success.

scholarly journals IT RISK IDENTIFICATION PROCESS ANALYSIS / IT RIZIKOS IDENTIFIKAVIMO PROCESO ANALIZĖ

2013 ◽  
Vol 5 (1) ◽  
pp. 46-52
Author(s):  
Rasma Janeliūnienė ◽  
Vida Davidavičienė
Keyword(s):  
Risk Management ◽  
Business Processes ◽  
Process Analysis ◽  
Risk Identification ◽  
Business Success ◽  
Success Factor ◽  
It Risk Management ◽  
Risk Management Process ◽  
Process Risk ◽  
It Risk

Business processes and business success that depends on information technology (IT) is now closely associated with IT risks, which is influenced by growing IT risk management and control needs. It is vitally important to identify, analyse and reduce systemic risk in order to avoid undesirable consequences, such as information loss, data leaks or damage. A critical success factor in this situation is the systematic and continuous IT risk management. This paper aims to analyse one part of the IT risk management process –risk identification. The article invoked the methods of literature analysis, synthesis, comparison, and generalization.Article in Lithuanian Santrauka Išaugusi verslo procesų, kartu ir verslo sėkmės, priklausomybė nuo informacinių technologijų (IT) šiuo metu yra glaudžiai susijusi su IT rizika. Tai daro įtaką augančiam IT rizikos valdymo ir kontrolės poreikiui. Nepaneigtina tai, kad identifikuota, išanalizuota ir sumažinta sistemos rizika leidžia išvengti nepageidaujamų pasekmių, tokių kaip informacijos praradimas, nutekėjimas ar duomenų sugadinimas. Pagrindinis sėkmės veiksnys siekiant užtikrinti organizacijos sėkmę valdant IT yra sistemingas ir tęstinis IT rizikos valdymas. Straipsnyje keliamas tikslas išanalizuoti vieną iš IT rizikos valdymo proceso etapų – rizikų identifikavimą. Straipsnyje pasitelkiami tokie metodai, kaip mokslinės literatūros analizė, sisteminimas, apibendrinimas.

scholarly journals The Competence of Project Team Members and Success Factors with Open Innovation

2020 ◽  
Vol 6 (3) ◽  
pp. 51 ◽  
Author(s):  
Minjeong Oh ◽  
Sungyong Choi
Keyword(s):  
Structural Equation ◽  
Success Factors ◽  
Project Success ◽  
Empirical Support ◽  
Business Environment ◽  
Project Manager ◽  
Equation Modeling ◽  
Success Factor ◽  
Team Members ◽  
The Impact

The purpose of this paper is to examine the relationship between emotional, managerial, and intellectual competence of team members, which refer to the LDQ (Leadership Development Questionnaire) and impact on project success. (1) Background: Large and complex projects are being conducted in a dynamic business environment. The need for capabilities and managerial aspects of participants of the project for business performance increases. (2) Methods: A questionnaire survey was conducted on 164 project management professionals in various industries from Korea. The structural equation modeling technique was performed to establish the effect of competence of team members on project success factor. (3) Results: The results provided empirical support for the impact of team members’ competencies on project success factor. Moreover, there is no difference in the perception of the impact of team members’ competencies on project success factor, depending on their roles, such as project manager and team member. (4) Results: In this paper, the importance of the competence of team members in accordance with the project manager was presented. The findings of this study suggest the strategic direction of the members at this point when corporate innovation is needed.

scholarly journals Creation of a Risk Management Culture on the Example of MNS Investment LLC

2021 ◽  
Vol 8 (3) ◽  
pp. 31-38
Author(s):  
Iryna V. Fedulova Fedulova ◽  
Anastasiia Y. Havryliuk ◽  
Karl Ricketts
Keyword(s):  
Risk Management ◽  
Success Factors ◽  
Methodological Approach ◽  
Risk Groups ◽  
Risk Identification ◽  
Management Culture ◽  
Complex Concept ◽  
Success Indicators ◽  
The Creation ◽  
System Of Parameters

Creating a risk management culture is an important task for any enterprise in a changing and unpredictable external environment. The purpose of this study is to consider the theoretical foundations of determining the essence of the risk management culture and practical aspects of its creation in the enterprise. The article discusses the methodological provisions of the creation of a risk management culture at the enterprise, according to which a system of parameters for risk management is built: a list of key success factors and risk management indicators in the context of the main risk groups, the activity scope of the company under study, and the areas of influence on risks. Risk management culture is considered a complex concept that determines how much all employees of an enterprise are aware of the values within the risk management system and how much the results of their activities are associated with achieving the lowest risk targets. For that purpose, the company must provide risk identification, risk analysis, risk response, and risk control. The creation of a risk management culture involves combining all these stages into an united company management chain. The methodology for creating a risk management culture was tested at MNS Investment LLC. As a result of the analysis, a risk rating was constructed in terms of the degree of their impact on the main key success indicators. The relationship of identified risks with the main activity fields of the company and the areas of influence on risks is analysed. It was discovered that the greatest risk to the company's activities in terms of impact on the purpose achievement is the risk of violating the reliability and financial status of suppliers. The use of this methodological approach is of practical value since it allows integrating the stages of risk management into the company's activities

Adoption of enterprise risk management (ERM) in small and medium-sized enterprises: evidence from Malaysia

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Consilz Tan ◽  
Su Zy Lee
Keyword(s):  
Risk Management ◽  
Best Practices ◽  
Business Environment ◽  
Risk Tolerance ◽  
Enterprise Risk Management ◽  
Risk Governance ◽  
Success Factor ◽  
Content Type ◽  
Enterprise Risk ◽  
Risk Appetite

Purpose The critical success factor of enterprises is the ability to identify risks and subsequently adapt to the ever-changing technology, as well as the business environment. This paper aims to investigate the top risks faced by small and medium-sized enterprises (SMEs). In the meantime, this paper outlines the perspectives on enterprise risk management (ERM)-based best practices and the adoption level of ERM practices in SMEs. Design/methodology/approach A mixed methodology was used to collect a comprehensive understanding of the adoption of ERM, especially in SMEs. The research is based on cross-sectional questionnaires and collected from risk practitioners in Malaysia. Detailed analysis of the top risks and best practices presented in this paper to identify the developments of risk management in changing organizations. This study used chi-square tests to examine the distribution of the adoption of the ERM programme using risk and insurance management society risk maturity model attributes. Logit regression was used to test the association of ERM efforts with the probability of adopting/considering ERM practices. Findings The findings indicated that business interruption risk and economic slowdown risk are the major concern for companies in Malaysia. A business continuity plan was found to be the most common risk management practice. Efforts such as the establishment of a risk management team and the development of risk appetite and/or risk tolerance statements in an organization are associated with the probability of adopting/considering ERM practices. Research limitations/implications This paper helps to identify challenges of implementing risk governance and management in SMEs that shed light on the regulatory setting which we rather know a little about its impacts. Originality/value There are limited studies conducted in emerging countries on ERM and the application of the ERM framework in SMEs. Prior research studies are mostly generalized and lack details of risk management strategies applying to specific risks. This paper successfully examined the low maturity level of ERM practices and how SMEs in Malaysia managed those risks that emerged in their organizations.

scholarly journals Success Factors for Project Risk Management in Construction Projects: A Vietnam Case Study

2020 ◽  
Vol 12 (2) ◽  
pp. 63
Author(s):  
Nguyen Le ◽  
Oswald Chong ◽  
Dean Kashiwagi
Keyword(s):  
Risk Management ◽  
Developing Countries ◽  
Construction Industry ◽  
Construction Projects ◽  
Success Factors ◽  
Rank Order ◽  
Success Factor ◽  
Project Risk Management ◽  
Extensive Literature ◽  
Project Risk

Despite being one of the oldest industries in human history, the modern construction industry is still suffering from delays, cost overruns, and low satisfaction levels. As construction activities greatly contribute to economic growth for any nation, the study of how to achieve success in construction projects should be continuously developing and attracting scholars’ attention. The Vietnam Construction Industry (VCI) is no exception. The economy in Vietnam has been growing fast and steady with significant contributions from construction activities. The VCI also faces unique risks pertaining to the conditions of developing countries that require a separate study on project risk management strategies. This paper focuses on a survey that is adopted from 23 Critical Success Factors (CSFs) pertaining to common construction risks in the VCI. Factors were found through extensive literature reviews, and inputs were solicited from 101 VCI participants. The participants ranked those CSFs with respect to impact to project success. The study reveals the top five impactful CSFs such as all project parties clearly understand their responsibilities, more serious consideration during contractor selection stage, test contractors’ experience and competency through successful projects in the past, project team members need to be well matched to particular projects, and promote pre-qualification of tenders and selective bidding. Spearman’s rank-order correlation tests determined no significant differences between the participating groups. Factor analysis was conducted to explore the principal success factor groupings and yielded four outcomes – Improving Management Capability, Adequate Pre-Planning, Stakeholders’ Management, and Performance-based Procurement. The findings lay the foundation to understand project management in developing countries and assist project managers in planning and forming strategies to ensure high performance in their projects.

scholarly journals Implementasi dan critical success factor manajemen risiko di instansi Pemerintah

2021 ◽  
Vol 16 (2) ◽  
pp. 285-298
Author(s):  
Rifqie Jauhari ◽  
Citra Sukmadilaga ◽  
Sri Mulyani
Keyword(s):  
Risk Management ◽  
Data Analysis ◽  
Critical Success Factors ◽  
Success Factors ◽  
Government Agencies ◽  
Success Factor ◽  
Critical Success ◽  
Management Knowledge ◽  
Management Commitment ◽  
Ministry Of Finance

The development of risk management is not only for the private sector, the Ministry of Finance is one of the public sector organizations that has implemented risk management. The purpose of this research is to analyze risk management implementation process and its critical success factors in government agencies, particularly Ministry of Finance. This research uses a qualitative research method with a case study approach. Data collection was carried out by field research and literature study. Data analysis was performed using the Miles & Huberman data analysis model. The findings indicated the development of risk management in the Ministry of Finance as well as the critical success factors that affects the development of risk management. Of the 8 critical success factors identified, strong management commitment & leadership as well as risk management knowledge are required by government agencies when implementing risk management. Strengthening management commitment & leadership as well as risk management knowledge may facilitate government agencies in implementing risk management.  

Methodological bases and practice of risk management of regional development (part 1)

2020 ◽  
Vol 18 (2) ◽  
pp. 114-126
Author(s):  
Valery V. Karpov ◽  
Anna G. Breusova ◽  
Anna A. Korableva
Keyword(s):  
Risk Management ◽  
Regional Development ◽  
Regional Economy ◽  
Full Range ◽  
Risk Identification ◽  
Territorial Development ◽  
Public Authorities ◽  
Strategic Risk ◽  
Risk Committee ◽  
State Programs

The article is devoted to the theoretical foundations and analysis of the experience of subjects of the Russian Federation in the field of regional development risk management. The article examines the concept of risk, its difference and relationship with the concepts of uncertainty, threat, danger, security and others. It is determined that dangers are constantly present in the regional economy. And risk, as a measurable uncertainty with multiple outcomes, for which the probability of occurrence of a risk event is calculated, is manifested as a result of the occurrence of a hazard. When comparing the concepts of risk and security, this means that the security of the regional economy is manifested in the ability to resist threats and manage risks, and not in the complete absence of dangers. It is revealed that ISO standards distinguish between the concepts of risk management and risk management. For further discussion, risk management is understood as a systematic approach to using the full range of mechanisms available to public authorities to reduce emerging risks and threats to the socio-economic development of the region. Further, the analysis of risk management in the practice of regional management on the example of the Omsk, Novosibirsk and Tyumen regions is carried out. The relevant tools in the activities of government bodies, such as territorial development strategies, state programs and projects, were identified, which allowed us to introduce a classification of risks with the allocation of strategic, tactical risks of territorial development and project management risks, among which there is a strategic level. The analysis of the implemented tools for compliance with the mandatory stages of risk management showed mainly the absence of risk identification, unified requirements for risk accounting and systematic risk management of regional development. Among the assessed regions, the Tyumen region has the best practices in terms of risk management. For a more detailed analysis authors highlighted the key institutional and instrumental elements of risk management such as risk committee, strategic risk map, risk register, action plan for risk management, and defined logical relationships between them.

CONCEPTUALISING RISK CULTURE ON ERM IMPLEMENTATION IN CONSTRUCTION COMPANIES

2020 ◽  
Vol 17 (1) ◽  
pp. 59
Author(s):  
Ching Ching Wong
Keyword(s):  
Risk Management ◽  
Risk Identification ◽  
The Body ◽  
Risk Indicators ◽  
Construction Companies ◽  
Risk Appetite ◽  
Risk Culture ◽  
Risk Treatment ◽  
Managing Risk ◽  
The Relationship

Enterprise Risk Management (ERM) is an effective technique in managing risk within an organization strategically and holistically. Risk culture relates to the general awareness, attitudes and behaviours towards risk management in an organisation. This paper presents a conceptual model that shows the relationship between risk culture and ERM implementation. The dependent variable is ERM implementation, which is measured by the four processes namely risk identification and risk assessment; risk treatment; monitor and consult; communicate and consult. The independent variables under risk culture are risk policy and risk appetite; key risk indicators; accountability; incentives; risk language and internal relationships. This study aims to empirically test the relationship between risk culture and ERM implementation among Malaysian construction public listed companies. Risk culture is expected to have direct effects and significantly influence ERM. This study contributes to enhance the body of knowledge in ERM especially in understanding significant of risk culture that influence its’ implementation from Malaysian perspective.

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