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Risk management implementation in service companies

Journal: Scientia fructuosa (Vol.141, No. 1)

Publication Date:

Authors : ;

Page : 69-78

Keywords : risk management; risk management process; risk committee; risk policy; risk standard; risk coordinator;

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Abstract

Introduction. Conditions of uncertainty are marked by the realities of time and business, so risk management has a systematic approach. The number of enterprises, that implement risk mana­gement as a system that includes all stages of iden­tification, assessment, and work with risks, is gro­wing every year. Problem. The implementation of risk mana­ge­ment system (RMS) in the company, which will cover all areas of its activities, is one of the key tasks of top management. The aim of the article is to determine the requirements for the enterprise's risk manage­ment process, consider its systematic context of integration with existing business processes, and highlight the roles of the risk management committee and risk coordinator. Results. Risk management becomes systemic in nature, and its implementation is clearly corre­lated with the existing business processes in the enterprise considering the integrated approach to risk assessment in service companies. A significant role in the development of RM as a management function was played by the emergence of international risk management asso­ciations, as well as a significant increase in the number of participants in international risk management. Among the international institu­tions involved in the systematization of RM are COSO, FERMA and IRM. The essence of the process is a set of successive actions aimed at achieving a certain result, which involves a con­sistent change in the state of the object over time. In order to continuously monitor the level of risk, the company introduces the role of risk coor­dinator, who is in close cooperation with the risk committee. Conclusions. The paper examines the system context of integration of risk management with the existing business processes at the enterprise. The authors identified and considered the main requirements to the process of risk management organization at the enterprise, in service com­panies in the field of information technology; analyzedthe roles of the risk management com­mittee and the risk coordinator.

Last modified: 2022-10-03 17:26:27