Implementation Of Risk Management System Research Articles

Implementation of international standards of risk management in ukrainian business environment: benefits and drawbacks

Introduction. Risk manageрment is an integral part of effective execution of any project. By applying international standards of risk management, project managers can improve the effectiveness of risk management in a project-oriented business, maximizing opportunities to achieve project goals and minimizing costs. The purpose of the paper is to clarify the essence of the concept of "risk management", to analyze the main international standards of risk management and to determine the main advantages and obstacles on the way to its implementation in Ukraine. Results. World experience and international risk management standards recommend that companies develop best practices, in particular, risk management policies and standards. Policies and standards are key elements that determine the consistency of risk management in a company. They are official documents developed and approved at the top management level. According to the risk management policy, companies must ensure the implementation of risk management to eliminate potential sources of non-compliance. A risk management standard describes how to assess risks and opportunities in an organization and the actions to be taken in response to identified risks and opportunities. The standard stipulates that all risks identified by company employees, regardless of their role or position, must be registered and assessed. Implementation of risk management systems at enterprises is one of the key elements of effective modern corporate management. Conclusion. The main advantage of implementing of international standards of risk management in the organizations is that they encourage companies to study their business processes in detail and focus on their constant optimization. However, it is worth noting that the implementation of international risk management standards in Ukraine has a multifaceted nature and faces a number of problems associated with the adaptation of these methods at domestic enterprises. It should be taken into account that the implementation of the risk management system will not bring immediate results. This process should be approached from the perspective of a long-term perspective and is aimed at achieving further competitive advantages in the future.

Theoretical and methodological aspects of financial risks management of the enterprise

The article is devoted to the theoretical and methodological aspects of the financial risk management of the enterprise. The paper analyzes approaches of Ukrainian and foreign scientists and economists to the definition of the concept of «financial risk of the enterprise» and highlights the key concepts inherent in them. Based on the identified advantages and disadvantages, it is proposed to interpret the concept of financial risk in broad and narrow aspects. In a broad aspect, financial risk should be understood as the risk of the financial condition deterioration, the threat of bankruptcy and liquidation of the enterprise. In a narrow aspect, financial risk should be considered as the risk of loss of profitability, liquidity, financial stability, solvency, or business activity, as well as the risk of income underachievement or overspending. Furthermore, approaches of scientists and economists to the methods of assessing risks that may arise in the enterprise are summarized. It is determined that the most common methods for analyzing financial risks in domestic practice are such as comprehensive, systematic, statistical, normative, rating, expert, analytical and assessment of financial stability. The specified methods are summarized with the description corresponding to them. The method of financial risk assessment, developed by Prof. Zakablukom G.O. was highlighted and tested. «Mikrokredit» LLC, which has been engaged in lending to individuals for more than ten years, was selected for testing. According to the application results of the financial risk assessment method, it was found that during 2020–2021 the financial risk at the enterprise was low, while in 2022 it was high. Based on that, the strategies that the company's financial risk management system should meet are proposed. Among the most significant of them, it is worth highlighting the following: development and implementation of a risk management system at the enterprise; the monitoring system improvement; improvement of risk management technology at enterprises; formation of an information database necessary for risk analysis and assessment; development and implementation of the financial risk management system in the enterprise; the risk management monitoring system improvement; improvement of the methodology of risk assessment and methods of assessing of risk management effectiveness. A model of financial risk management of the enterprise has been developed, which consists of a clear sequence of interrelated stages and considers the conditions and specifics of domestic enterprises activities.

ՀՀ ԲՈՒՀԵՐԻ ՌԻՍԿԵՐԻ ԿԱՌԱՎԱՐՄԱՆ ՄՈԴԵԼԻ ԱՐԴՅՈՒՆԱՎԵՏՈՒԹՅԱՆ ԲԱՐՁՐԱՑՄԱՆ ՈՒՂԻՆԵՐԸ / WAYS OF INCREASING EFFICIENCY OF RISK MANAGEMENT MODEL AT THE RA HIGHER EDUCATION INSTITUTIONS

Higher education is one of the basic preconditions for sustainable development of the state and society, economic progress, ensuring the competitiveness of the state and sustainable development. The system of higher education is one of the most important mechanisms for the development of the state, the generation of intellectual capital, and the consolidation of professional potential. In the conditions of socio-economic, socio-cultural changes of the modern economic society, one of the challenges of higher education is the professional training of competitive specialists, ensuring the efficiency of competitive universities. The solution of this problem requires the improvement of the higher education system and continuous improvement of the processes. Alongside with the development of the higher education system, there are many challenges, such as the current trends of globalization in higher education, the growth of global competition, as well as the rapid development of information and communication technologies, which directly affect the internal and external environments of educational institutions. Implementing risk management to address these challenges and providing solutions to the problems are the effective operational mechanisms including the implementation of risk management system. The latter one allows to increase the efficiency of activities in key areas for universities, as well as the quality of educational and research services. The objective of this article is to research the content of ways to increase the effectiveness of risk management models at the RA universities in the context of the higher education system. The article clarifies and proposes the definition of academic risk and introduces a risk management model with the aim of increasing the effectiveness of risk management processes and clarifies the conceptual provisions for the application of that model.

Peran Auditor Internal dalam Implementasi Manajemen Risiko pada Perguruan Tinggi

Implementation of risk management applies not only to companies but also to universities. However, the implementation of risk management to universities is still limited and still needs improvement. This limitation is due to the absence of special units in universities dealing with risk management issues. This article focuses on the implementation of risk management at Universitas Negeri Semarang by using descriptive analysis. The results show that Internal Control Unit on Unnes has run the IIA (2009) mandate related to its participation in the implementation of risk management system by sticking to independence and objectivity. Furthermore, the implementation of three line of defenses on Universitas Negeri Semarang has not been able to be implemented. This is due to the lack of resources in the field of risk management, as well as limited scope. Therefore, it is expected that the internal control unit able to always increase their role in developing, implementing and evaluating risk management system in universities.

독일병원의 리스크관리를 위한 방안고찰

독일병원의 리스크관리를 위한 방안고찰

Critical success factors for implementing risk management systems in developing countries

A review of published studies on risk management in developing countries reveals that critical success factors for implementing risk management has remained an under-researched area of investigation. This paper is aimed at investigating the perceptions of construction professionals concerning the critical success factors (CSFs) for implementation of risk management systems (IRMS). Survey data was collected from 87 construction professionals from the Iranian construction industry as a developing country. The results indicate that four factors are regarded as highly critical: ‘support from managers’, ‘inclusion of risk management in construction education and training courses for construction practitioners’, ‘attempting to deliver projects systematically’, and ‘awareness and knowledge of the process for implementing risk management’. Assessing the associations among CSFs also highlighted the crucial role of enhancing the effectiveness of knowledge management practices in construction organisations. Study also revealed that parties involved in projects do not agree on the level of importance of CSFs for implementing risk management in developing countries. This study contributes to practice and research in several ways. For practice, it increases understanding of how closely knowledge management is associated with the implementation of risk management systems in developing countries. For research, the findings would encourage construction practitioners to support effective knowledge management as a precursor to higher levels of risk management implementation on construction projects.

Developing a Model for Risk and Responsibility Management Share Amongst Stakeholders Consortium in Construction Projects

The construction project is a complex sector which characterized with low productivity, cost and time overruns and conflicts. The major challenges in construction project risk assessment which may attributed to knowledge requirements for determining the level of uncertainty and development of complex models to predict . Portfolio theory and capital market theory stipulate that risk consists of two types, First, systematic risk, which cannot be controlled, emanates from external factors such as acts of God, natural disasters, market risk, interest-rate risk, and purchasing-power risk. Second, unsystematic risk, which can be controlled, relates to organization-specific factors such as business risk and financial risk (Fischer and Jordan 1996).) . To identifies the risk factors that influence the cost-effective management, operation, and maintenance of construction project, as well as how and when in the project life cycle the identified risk factors impact to the associated costs . The identification and design of risk is the first step of risk management. It contain the recognition of potential risk event conditions in a project and the clarification of risk responsibilities. A total of 50 risk factors on construction for stake holders (client , contractor ,consultant ) share projects were identified after conducting an extensive literature survey. A questionnaire survey was conducted from 60 project managers(20 from each category) in all three proficiencies with background experience in buildings ,road and bridges with minimum 15 years experience , to identify the most significant risk factors impact in construction projects . Interviews were conducted face to face, ensuring a 100 percent response rate. The questionnaire was amended by incorporating feedback of the experts to suit the local environments of the construction industry. The weight or rate of each risk factor gained by using a five-point Liker scale from a consolidated conceptual framework of all 50 risk factors identified from the deep literature work . The main aim of these research is to identify ,categorize and ranking common risks, exert management techniques to address those risks , effective risk management and risk status in the construction industry and to help stakeholders to take stock of their ongoing and future projects, with a focus on important risks, their management techniques and barriers to effective implementation of risk management systems.