Managing Risk in A Crisis Situation in The Company

Galina Kurteva ()
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Galina Kurteva: Faculty of Business Studies, Burgas Free University, Burgas, Bulgaria

Finance, Accounting and Business Analysis, 2020, vol. 2, issue 1, 52-57

Abstract: Modern business organizations cannot rely on guaranteed development in an uncertain external and internal environment, generating a variety of dangers and threats, each of which requires a specific approach and a specific model of behavior. Adapting to the requirements of the external environment requires effective management of the “input-process-output” cycle. This management goes through different phases of recovery, stagnation, or crisis, requiring risk perception as an objective and permanent asset in the organization. That implies focusing of the management’s efforts on the detection of the determinants of individual types of risk, a research on possible adjustments of these determinants as well as establishment of a system allowing elimination of the existing risks. It is very important for the managers to diversify the risks which come out of the crisis. They should identify, measure, and assess the potential risks by priority, to develop program measures guaranteeing the company conditions where it could continue fulfilling its aims and tasks. The article presents the most common problems in a company’s management during crisis and focuses on the possible responses to risk, intended to minimize the consequences of events with negative effects or respectively to maximize those with positive effects.

Keywords: crisis; risk response; risk management (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:aan:journl:v:2:y:2020:i:1:p:52-57

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