ISO 31000 - Prerequisite for Strategic Risk Management in the Activities of Organizations

Radka Ivanova ()
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Radka Ivanova: University of Economics - Varna, Varna, Bulgaria

Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, 2021, vol. 10, issue 1, 55-62

Abstract: Each sphere of human activity is accompanied by risk-related situations, regardless of the size, the subject matter, the scope, and the geographical location of the organization. The many internal and external factors and influences, to which the entities are subject, create conditions of uncertainty as to the timing and extent of their objectives. Some of the risks can be predicted and others may not, which requires the systematization of specific actions to help organizations adapt to change more easily and quickly. Achieving this requires clarifying the specifics of risk situations and finding the right approach to them. The purpose of this article is to characterize the specificities of the risk and to analyze the importance of ISO 31000 in defining the responsibilities of organizations for its management.

Keywords: Risk; Risk Management; ISO 31000:2018 (search for similar items in EconPapers)
JEL-codes: M21 O10 O20 (search for similar items in EconPapers)
Date: 2021
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