RISK MANAGEMENT – BETWEEN NECESSITY AND OBLIGATION

Ion Croitoru () and Viorica NEACȘU B ()
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Ion Croitoru: Athenaeum University, Bucharest, Romania
Viorica NEACȘU B: University of Valahia Targoviste, Romania

Internal Auditing and Risk Management, 2019, vol. 53, issue 1, 23-32

Abstract: Risk management is a process designed and set by the leadership of economic organizations and implemented by all staff to avoid or minimize losses, protect resources, and patrimony. Good process management ensures the achievement of organizational goals, efficient use of resources and achievement of expected profitability levels. In order for the risk management process to be effective, it is necessary for the organization to develop appropriate risk strategies and policies, specific rules and procedures to help identify and assess risks. The effectiveness of the risk management process is ensured if the organizational culture is appropriate to the risks, the staff knows the risk strategy developed by the organization and is aware that the good risk management ensures the achievement of the organizational objectives. The risk management process needs to be integrated with objectives and activities and involves identifying and assessing risks, risk control, risk monitoring and review.

Keywords: exposure to risk; impact; objectives; risk management; likelihood; inherent risks; organizational risks; residual risks; strategic risks (search for similar items in EconPapers)
JEL-codes: M00 M40 M41 (search for similar items in EconPapers)
Date: 2019
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