THEORETICAL AND METHODOLOGICAL APPROACHES ON RISK MANAGEMENT IN ORGANISATIONS

Cinciulescu Dumitru
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Cinciulescu Dumitru: UNIVERSITY OF CRAIOVA EUGENIU CARADA DOCTORAL SCHOOL OF ECONOMIC SCIENCES

Annals - Economy Series, 2023, vol. 6, 194-198

Abstract: Risk management should be seen as a continuous process, which needs to be updated and adjusted according to the changing business environment and organisational context. It is important that organisations approach risk management rigorously and allocate adequate time and resources to this process. The theoretical and methodological approaches summarised in this paper, could enable organisations to identify and classify potential risks and develop appropriate risk management strategies, as well as make informed decisions to mitigate the negative impact of risks and capitalise on opportunities. Risk assessment is part of a continuous risk management process, ensuring that the organisation remains prudent and prepared to meet the challenges of the changing business environment. A number of relevant aspects characterising risk management will be analysed and summarised, as well as risk management principles, tools and strategies. In addition to the theoretical approaches, an important part of the paper is devoted to highlighting the factors influencing risk and profitability and assessing the changes in the structure of these determinants as a result of the economic crisis generated by the COVID-19 pandemic. At the same time, we also aim to quantify the marginal impact of risks on profitability in order to optimise risk-profit and risk-capital-profitability relationships.

Keywords: Risk Management; Company; Profitability; Liquidity; Economic Crisis (search for similar items in EconPapers)
Date: 2023
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