Implementation of the ERM concept in Serbia: Comparative analysis: Real sector and financial sector

Barjaktarović, Lidija; Pindžo, Renata; Đulić, Katarina; Vjetrov, Ana

doi:10.5937/bankarstvo1702050b

Cited by 5 publications

(4 citation statements)

References 3 publications

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“…Risk management models, in the absence of a risk management culture and a supporting structure, tend to rely more on components of the traditional approach to risk management. The identified findings, indicating the lack of risk management culture and well-developed organizational structures required for implementing an integrated risk management concept in B&H companies, align with research conducted in neighboring countries such as Croatia and Serbia by Sprčić et al (2017) and Barjaktarović et al (2017).…”

Section: Discussionsupporting

confidence: 83%

Risk Management Culture, Structure, and Process – Theoretical Insights and Empirical Evidence

Nuhić-Mešković,

Mešković

2023

IBR

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In the contemporary business environment, companies face a wide range of risks that necessitate effective risk management strategies. Risk management can be approached through either a traditional or integrated concept, which hinges on a company's ability to avoid, reduce, and transform risks into opportunities. This research aims to investigate the risk management practices employed by joint-stock companies in Bosnia and Herzegovina. The study will focus on evaluating the risk management culture, structure, and processes implemented by these companies. The research was conducted using a questionnaire distributed to a sample of 141 companies listed on two stock exchanges in B&H. The survey included 31 identified risk management components related to culture, processes, and organizational structure. To enhance accuracy, the survey responses were improved using a Likert scale, replacing the previous "Yes – No" dummy approach. Before administering the survey, all components were validated by a group of experts. The findings revealed that companies in Bosnia and Herzegovina (B&H) have inadequately developed components of an integrated risk management concept. The research results suggest that B&H companies primarily rely on traditional risk management approaches, failing to keep up with the global trend of implementing risk management standards. This situation may lead to adverse implications for BH companies and its economy.

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Section: Discussionsupporting

confidence: 83%

Risk Management Culture, Structure, and Process – Theoretical Insights and Empirical Evidence

Nuhić-Mešković,

Mešković

2023

IBR

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“…The obtained results are in accordance with the research results of Barjaktarovic et al (2017) with the sizeable percentage of FO companies being familiar with the ERM system. In addition, this is in line with the presented results published in the annual reports of the top 100 companies operating in the RS which indicate that there is a better RM practice in FO companies than in PO and SO companies (Barjaktarovic, 2017).…”

Section: Risk Management Concept In Companysupporting

confidence: 90%

What is the Real State of Financial Management in Companies in the Republic of Serbia?

Petković¹,

Konjikušić²,

Barjaktarović³

et al. 2018

Manage: J. Sustainable Bus. Manage, Solutions Emerging Econ.

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Research Question: This paper focuses on the basic financial decision making practices of domestic companies and their knowledge of the operational risk management concept. Motivation: Chief Financial Officers (CFOs) play a significant role in the company’s development and achieving the company’s objectives (Van Horne & Wachowicz, 2007). Different authors carry out research based on one of the fields of finances-related decision making, like Graham & Harvey, 2001. The goal of this research is to show that difference in decision making process on companies’ finances and risk management depends on the company’s ownership structure. Idea: The paper is aimed at the recognition of differences found in corporate decision making, relating both to capital budgeting and capital structure, dividend payout policy and risk management concept, depending on the ownership structure. Data: During the first half of 2016, a research consisting of the 392-companies sample operating in the Republic of Serbia was conducted, including all four listed fields concerning their economic operations. Nevertheless, only a total of 54 CFOs completed and handed back the distributed questionnaires. Tools: Some basic descriptive statistics techniques, one-way analysis of variance (ANOVA) and Kruskal-Wallis test were applied throughout the complete data analysis, while data processing involved the use of standard statistical package IBM SPSS 20.0. Findings: As shown by research findings, there is a notable difference in decision making, both on dividend payout and on risk management concept, depending on the types of ownership, with companies operating in our domestic market. The future research will concentrate on practice of companies merging both domestic and foreign entities, in order to determine whether a similar pattern might be found. Contribution: Furthermore, the research is intended to be complemented by the data contained in the official financial reports of those companies, with a view to ascertaining if the statements made by their CFOs are actually applied in the corporate practice.

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“…The main reason for the latter is the legal obligation for banks and insurance companies to deal with risk evaluation and management. Other companies usually do not even have an organizational structure that can support the implementation of ERM (Barjaktarović et al 2017).…”

Section: Discussionmentioning

confidence: 99%

The impact of enterprise risk management on the performance of companies in transition countries: Serbia case study

Panić¹,

Veličković²,

Voza³

et al. 2019

JOP

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The market position of a company influences its performance. In hazard conditions, all the factors that determine a company's market position and business are exposed to risk. An effective program of enterprise risk management (ERM) decreases the level of risk and improves company performance. ERM is a process that identifies and evaluates all potential losses that can occur in business organizations and selects techniques that can handle and prevent such losses in accordance with the requirements of International Standard ISO 31000. In this paper, seven hypotheses are defined, on the basis of which a theoretical model is developed to examine how different sources of enterprise risk affect the operational performance of Serbian companies and their risk of losing market position.

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Implementation of the ERM concept in Serbia: Comparative analysis: Real sector and financial sector

Cited by 5 publications

References 3 publications

Risk Management Culture, Structure, and Process – Theoretical Insights and Empirical Evidence

Risk Management Culture, Structure, and Process – Theoretical Insights and Empirical Evidence

What is the Real State of Financial Management in Companies in the Republic of Serbia?

The impact of enterprise risk management on the performance of companies in transition countries: Serbia case study

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