Operational Risk Management Using Multi-Criteria Assessment (AHP Model)

Ristanović, Vladimir; Primorac, Dinko; Kozina, Goran

doi:10.17559/tv-20200907112351

Cited by 9 publications

(8 citation statements)

References 17 publications

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“…Operational procedures, processes, and information management were primarily the drivers for operational risks (Ristanović et al, 2021). It was crucial that the small business was able to understand the risks and adapt to the changing environment brought about by the pandemic (Gerard & Lech, 2022).…”

Section: Literature Reviewmentioning

confidence: 99%

Black Sme’s and Covid-19: A South African Perspective on Risks in the Automotive Industry and Why Those Risks Should Be Managed

Peterson,

Chinyamurindi

2024

JoM SME's

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The research identifies risks (and response to this) that Black-owned Small and Medium Enterprises (SMEs) in the automotive industry face in South Africa. The context is a business environment affected by the COVID-19 pandemic. Semi-structured interviews were used for the study with a sample of 11 businesses (6 micro-businesses and 5 small businesses). All the businesses were based either in the Gauteng Province or Eastern Cape Province of South Africa. Thematic analysis was used to analyze the collected data. The findings highlight the vulnerability of Black SMEs in the face of the Covid-19 pandemic through a set of factors inherent in the business environment. The participating Black SMEs narrated their response to the shocks created by the identified set of factors. The findings of the study provide vital information for policymakers, business leaders, and other stakeholders, to create contingencies, policies, and frameworks necessary to support small businesses. Keywords: Small Business; Risk; Covid-19; Automotive Industry

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Section: Literature Reviewmentioning

confidence: 99%

Black Sme’s and Covid-19: A South African Perspective on Risks in the Automotive Industry and Why Those Risks Should Be Managed

Peterson,

Chinyamurindi

2024

JoM SME's

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“…The COVID-19 pandemic, which emerged in China towards the end of 2019, rapidly spread globally throughout the initial quarter of 2020. This resulted in significant adverse effects on the worldwide economy and sustainability [16,21]. It altered almost all aspects of human life, such as interactions, belief expressions, customs, and financial transactions [12,15,16].…”

Section: Literature Review 21 the Impact Of Covid-19 On Global Entrep...mentioning

confidence: 99%

“…This resulted in significant adverse effects on the worldwide economy and sustainability [16,21]. It altered almost all aspects of human life, such as interactions, belief expressions, customs, and financial transactions [12,15,16]. According to Karabag [22], this outbreak led to economic, social, political, and commercial consequences, causing market instability for businesses globally.…”

Section: Literature Review 21 the Impact Of Covid-19 On Global Entrep...mentioning

confidence: 99%

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Entrepreneurial Factors Influencing Recovery from Covid-19: A Country-Level Analysis

2023

Teh. vjesn.

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This study examines the impact of entrepreneurship ecosystem factors on the recovery of entrepreneurship from the COVID-19 pandemic and offers valuable insights to drive growth. By analyzing the Serbian dataset from the Global Entrepreneurship Monitor National Expert Survey in 2022, the study employs linear regression analysis to investigate the relationship between Entrepreneurial Framework Conditions and post-pandemic recovery. Data were collected through interviews with 40 experts representing the government, academia, and industry. The National Entrepreneurship Context Index score for Serbia's entrepreneurial environment quality in 2022 is 4.6 which positions Serbia in the middle of the continuum of included country scores. The results of the analysis have shown that Market openness (β = .474; p < .01) and Achieving the UN Sustainable Economic Development Goals (β = .460; p < .01) have a direct positive impact on the recovery of entrepreneurs from the consequences of COVID-19. The limitations of the study are related to the demographics of the sample, self-reported data, geographic scope, focusing only on the Republic of Serbia, crosssectional design that does not capture the dynamic and evolving nature of the recovery process. Given these limitations, future work could incorporate a more diverse sample to enhance the generalizability of the findings.This research provides important insights and policy recommendations to leverage entrepreneurial practices for economic recovery following the impact of the COVID-19 pandemic.

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“…Hybrid models are being developed, and new methods are emerging. These tools cover almost all areas of the business world, for example, the area of public investment [26], energy efficiency [17], diagnostics in medicine [36], the food industry [6], renewable energy production [4,28], banking services [69], forecasting carbon price [2], location selection [43], distribution channels in the agricultural economy [56,66], the choice of technology in urban wastewater treatment [54], assessing the quality scientific outputs [60], metaheuristic-based optimization algorithms [19], and, more importantly, in the field of risk management [32,37,38], especially in the area of operational risk [55].…”

Section: Introductionmentioning

confidence: 99%

Multi-criteria Decision-Making on Operational Risk in Banks

Ristanović¹,

Knežević²

2023

Proceedings of the 1st International Conference on Innovation in Information Technology and Business (ICIITB 2022)

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The frequency of application of different multi-criteria decisionmaking methods in business and financial problems is justified by the diversity and complexity of business decisions. The methods enable analysts and decisionmakers to assess when making a decision. This research aims to present the contribution of multi-valued relationship methods in assessing operational risks in banks operating in Serbia. The article shows that the multi-criteria approach used in the initial phase of identifying operational risk increases the potential of bank management for further risk management, particularly in operational risk management (ORM). The research also included a comparative analysis of the results obtained by various MCDM methods, which were more concerned with business risk analysis. An example of a decision-making problem in operational risk management is presented, showing how the issue of decision-making in operational risk management is structured using the BWM method. The use of the BWM method proved to be highly acceptable for decision-makers in banks compared to other models. In all MCDM models, external factors and human resources rank first. The results unequivocally indicated the significant influence of external factors on banking operations -the consequences of the COVID-19 pandemic, part-time work, hacker attacks, economic policy, and adjustment of the economy to epidemiological restrictions. The approach is simple and provides an effective method that can be successful in solving other decision-making problems.

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Operational Risk Management Using Multi-Criteria Assessment (AHP Model)

Cited by 9 publications

References 17 publications

Black Sme’s and Covid-19: A South African Perspective on Risks in the Automotive Industry and Why Those Risks Should Be Managed

Black Sme’s and Covid-19: A South African Perspective on Risks in the Automotive Industry and Why Those Risks Should Be Managed

Entrepreneurial Factors Influencing Recovery from Covid-19: A Country-Level Analysis

Multi-criteria Decision-Making on Operational Risk in Banks

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