Thinking About Risk

Gantz, Stephen D.; Philpott, Daniel

doi:10.1016/b978-1-59-749641-4.00003-5

Cited by 6 publications

(3 citation statements)

References 7 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…The economic security of the enterprise is the state of its protection from threats caused by the action of internal and external factors, which allows the enterprise to function stably and develop innovatively in the future [6,7]. At the same time, the legal and economic relations of the enterprise and its resource support system are in a balanced state.…”

Section: Theoretical Frameworkmentioning

confidence: 99%

The Use Of Mathematical Tools Of Reliability Theory In The System Of Economic Security Of An Industrial Enterprise

Toechkina,

Khaykin,

Degtereva

et al. 2023

J. of Law and Sust. Develop.

View full text Add to dashboard Cite

Introduction: This research uses mathematical tools of reliability theory in an industrial enterprise's economic security system. The authors argue that a highly effective risk management system is essential for ensuring the necessary level of economic security for any business entity. The study aims to substantiate the necessity and expediency of using the characteristics and indicators of reliability theory in an industrial enterprise's economic security system. Theoretical framework: The study is based on the theoretical framework of reliability theory, which provides mathematical tools for analyzing and managing risks. The authors discuss the most critical indicators of reliability theory, including the value of reliability, the failure rate of risk events, the time to failure, the time-to-failure density, and reliability. Methodology: The study employs a qualitative research methodology, which involves a comprehensive review of the literature on the use of reliability theory in an industrial enterprise's economic security system. The authors analyze the literature to identify the key components of an industrial enterprise's highly effective risk management system. Results and Discussion: The study finds that using mathematical tools of reliability theory can significantly enhance the effectiveness of risk management systems in ensuring economic security for industrial enterprises. The authors identify several key components of a highly effective risk management system, including systematic monitoring of the competitive environment, continuous assessment of the place of the enterprise in the market and its respective segments, and the use of reliability theory to analyze and manage risks. Conclusion: The study concludes that using mathematical tools of reliability theory can provide valuable insights for developing effective risk management systems in an industrial enterprise's economic security system. The authors recommend that industrial enterprises adopt a proactive approach to risk management, which involves continuous monitoring and analysis of risks, and use reliability theory to manage risks effectively.

show abstract

Section: Theoretical Frameworkmentioning

confidence: 99%

The Use Of Mathematical Tools Of Reliability Theory In The System Of Economic Security Of An Industrial Enterprise

Toechkina,

Khaykin,

Degtereva

et al. 2023

J. of Law and Sust. Develop.

View full text Add to dashboard Cite

show abstract

“…Risk management is all process activities carried out solely to minimize or even prevent the occurrence of company risk (Lahuta et al, 2021;Rehman et al, 2021). It includes identification, planning, strategy, action, monitoring, and evaluation of negative things that may befall the business (Gantz & Philpott, 2013). By carrying out risk management, entrepreneurs can understand and develop alternatives for handling all risks carried out by business actors (Morris & Dunne, 2008;Smith, 2008).…”

Section: Enterprise Risk Managementmentioning

confidence: 99%

The use ISO 31000:2018 in Indonesian Fintech Lending Companies: What Can We Learn?

Alijoyo

2022

JBMS

View full text Add to dashboard Cite

Enterprise risk management (ERM) is significant in running a company. ISO 31000 is one of the ERM types that are familiar. However, there are still pros and cons of ISO 31000. Thus, this study aimed to find out the responses of the Indonesian fintech lending companies managements in implementing ISO 31000. Specifically, this study tried to identify the problems in implementing ISO 31000:2018 to be implemented as ERM. Besides, it also discussed the benefits of the ISO 31000:2018 implementation from the companies' management's perspectives. The data were collected through questionnaires and interviews. The questionnaire results were quantified and interpreted in percentage, while the interview results were analyzed qualitatively using the interactive data analysis method. The study results showed that most of the companies' management believed that they had no significant problems implementing ISO 31000:2018. In addition, they felt that implementing ISO 31000:2018 as ERM gave many benefits in running the companies. The study's findings were discussed by connecting them with the current theories and empirical reviews. However, since the study was done qualitatively, a further study that involves quantitative study to measure the effectiveness of ISO 31000 empirically is needed to support the results of this study.

show abstract

“…The attitude of the company's leaders will affect the attitude of the employees as a whole (Farahnak, Ehrhart, Torres, & Aarons, 2019;Inayah & Balqiah, 2017;Khuwaja, Ahmed, Abid, & Adeel, 2020). Therefore, if the company's leaders do not consider risk management important, other employees will most likely not care about risk management (Gantz & Philpott, 2013). So, if we look at the case that occurred in Firm X, the unsuccessful implementation of risk management is most likely due to the leader's attitude who does not care about the risk management policies that apply in the company.…”

Section: The Major Sources Of the Firm Risk Management Maturity Levelmentioning

confidence: 99%

Evaluation Of Risk Management Maturity Of A Fintech Firm In Indonesia

Alijoyo

Bonita

Sirait

2021

edv

View full text Add to dashboard Cite

This study identified the risk management maturity status, revealed the major sources of the firm risk management maturity, issues in running quality risk management of a financial technology firm in Indonesia, and recommended enhancements. It used the Risk and Insurance Management Society – Risk Maturity Model to evaluate the risk management maturity status. To get detailed information about the risk management implementation, the researchers also did observations and interviews. This study confirmed that the firm was in ad-hoc status. The firm was overconfident of their previous success in implementing risk management and careless in transforming the risk management concepts into real practices. Thus, they lost their ability to decide appropriate decisions in handling the risks that they faced. As a result, they could not run effective and efficient management. Detail findings and recommendations on the risk management maturity of the firm are provided in this article.

show abstract

Thinking About Risk

Cited by 6 publications

References 7 publications

The Use Of Mathematical Tools Of Reliability Theory In The System Of Economic Security Of An Industrial Enterprise

The Use Of Mathematical Tools Of Reliability Theory In The System Of Economic Security Of An Industrial Enterprise

The use ISO 31000:2018 in Indonesian Fintech Lending Companies: What Can We Learn?

Evaluation Of Risk Management Maturity Of A Fintech Firm In Indonesia

Contact Info

Product

Resources

About