OVERVIEW OF RISK MANAGEMENT TOOLS AND METHODS

Davor Grgurević

Abstract: Due to the lack of a risk management system, many organizations in the world have suffered significant financial losses. Therefore, it is necessary for every organization to establish a risk management system as a structural element of the management system as a whole. The problem of risk management exists as a global problem that requires global solutions. One of the possible solutions is to meet the requirements of international risk management standards ISO 31000: 2009 and use risk assessment techniques in accordance with ISO / IEC 31010. The risk management system is compatible with the quality management system ISO 9001: 2008 and is based on the same principles. If the risk is not recognized and the organisation does not cope or is unprepared for the crises, the organization can suffer great losses. A business crisis is an unplanned and unwanted period in a company's operations, of limited duration with an ambivalent outcome. Crisis management is a process that includes three phases: preventive management, identification, and reactive management of a business crisis, which is helped by controlling as a professional management support.The review of tools and risk management tools creates preconditions for better preparation of the organization for crises, for better coping and faster exit from the crisis.

Keywords: Crisis, Risk management mesures, ISO 31000: 2009, ISO/IEC 31010:2019

DOI: 10.24874/IJQR18.01-14

Recieved: 09.01.2023  Accepted: 29.10.2023  UDC: 005.336.3

Reads: 1347   

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