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A New Sustainable Model for Risk Management—RiMM

Author

Listed:
  • Bogdan Tiganoaia

    (Entrepreneurship and Management Department, University Politehnica of Bucharest, 060042 Bucharest, Romania)

  • Andrei Niculescu

    (Entrepreneurship and Management Department, University Politehnica of Bucharest, 060042 Bucharest, Romania)

  • Olivia Negoita

    (Entrepreneurship and Management Department, University Politehnica of Bucharest, 060042 Bucharest, Romania)

  • Mirona Popescu

    (Entrepreneurship and Management Department, University Politehnica of Bucharest, 060042 Bucharest, Romania)

Abstract

All activities of a company involve risk. In order to achieve its objectives, an organization must identify, analyze, evaluate and then treat all significant risks. According to ISO international standards in the risk field, risk management can be applied to an entire organization, at its many areas and levels, at any time, as well as to specific functions, projects and activities. An effective risk management helps top management of an organization to make optimum decisions and to prevent losses. This paper proposes a new sustainable model for risk management—RiMM. The Sustainable Risk Management model is based on the Monte Carlo method (adapted for risk management process) that is known in the literature but not or very rare applied for this issue of controlling the risks in an organization. There are proposed aspects regarding the design of the model (in five detailed steps—every step with sub steps), a software implementation and an example of a case study that emphasizes the way the model can be used (also to demonstrate its efficiency) for managing risks in an organization. At the end, on conclusions section, the most important points and the contributions of the paper are clearly presented.

Suggested Citation

  • Bogdan Tiganoaia & Andrei Niculescu & Olivia Negoita & Mirona Popescu, 2019. "A New Sustainable Model for Risk Management—RiMM," Sustainability, MDPI, vol. 11(4), pages 1-9, February.
    • Handle: RePEc:gam:jsusta:v:11:y:2019:i:4:p:1178-:d:208468
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    Citations

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    Cited by:

    1. Barbara Tchórzewska-Cieślak & Katarzyna Pietrucha-Urbanik & Emilia Kuliczkowska, 2020. "An Approach to Analysing Water Consumers’ Acceptance of Risk-Reduction Costs," Resources, MDPI, vol. 9(11), pages 1-16, November.
    2. Yingying Sun & Kexin Bi & Shi Yin, 2020. "Measuring and Integrating Risk Management into Green Innovation Practices for Green Manufacturing under the Global Value Chain," Sustainability, MDPI, vol. 12(2), pages 1-33, January.
    3. Syed Quaid Ali Shah & Fong-Woon Lai & Muhammad Kashif Shad & Ahmad Ali Jan, 2022. "Developing a Green Governance Framework for the Performance Enhancement of the Oil and Gas Industry," Sustainability, MDPI, vol. 14(7), pages 1-19, March.

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