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Risk Management

Author

Listed:
  • Aleksandra Stankovska

    (Faculty of Economics, European University-Republic of Macedonia)

  • Savica Dimitrieska

    (Faculty of Economics, European University-Republic of Macedonia)

Abstract

Risk management is an art as much as a science. It reflects not only the quantification of risks through risk measurement but also a more profound and concrete understanding of the nature of risk. Risk management is the systematic application of management policies, procedures and practices to the tasks of establishing the context, identifying, analysing, assessing, treating, monitoring and communicating. The risk management process can be broken down into two interrelated phases, risk assessment and risk control. Risk identification is the act of identifying negative and positive risks that impact an objective. It is an iterative process that, with each cycle, can contribute progressively to organisational improvement by providing management with a greater insight into risks and their impact.

Suggested Citation

  • Aleksandra Stankovska & Savica Dimitrieska, 2017. "Risk Management," Entrepreneurship, Faculty of Economics, SOUTH-WEST UNIVERSITY "NEOFIT RILSKI", BLAGOEVGRAD, vol. 5(1), pages 86-96.
    • Handle: RePEc:neo:epjour:v:5:y:2017:i:1:p:86-96
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    More about this item

    Keywords

    risk; risk management; risk identification & risk assessment;
    All these keywords.

    JEL classification:

    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies

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