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The Utilization of Lean Management Tools in the Application of Risk Management Methods According to ISO 31000:2018

Author

Listed:
  • Emil Ratter
  • Magdalena Kalbarczyk
  • Katarzyna Pietrzyk-Wiszowaty

Abstract

Purpose: The article juxtaposes risk management methods according to ISO 31000:2018 with selected Lean Management tools to identify potential enhancements for rendering these methods more effective for enterprises. Design/Methodology/Approach: The objective of the research was the identification of Lean Management tools that could serve as support for risk management methods according to ISO 31000:2018. The theoretical-cognitive aim involved a substantive review of subject literature and scientific works within the broad spectrum of risk management. The analysis of the presented problem allowed for the recognition of previously unidentified potential within selected Lean Management tools to enhance the risk management methods outlined in ISO 31000:2018. Findings: The generated conclusions will enable enterprises utilizing ISO 31000:2018 to increase the likelihood of the effectiveness of their risk management methods, as they will be enriched with selected Lean Management tools. Practical Implications: Lean Management tools have been presented in a form conducive to their practical application in enterprises employing risk management methods according to ISO 31000:2018. The conceptual work's outcome includes recommendations for enterprises utilizing risk management methods according to ISO 31000:2018, concerning the feasibility of implementing these methods with selected Lean Management tools. Originality/Value: The authors present the possibilities of utilizing selected Lean Management tools in enterprises employing risk management methods according to ISO 31000:2018. The implementation of the presented Lean Management tools requires actions leading to certain changes in the functioning of the enterprise, which may contribute to reducing the likelihood of undesirable events.

Suggested Citation

  • Emil Ratter & Magdalena Kalbarczyk & Katarzyna Pietrzyk-Wiszowaty, 2024. "The Utilization of Lean Management Tools in the Application of Risk Management Methods According to ISO 31000:2018," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 65-81.
    • Handle: RePEc:ers:journl:v:xxvii:y:2024:i:1:p:65-81
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    More about this item

    Keywords

    Lean Management tools; Lean Management; risk; risk management; ISO 31000.;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L15 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Information and Product Quality

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