IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v13y2021i21p11854-d665560.html
   My bibliography  Save this article

Relations of COVID-19 and the Risk Management Framework

Author

Listed:
  • Jozef Klucka

    (Department of Crisis Management, University of Žilina, 01026 Žilina, Slovakia)

  • Rudolf Gruenbichler

    (Faculty of Mechanical Engineering and Economic Sciences, Institute of Business Economics and Industrial Sociology, Graz University of Technology, 8010 Graz, Austria)

  • Jozef Ristvej

    (Department of Crisis Management, University of Žilina, 01026 Žilina, Slovakia)

Abstract

The routine approach used in risk management is based on the scheme that within the prevention period an organisation or a state prepares for the expected risks and once the risks occur, resources and internal procedures are implemented to mitigate their negative consequences. The objective of the paper is to analyse risk management and its constraints, its application in COVID-19 period and based on it provide mitigating strategies for specific problems/risks related to COVID-19. The research methods related to the topics are: (a) study of books, newspapers and other internet resources and (b) interviews with COVID-19 managers at district and regional level in the north of Slovakia. The proposals for mitigation strategies are based on the basic assumption relevant for COVID-19 that there are risks with unknown probability and unknown consequences. Therefore, the mitigation strategies are adapted to the current situation, which includes lack of data and know-how, lack of experience, political and economic unrest and social problems. The impact of constraints is based on an ad-hoc or unplanned and clearly structured approach. Problems and risks are identified and mitigation strategies are proposed. The proposed measures (quantitative/qualitative) should be evaluated and via benchmarking the development and efficiency of applied measures monitored and assessed. The output of identified risk-known and –unknown creates a framework for implementation.

Suggested Citation

  • Jozef Klucka & Rudolf Gruenbichler & Jozef Ristvej, 2021. "Relations of COVID-19 and the Risk Management Framework," Sustainability, MDPI, vol. 13(21), pages 1-15, October.
    • Handle: RePEc:gam:jsusta:v:13:y:2021:i:21:p:11854-:d:665560
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/13/21/11854/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/13/21/11854/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. George Verikios & Maura Sullivan & Pane Stojanovski & James Giesecke & Gordon Woo, 2016. "Assessing Regional Risks From Pandemic Influenza: A Scenario Analysis," The World Economy, Wiley Blackwell, vol. 39(8), pages 1225-1255, August.
    2. Nicola Pedroni & Enrico Zio, 2013. "Uncertainty Analysis in Fault Tree Models with Dependent Basic Events," Risk Analysis, John Wiley & Sons, vol. 33(6), pages 1146-1173, June.
    3. Sharma, Piyush & Leung, T.Y. & Kingshott, Russel P.J. & Davcik, Nebojsa S. & Cardinali, Silvio, 2020. "Managing uncertainty during a global pandemic: An international business perspective," Journal of Business Research, Elsevier, vol. 116(C), pages 188-192.
    4. Ranoua Bouchouicha & Ferdinand M. Vieider, 2017. "Accommodating stake effects under prospect theory," Journal of Risk and Uncertainty, Springer, vol. 55(1), pages 1-28, August.
    5. Bertrand K. Hassani, 2016. "Scenario Analysis in Risk Management," Springer Books, Springer, number 978-3-319-25056-4, September.
    6. Chuanyi Wang & Zhe Cheng & Xiao-Guang Yue & Michael McAleer, 2020. "Risk Management of COVID-19 by Universities in China," JRFM, MDPI, vol. 13(2), pages 1-6, February.
    7. Mikes, Anette, 2011. "From counting risk to making risk count: Boundary-work in risk management," Accounting, Organizations and Society, Elsevier, vol. 36(4), pages 226-245.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ali Zackery & Joseph Amankwah-Amoah & Zahra Heidari Darani & Shiva Ghasemi, 2022. "COVID-19 Research in Business and Management: A Review and Future Research Agenda," Sustainability, MDPI, vol. 14(16), pages 1-32, August.
    2. Salvatore Di Falco & Ferdinand M Vieider, 2022. "Environmental Adaptation of Risk Preferences," The Economic Journal, Royal Economic Society, vol. 132(648), pages 2737-2766.
    3. Wan, Lihong & Zhang, Panpan & Lin, Qi, 2023. "The loss of political connections and corporate financialization," Finance Research Letters, Elsevier, vol. 57(C).
    4. Chopdar, Prasanta Kr & Paul, Justin & Prodanova, Jana, 2022. "Mobile shoppers’ response to Covid-19 phobia, pessimism and smartphone addiction: Does social influence matter?," Technological Forecasting and Social Change, Elsevier, vol. 174(C).
    5. Md. Mahmudul Alam & Haitian Wei & Abu N. M. Wahid, 2021. "COVID‐19 outbreak and sectoral performance of the Australian stock market: An event study analysis," Australian Economic Papers, Wiley Blackwell, vol. 60(3), pages 482-495, September.
    6. Palermo, Tommaso, 2014. "Accountability and expertise in public sector risk management: a case study," LSE Research Online Documents on Economics 59948, London School of Economics and Political Science, LSE Library.
    7. Qian Wang & Tiantian Zhang & Huanhuan Zhu & Ying Wang & Xin Liu & Ge Bai & Ruiming Dai & Ping Zhou & Li Luo, 2020. "Characteristics of and Public Health Emergency Responses to COVID-19 and H1N1 Outbreaks: A Case-Comparison Study," IJERPH, MDPI, vol. 17(12), pages 1-10, June.
    8. Bertrand K. Hassani, 2016. "Bringing the Customer Back to the Foreground: The End of Conduct Risk?," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-01391106, HAL.
    9. Gabriele Cervino & Luca Fiorillo & Giovanni Surace & Valeria Paduano & Maria Teresa Fiorillo & Rosa De Stefano & Riccardo Laudicella & Sergio Baldari & Michele Gaeta & Marco Cicciù, 2020. "SARS-CoV-2 Persistence: Data Summary up to Q2 2020," Data, MDPI, vol. 5(3), pages 1-16, September.
    10. Michal Hrivnák & Peter Moritz & Marcela Chreneková, 2021. "What Kept the Boat Afloat? Sustainability of Employment in Knowledge-Intensive Sectors Due to Government Measures during COVID-19 Pandemic," Sustainability, MDPI, vol. 13(15), pages 1-21, July.
    11. Christian M. Hafner, 2020. "The Spread of the Covid-19 Pandemic in Time and Space," IJERPH, MDPI, vol. 17(11), pages 1-13, May.
    12. Bertrand K. Hassani & Alexis Renaudin, 2018. "The Cascade Bayesian Approach: Prior Transformation for a Controlled Integration of Internal Data, External Data and Scenarios," Risks, MDPI, vol. 6(2), pages 1-17, April.
    13. Vicky Arnold, 2018. "The changing technological environment and the future of behavioural research in accounting," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(2), pages 315-339, June.
    14. Anca-Gabriela Turtureanu & Rodica Pripoaie & Carmen-Mihaela Cretu & Carmen-Gabriela Sirbu & Emanuel Ştefan Marinescu & Laurentiu-Gabriel Talaghir & Florentina Chițu, 2022. "A Projection Approach of Tourist Circulation under Conditions of Uncertainty," Sustainability, MDPI, vol. 14(4), pages 1-21, February.
    15. Vijaya Sunder M & Anupama Prashar, 2023. "State and citizen responsiveness in fighting a pandemic crisis: A systems thinking perspective," Systems Research and Behavioral Science, Wiley Blackwell, vol. 40(1), pages 170-193, January.
    16. Puhr, Harald & Müllner, Jakob, 2022. "Foreign to all but fluent in many: The effect of multinationality on shock resilience," Journal of World Business, Elsevier, vol. 57(6).
    17. repec:dau:papers:123456789/15180 is not listed on IDEAS
    18. Tajeddini, Kayhan & Gamage, Thilini Chathurika & Tajdini, Javad & Qalati, Sikandar Ali & Siddiqui, Faiza, 2023. "Achieving sustained competitive advantage in retail and consumer service firms: The role of entrepreneurial orientation and entrepreneurial bricolage," Journal of Retailing and Consumer Services, Elsevier, vol. 75(C).
    19. Yulia Vertakova & Inga Vselenskaya & Vladimir Plotnikov, 2021. "Mergers and Acquisitions Risk Modeling," JRFM, MDPI, vol. 14(9), pages 1-24, September.
    20. Elizabeth Sheedy & Dominic S. B. Canestrari‐Soh, 2023. "Does executive accountability enhance risk management and risk culture?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(4), pages 4093-4124, December.
    21. Hossain, Mohammad Rokibul & Akhter, Fahmida & Sultana, Mir Misnad, 2022. "SMEs in Covid-19 Crisis and Combating Strategies: A Systematic Literature Review (SLR) and A Case from Emerging Economy," Operations Research Perspectives, Elsevier, vol. 9(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:13:y:2021:i:21:p:11854-:d:665560. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.