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Standards for more effective use of integrated system for risk management

Author

Listed:
  • Tatiana Varcholová
  • Lenka Dubovická

Abstract

Application of Enterprise Risk Management system is nowadays considered as a major source of competitive advantage. Therefore, non-financial enterprises should review their current approaches to risk management. An important role is played by international norms and standards, providing a common system of terms, definitions of basic concepts and principles in order to harmonize and improve the quality of risk management processes in a global context. Article provides an overview of the most important and widely used standards, points to some practical aspects of their use, discusses their advantages and highlights the key constraints.

Suggested Citation

  • Tatiana Varcholová & Lenka Dubovická, 2012. "Standards for more effective use of integrated system for risk management," Ekonomika a Management, Prague University of Economics and Business, vol. 2012(2), pages 41-48.
    • Handle: RePEc:prg:jnleam:v:2012:y:2012:i:2:id:166:p:41-48
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    More about this item

    Keywords

    Risk management; Risk management standards; ISO 31000:2009; Manažment rizika; Štandardy manažmentu rizika; ISO 31000:2009;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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