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ISO 31000 - Prerequisite for Strategic Risk Management in the Activities of Organizations

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  • Radka Ivanova

    (University of Economics - Varna, Varna, Bulgaria)

Abstract

Each sphere of human activity is accompanied by risk-related situations, regardless of the size, the subject matter, the scope, and the geographical location of the organization. The many internal and external factors and influences, to which the entities are subject, create conditions of uncertainty as to the timing and extent of their objectives. Some of the risks can be predicted and others may not, which requires the systematization of specific actions to help organizations adapt to change more easily and quickly. Achieving this requires clarifying the specifics of risk situations and finding the right approach to them. The purpose of this article is to characterize the specificities of the risk and to analyze the importance of ISO 31000 in defining the responsibilities of organizations for its management.

Suggested Citation

  • Radka Ivanova, 2021. "ISO 31000 - Prerequisite for Strategic Risk Management in the Activities of Organizations," Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, Union of Scientists - Varna, Economic Sciences Section, vol. 10(1), pages 55-62, April.
    • Handle: RePEc:vra:journl:v:10:y:2021:i:1:p:55-62
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    More about this item

    Keywords

    Risk; Risk Management; ISO 31000:2018;
    All these keywords.

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O20 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - General
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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