Managing Risk in A Crisis Situation in The Company
Modern business organizations cannot rely on guaranteed development in an uncertain external and internal environment, generating a variety of dangers and threats, each of which requires a specific approach and a specific model of behavior. Adapting to the requirements of the external environment re...
| Main Author: | |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
University of National and World Economy, Institute for Economics and Politics
2020-05-01
|
| Series: | Finance, Accounting and Business Analysis |
| Subjects: | |
| Online Access: | http://faba.bg/index.php/faba/article/view/35 |
| _version_ | 1827164874263756800 |
|---|---|
| author | Galina Kurteva |
| author_facet | Galina Kurteva |
| author_sort | Galina Kurteva |
| collection | DOAJ |
| description | Modern business organizations cannot rely on guaranteed development in an uncertain external and internal environment, generating a variety of dangers and threats, each of which requires a specific approach and a specific model of behavior. Adapting to the requirements of the external environment requires effective management of the “input-process-output” cycle. This management goes through different phases of recovery, stagnation, or crisis, requiring risk perception as an objective and permanent asset in the organization. That implies focusing of the management’s efforts on the detection of the determinants of individual types of risk, a research on possible adjustments of these determinants as well as establishment of a system allowing elimination of the existing risks. It is very important for the managers to diversify the risks which come out of the crisis. They should identify, measure, and assess the potential risks by priority, to develop program measures guaranteeing the company conditions where it could continue fulfilling its aims and tasks. The article presents the most common problems in a company’s management during crisis and focuses on the possible responses to risk, intended to minimize the consequences of events with negative effects or respectively to maximize those with positive effects. |
| first_indexed | 2024-04-09T21:25:24Z |
| format | Article |
| id | doaj.art-e56bfecaeafc413aa9eb5f9b536f11b4 |
| institution | Directory Open Access Journal |
| issn | 2603-5324 |
| language | English |
| last_indexed | 2025-03-21T01:23:32Z |
| publishDate | 2020-05-01 |
| publisher | University of National and World Economy, Institute for Economics and Politics |
| record_format | Article |
| series | Finance, Accounting and Business Analysis |
| spelling | doaj.art-e56bfecaeafc413aa9eb5f9b536f11b42024-08-03T02:04:36ZengUniversity of National and World Economy, Institute for Economics and PoliticsFinance, Accounting and Business Analysis2603-53242020-05-01215257Managing Risk in A Crisis Situation in The CompanyGalina Kurteva0Faculty of Business Studies, Burgas Free University, Burgas, BulgariaModern business organizations cannot rely on guaranteed development in an uncertain external and internal environment, generating a variety of dangers and threats, each of which requires a specific approach and a specific model of behavior. Adapting to the requirements of the external environment requires effective management of the “input-process-output” cycle. This management goes through different phases of recovery, stagnation, or crisis, requiring risk perception as an objective and permanent asset in the organization. That implies focusing of the management’s efforts on the detection of the determinants of individual types of risk, a research on possible adjustments of these determinants as well as establishment of a system allowing elimination of the existing risks. It is very important for the managers to diversify the risks which come out of the crisis. They should identify, measure, and assess the potential risks by priority, to develop program measures guaranteeing the company conditions where it could continue fulfilling its aims and tasks. The article presents the most common problems in a company’s management during crisis and focuses on the possible responses to risk, intended to minimize the consequences of events with negative effects or respectively to maximize those with positive effects.http://faba.bg/index.php/faba/article/view/35crisisrisk responserisk management |
| spellingShingle | Galina Kurteva Managing Risk in A Crisis Situation in The Company Finance, Accounting and Business Analysis crisis risk response risk management |
| title | Managing Risk in A Crisis Situation in The Company |
| title_full | Managing Risk in A Crisis Situation in The Company |
| title_fullStr | Managing Risk in A Crisis Situation in The Company |
| title_full_unstemmed | Managing Risk in A Crisis Situation in The Company |
| title_short | Managing Risk in A Crisis Situation in The Company |
| title_sort | managing risk in a crisis situation in the company |
| topic | crisis risk response risk management |
| url | http://faba.bg/index.php/faba/article/view/35 |
| work_keys_str_mv | AT galinakurteva managingriskinacrisissituationinthecompany |