International Journal of Industrial Engineering and Management

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Vol. 6 No. 4 (2015)
Original Research Article

A Correlation Between the Function of Controlling and the Process of Risk Management in the Company

Emil Živkov
JP Transnafta
Bio
Branislav Nerandžić
Fakultet tehničkih nauka
Bio
Bogdan Kuzmanović
Fakultet tehničkih nauka
Bio

Published 2015-12-30

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Keywords

  • Goals,
  • controlling,
  • planning,
  • reporting,
  • risk,
  • risk management (ERM)
  • ...More
    Less

How to Cite

Živkov, E., Nerandžić, B., & Kuzmanović, B. (2015). A Correlation Between the Function of Controlling and the Process of Risk Management in the Company. International Journal of Industrial Engineering and Management, 6(4), 179–189. https://doi.org/10.24867/IJIEM-2015-4-121

Abstract

It is highly important to identify the right place for implementing the key role of coordinating the overall process of risk management in an organization. In addition to the right place it is important to determine the right time for it. The entire course of risk management activities must be integrated with the process of management of goals of the organization. If we take into account that for the synchronization of the management organization of company goals, the most responsible factor, somehow, is the controlling function due to its very nature of activity, then a logical conclusion is being imposed that this function is also the most suitable one for identifying the place of coordination of the risk management process. And not only as an organizational unit and according to the nature of its tasks, but also of the time synchronization through activities of planning and reporting, in view of the impact analysis, estimated and actual, transferred and avoided business risks.

 

Article history: Received (20.10.2015); Revised (30.11.2015); Accepted (11.12.2015)  

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