Risk Management in Small and Medium Enterprises: 1st Edition (Hardback) book cover

Risk Management in Small and Medium Enterprises

1st Edition

By Chiara Crovini

Routledge

92 pages | 11 B/W Illus.

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Hardback: 9780367226794
pub: 2019-02-12
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Description

This book offers a fresh method of assessing and managing risks in SMEs, by adopting a multidisciplinary approach. In small and medium companies, the risk management process cannot be often formalised and procedures are usually integrated unconsciously into the decision-making process. Therefore, to enhance the flexibility of these companies, increase their market share and allow them to grow and manage risks more effectively, the first step is to improve the way decisions are made.

Consequently, it is fundamental for those companies to improve the awareness about the way reasonable decisions are made, which can be achieved only through a proper knowledge and the definition of the Risk Appetite Framework. Therefore, by improving knowledge, the risk appetite and awareness in the decision making, companies will implicitly start developing a risk consciousness, which can be translated into a sound risk approach. SMEs need to understand the importance of an effective internal control system. Hence, the central point is the necessity to start reconsidering the company as a unique entity, by adopting a holistic approach.

The book explores whether small and medium companies should adopt a formalised risk management process and, more importantly, the role that the development of an appropriate risk mindfulness and approach to expand existing functions plays in these entities. It suggests an appropriate way of thinking about risk, starting with the amalgamation of both past and present theories, and enabling SMEs to find a solution to improve the effectiveness of their risk management strategies.

Table of Contents

Introduction 1. Theoretical background 2. The management of risks in SMEs 3. Case study 4. Key emerging issues 5. Summary and conclusion

About the Author

Chiara Crovini is a Postdoctoral Research Fellow of the Department of Management at the University of Turin, Italy.

About the Series

Routledge-Giappichelli Studies in Business and Management

This series brings together the most significant works in Business, Economics and Finance by Italian authors that have been selected by the Giappichelli publishing house. It features cutting-edge research, addressing all of the major issues across a wide range of individual disciplines, helping to define and advance the field.

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Subject Categories

BISAC Subject Codes/Headings:
BUS000000
BUSINESS & ECONOMICS / General
BUS019000
BUSINESS & ECONOMICS / Decision-Making & Problem Solving
BUS020000
BUSINESS & ECONOMICS / Development / Business Development
BUS063000
BUSINESS & ECONOMICS / Strategic Planning
BUS087000
BUSINESS & ECONOMICS / Production & Operations Management
BUS104000
BUSINESS & ECONOMICS / Corporate Governance