CHARAKTERYSTYKA SYSTEMÓW ZARZĄDZANIA RYZYKIEM STOSOWANYCH PRZEZ NAJWIĘKSZE SPÓŁKI GIEŁDOWE W POLSCE

The article presents the results of the analysis of risk management systems used by the biggest polish listed companies, with particular emphasis on companies with implemented modern Enterprise Risk Management (ERM) systems. The study was conducted based on the analysis of the information on risk management, published by companies listed on WIG20 and mWIG40 in their 2015 annual reports and it was divided into two stages. The first stage consisted in overall analysis of financial statements of all chosen companies. The aim was to determine the degree of maturity of presented risk management approaches. On this basis enterprises were divided into two groups: companies with implemented ERM systems and firms, that manage risk in the traditional way (silo). The second stage of the study consisted in detailed analysis of the information published by companies using ERM, in order to compare the characteristics of analyzed systems with predetermined characteristics, that modern ERM systems should have.