Open AccessENHANCING COMPETITIVENESS BY APPLYING AN INTEGRATED RISK MANAGEMENT APPROACH
Author(s) -
Petya Biolcheva
Publication year - 2019
Publication title -
trakia journal of sciences
Language(s) - English
Resource type - Journals
eISSN - 1313-3551
pISSN - 1312-1723
DOI - 10.15547/tjs.2019.s.01.034
Subject(s) - business , risk management , reputation , risk analysis (engineering) , it risk management , process management , empirical research , marketing , knowledge management , computer science , finance , social science , philosophy , epistemology , sociology
To maintain their competitiveness, business organizations need not only to rely on innovation, sales and good marketing. An important condition is to maintain their reputation, ensure business continuity, avoid leakage and loss of assets. This also outlines the importance of risk management. Effective risk management is a mandatory element of overall management at organizational level. The integration of different operating systems with the risk management system makes it easier to identify, analyze and manage all risk factors. The purpose of this paper is to outline the benefits of using an integrated risk management system as well as the relevance of information products to business organizations. Empirical research, among business organizations with a different subject of activity, is used to achieve the goal. The results show the effect on the stability of the organizations and their competitiveness.