Open AccessHOW COSO ERM AND SHIMODEL ALGORITHM CAN CONTRIBUTE TO THE DEVELOPMENT OF ENTERPRISE PERFORMANCE
Author(s) -
Hezi Aviram Shayb
Publication year - 2021
Publication title -
journal of social sciences
Language(s) - English
Resource type - Journals
eISSN - 2587-3504
pISSN - 2587-3490
DOI - 10.52326/jss.utm.2021.4(2).08
Subject(s) - field (mathematics) , computer science , enterprise risk management , feature (linguistics) , position (finance) , business environment , risk analysis (engineering) , operational risk , business , risk management , algorithm , process management , finance , mathematics , business administration , linguistics , philosophy , pure mathematics
Based on theoretical model (COSO ERM), I developed a tool that companies can use to correctly identify the risks they were exposed to, to prevent operational crises in due time, as there is no such a tool publicly available for companies to use. The objective was to offer a solution for all kind of organizations for the problem of correctly identifying and mitigating operational risk exposure, to consolidate their position and be able to prevent organizational crises. This is particularly important as it seems that a “permanentizing of crises” has occurred in the business environment. Compared to the other tools existing in the field of risk management, available to the public use, the mathematical algorithm is offering specific instructions for the managers to use, not just theoretical guidelines. Also, the tool offers a unique feature of being able to be applied for any kind of business organization, from any kind of business field, due to its capacity to adapt to the specificities of every enterprise. Meanwhile, while it seems to be very practical, it is based on a right theoretical framework, supported by the complexity theory.