Revista Tinerilor Economiºti (The Young Economists Journal)

Revista Tinerilor Economişti (The Young Economists Journal)
To identify the potential risks, it is very useful, and even practiced, the formula
of participation of companies’ representatives to thematic scientific conferences or to a
series of professional meetings.
The most commonly met method of risk identification is the checklist, since it
is based on a standard which considers that a process must behave in a certain
way. Thus, the risk manager verifies to what extent reality corresponds to what the
standard says (whatever it may be) as being within normal limits. But this is not
enough, because usually, standards are either general, not being able to capture all
aspects of a particular organization, or individual, targeted to a specific area.
In the risk identification stages the documentation available in the organization
must also be aligned, the company’s historical data and the case studies (personal
experience or of other organizations), the consultation of internal and external experts,
the conducting of inspections in various units of the organization (those considered as
being exposed to risk), brainstorming techniques or the interview with employees.
During these sessions the employees’ experience is very useful since they can identify
the risks that the managers did not notice.
The best framework to implement any of these tools is the value-vulnerabilityrisk
analysis. More precisely, the property, the values of the organization is
emphasized. For every good an analysis of the vulnerabilities is carried out, where the
vulnerability involves the absence of a control measure, of protecting the value. Then,
the sources of risk internal or external to the organization are identified.
4. Conclusions
As a result of the economic climate in which we are, the entities’ managers face
a multitude of situations and risks. Risk management does not only prevent risks but
also makes an entity function effectively as a result of a structured and organized
approach.
Risk management is a current topic quite discussed in the last two years
worldwide, due to the changes occurred both in economic and in social terms.
In terms of economic crisis, understanding and awareness of the risks, as well
as of the way they are managed, contributes to a better management of the entities’
activities and allows identifying some optimal strategies which aim the survival, the
overcoming of the current difficulties that the entities have to face and even the increase
of the financial performance.
REFERENCES
1. Borghesi, A. Credit risk and the new economy, Risk management, October 2001,
Academic Risk Management Association;
2. Capman, C., Implementing the Professional Practices Framework, Altamonte
Anderson, U. Springs, FL: The Institute of Internal Auditors, 2002;
3. Ghiță, M., Guvernanța corporativă și auditul intern (Corporate governance and
Briciu, S. internal audit), Editura Aeternitas, Alba Iulia, 2009;
4. Griffiths P Risk-Based auditing, Grower Publishing Limited, England, 1998;
5. Isaic–Maniu, Evaluarea, fezabilitatea, planul de afaceri şi riscurile activităţii
A., Ene, S., economice (Assessment, feasibility business plan and risks of the
Tudose, G.-G.. economic activities), Ed. Independenţa Economică, Piteşti, 2004;
6. Louisot, J. P. Risk management for private and public entities, Academic Risk
Management Association Italy;
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