INFORMATION SYSTEMS IN MANAGEMENT V - SGGW

all phases of the enterprise, while the project risk affects the operational risk in
significant way.
3. RISK MANAGEMENT
The objective of the enterprise risk management is to lower the threat of failure
of achievement the enterprise goals. More formally, the risk management is defined
as the logically structured set of rules and principles that are applied to the
risk in a uniform and continues manner (Kaczmarek, 2008). The process of risk
management is divided into four basic phases: the risk identification, the risk
quantification, the risk limitation that includes the preparation of the principles of
policies and its usage, and the controlling of undertaken activities (see fig. 2).
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Figure 2. The schema of risk management in investment enterprise
Controlling
Usage of the
policies
Risk
identification
Risk limitation
Creating the
policies
Source: Rogowski & Michalczewski 2005, page 18
Risk
quantification
As it was early mentioned, the source of risk is connected with taking decisions
without full knowledge about the future consequences. So, the risk management
should be curried out by the same person who is making decisions. The risk management
is an integral part of processes of planning, managing and controlling
(Kaczmarek, 2008, pp.96). However, the same author pointed out “…risk management
requires the coordinated cooperation of specialists from many fields ...
and also need a manager who will know how to comprehensively manage the risk
on the level of whole company” (Kaczmarek, 2008, pp.109). It means that risk
management should be established on the level of entire company but it should be
carried out by operational managers while making everyday decisions. This aspect
of risk management will be discussed in more detail in next section.