Risk Management in Small and Medium Enterprises

Chiara Crovini (University of Turin, Italy)

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English

Routledge
30 September 2020

Economics; Business strategy; Knowledge management; Production & quality control management; Business mathematics & systems

Series: Routledge-Giappichelli Studies in Business and Management

This book offers a fresh method of assessing and managing risks in SMEs, by adopting a multidisciplinary approach. In small and medium companies, the risk management process cannot be often formalised and procedures are usually integrated unconsciously into the decision-making process. Therefore, to enhance the flexibility of these companies, increase their market share and allow them to grow and manage risks more effectively, the first step is to improve the way decisions are made.

Consequently, it is fundamental for those companies to improve the awareness about the way reasonable decisions are made, which can be achieved only through a proper knowledge and the definition of the Risk Appetite Framework. Therefore, by improving knowledge, the risk appetite and awareness in the decision making, companies will implicitly start developing a risk consciousness, which can be translated into a sound risk approach. SMEs need to understand the importance of an effective internal control system. Hence, the central point is the necessity to start reconsidering the company as a unique entity, by adopting a holistic approach.

The book explores whether small and medium companies should adopt a formalised risk management process and, more importantly, the role that the development of an appropriate risk mindfulness and approach to expand existing functions plays in these entities. It suggests an appropriate way of thinking about risk, starting with the amalgamation of both past and present theories, and enabling SMEs to find a solution to improve the effectiveness of their risk management strategies.

By: Chiara Crovini (University of Turin Italy)
Imprint: Routledge
Country of Publication: United Kingdom
Dimensions: Height: 234mm, Width: 156mm,
Weight: 453g
ISBN: 9780367661878
ISBN 10: 036766187X
Series: Routledge-Giappichelli Studies in Business and Management
Pages: 106
Publication Date: 30 September 2020
Audience: College/higher education , Primary
Format: Paperback
Publisher's Status: Active

Introduction 1. Theoretical background 2. The management of risks in SMEs 3. Case study 4. Key emerging issues 5. Summary and conclusion

Chiara Crovini is a Postdoctoral Research Fellow of the Department of Management at the University of Turin, Italy.