Studies from Sapientia Hungarian University of Transylvania Provide New Data on Risk Management (Decentralized Enterprise Risk Management Issues under Rapidly Changing Environments): Insurance – Risk Management

2021 OCT 13 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- Fresh data on insurance are presented in a new report. According to news reporting from Cluj Napoca, Romania, by NewsRx journalists, research stated, “Under the growing complexity of manufacturing processes, supply chains, markets and stakeholder expectations, enterprise risk management (ERM) has become an extremely important, probably yet still underdeveloped, management function. Enterprise risk management theory and practice should keep pace with the changes of rapidly changing environments, through new, more adaptive approaches.”

The news reporters obtained a quote from the research from Sapientia Hungarian University of Transylvania: “The article presents some of the results of a longitudinal survey at Eastern-European manufacturing organizations made on risk management techniques. The goal of the research was the study of risk management techniques under rapidly changing environments in highly standardized industries (pharmaceutical and automotive). The research was focused on the role of human resources in handling technology-related/operational risks and to what extent a decentralized risk management is present. Multidisciplinary cooperation, the selection of the teams, communication and the decision making within the team was analysed. During our research few common risk analysis routines were identified at the studied organizations. Through an interview-based qualitative survey, possible weaknesses of common risk identification techniques were identified.”

According to the news editors, the research concluded: “The article presents three risk evaluation methods with the same features. The answers provided during the interviews indicate that risk assessment techniques are mostly centralized (coordinated by a single person/unit), linear (based on If-Then construct) and rigid, definitively not suitable when quick changes are in the organization environment.”

For more information on this research see: Decentralized Enterprise Risk Management Issues under Rapidly Changing Environments. Risks, 2021,9(165):165. (Risks - http://www.mdpi.com/journal/risks). The publisher for Risks is MDPI AG.

A free version of this journal article is available at https://doi.org/10.3390/risks9090165.

Our news journalists report that more information may be obtained by contacting Levente Bakos, Mechanical Engineering Department, Faculty of Technical and Human Sciences Targu Mures, Sapientia Hungarian University of Transylvania, 400112 Cluj-Napoca, Romania. Additional authors for this research include Danut Dumitru Dumitrascu.

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