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1

Risk management system in a manufacturing company – case study

Jadczyk Marcin, Jarosz Mariusz, Karbownik Andrzej

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2023

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z. 168

155--162

EN

Purpose: The purpose of this paper is to present a case study in the development and implementation of a risk management system in a medium-sized manufacturing company. The first part discusses the basic concepts related to the enterprise risk management process. A five-stage model of this process is briefly characterised which was used to build the system in question. This is followed by a presentation of the procedures developed for use in the practical implementation of the enterprise risk management system at each of the three distinguished levels of risk management. An example of one of the procedures developed and used is presented, together with a checklist for the analysis and assessment of risk factors for the identified risks. The risk management system developed for the company in question was implemented for practical use in the company over several months. At the end of the successful implementation of the system, the minor shortcomings identified have been rectified and it is being used by all, distinguished owners of the identified risks in the enterprise. Design/methodology/approach: This paper presents a new and original approach to the practical application of risk management in a medium-sized manufacturing company. Risk owners were distinguished for all processes carried out in the company and risk types were identified for them. Checklists were established to analyse and assess the risks for each distinguished risk type. Originality/value: The results of the conceptual and implementation work on the analysis and risk assessment of the implementation of processes in the enterprise obtained and presented in the paper can be addressed to those involved in company management, both in a practical and theoretical sense.

2

Integration of supply chain risk management into the enterprise risk management program for the department of defense

Muller S. Raschid, Thomas Corey E.

Annals of Computer Science and Information Systems

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2022

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Vol. 34

37--41

EN

This paper explores supply chain risk management (SCRM) integration into the enterprise risk management (ERM) program across the Department of Defense for three main reasons: responsibility, necessity, and visibility. Multiple laws, orders, policies, strategies, and standards hold Federal leaders responsible for their agencies' performance. The current global nature of the DoD's supply chain, its dependency on information technology, and the constant threats in the cyber realm make it necessary to integrate SCRM into the ERM program. Should DoD leadership lose sight of these threats, the impact on the enterprise could be catastrophic. As a result, DoD leaders must maintain the visibility of the supply chain as part of the ERM program. While many organizations have treated SCRM and ERM separately throughout the years, technology and the exponential growth of cyber threats have brought those days to a close. The importance of the supply chain to mission accomplishment, coupled with persistent threats in the cyber-realm, dictates the integration of SCRM and ERM as a requirement. This paper explains the issues above while giving multiple examples of why integration is imperative. Should the DoD make SCRM part of its ERM program, the chances of remaining a dominant global force will continue well into the future for Cybersecurity professionals working in U.S. organizations.

3

Risk management in construction enterprises in Śląskie and Małopolskie voivodships in Poland

Tworek Piotr, Myrczek Józef

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2021

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z. 150

299--308

EN

Purpose: The publication is empirical in its character. The key purpose of the paper is to outline and discuss the results of the empirical research into risk in construction activities carried out by the surveyed contractors in Poland. The paper focuses, in particular, on the use of methods, techniques and tools by construction enterprises from Śląskie and Małopolskie voivodships to respond to the risks they encounter. Design/methodology/approach: The empirical research was conducted in form of a questionnaire interview. The research tools were developed based on in-depth studies of the scholarly literature (theory-cognitive dimension of the research). The paper also uses the methods of synthesis and deduction. In their discussions the authors draw on their own knowledge and experience which they have acquired over many years spent on researching risks faced by a wide range of organisations. Findings: The presented research findings provide the empirical verification of the theoretical background derived from the literature in the field. Research limitations/implications: The paper presents only the selected results of the empirical studies. These research findings concern specific categories of construction risk, which is regarded as a scientific and research category. Practical implications: The paper presents practical knowledge (utilitarian dimension of science) which has been verified empirically in the conducted research. This knowledge is referred to in the scholarly literature as Construction Risk Management (CRM). Originality/value: The empirical studies present an up-to-date status of the knowledge and awareness as demonstrated by the construction contractors participating in the survey. The research findings are presented for the purpose specified in the paper.

4

Enterprise risk management : impact on performance of private higher educational institutions in Malaysia

Setapa Mariam, Mamat Mazlina, Bakar Hatinah Abu, Yusuf Sharifah Norzehan Syed, Kazemian Soheil

Polish Journal of Management Studies

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2020

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Vol. 22, No. 1

485--501

EN

Risk management is not something new. It is traceable as a valid decision-making process in companies in the late 1940s and early 1950s. A “silo” or “stovepipe” approach was practiced in traditional risk management where risks are usually managed individually without accepting the interrelationship of each risk. However, Enterprise Risk Management (ERM) was introduced as a new, board-supervised method that intends to identify, evaluate and manage corporate risks in an integrated structure. Specifically, in Malaysia, a few private higher educational institutions (PHEIs) were in trouble due to many causes such as management, finance and marketing. In relation to this main idea and the current issues regarding PHEIs, the aim of this study is to develop a conceptual framework of ERM drivers and its impact on the performance of Malaysian PHEIs. Using probability sampling techniques namely simple random sampling, the questionnaires were distributed to 510 respondents from top managerial posts. However, an exact sample size required was 217. Independent variables were identified as internal factor, size and types of institution, and external factor. The dependent variable was the performance in the particular institution which consisted of three elements (e.g.: management, finance and marketing). Knowledge management was chosen as a mediator in this study. Data were analysed using SPSS statistical tool and SmartPLS 3.0. Results indicated that both internal factor and size and types of institution were related with performance in the particular institutions, and the external factor showed a negative relationship with performance. It was also found that only internal factor was mediated by knowledge management in terms of their performances. Finally, it was suggested for future research to use multiple methods and multiple sources to avoid any possibility of common method bias and to enhance the findings to be generalised, which can prevent overestimate of the structural model. Indeed, at present, general research in ERM is well established, but it is still in its infancy for educational institutions.

PL

Zarządzanie ryzykiem nie jest czymś nowym. Można go prześledzić jako ważny proces decyzyjny w firmach późnych lat czterdziestych i wczesnych pięćdziesiątych XX wieku. Podejście „silosowe” lub „od dołu do góry” było praktykowane w tradycyjnym zarządzaniu ryzykiem, w którym ryzyko jest zwykle zarządzane indywidualnie, bez akceptowania wzajemnych powiązań każdego ryzyka. Jednak Enterprise Risk Management (ERM) został wprowadzony jako nowa metoda nadzorowana przez zarząd, która ma na celu identyfikację, ocenę i zarządzanie ryzykiem korporacyjnym w zintegrowanej strukturze. W szczególności w Malezji kilka prywatnych instytucji szkolnictwa wyższego (PHEI) miało kłopoty z wielu przyczyn, takich jak zarządzanie, finanse i marketing. W odniesieniu do tej głównej idei i aktualnych zagadnień dotyczących PHEI celem niniejszego badania jest opracowanie ram koncepcyjnych kierowców ERM i ich wpływu na działanie malezyjskich PHEI. Stosując techniki losowania prawdopodobieństwa, a mianowicie proste losowanie, kwestionariusze zostały rozesłane do 510 respondentów z najwyższych stanowisk kierowniczych. Jednak dokładna wymagana wielkość próby wynosiła 217. Zmienne niezależne zidentyfikowano jako czynnik wewnętrzny, wielkość i rodzaje instytucji oraz czynnik zewnętrzny. Zmienną zależną były wyniki w danej instytucji, na które składały się trzy elementy (np.: zarządzanie, finanse i marketing). Na mediatora w tym badaniu wybrano zarządzanie wiedzą. Dane analizowano za pomocą narzędzia statystycznego SPSS i SmartPLS 3.0. Wyniki wskazały, że zarówno czynnik wewnętrzny, jak i wielkość i rodzaje instytucji były powiązane z wynikami poszczególnych instytucji, a czynnik zewnętrzny wykazywał negatywny związek z wynikami. Stwierdzono również, że tylko czynnik wewnętrzny był zapośredniczony przez zarządzanie wiedzą w zakresie ich wyników. Na koniec zasugerowano, aby w przyszłych badaniach korzystać z wielu metod i wielu źródeł, aby uniknąć jakiejkolwiek możliwości typowego błędu metodycznego i ulepszyć wyniki do uogólnienia, co może zapobiec przeszacowaniu modelu strukturalnego. Rzeczywiście, obecnie ogólne badania nad ERM są dobrze ugruntowane, ale dla instytucji edukacyjnych są one jeszcze w powijakach.

5

Causes and effects of enterprise risk management implementation

Przetacznik Sylwia

Organizacja i Zarządzanie : kwartalnik naukowy

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2020

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nr 3

75--87

EN

Introduction/background: This paper presents a detailed review of causes and effects of the Enterprise risk management (ERM) implementation, including results of the author’s own survey research. Aim of the paper: The purpose of the paper is to analyse the benefits of ERM implementation while taking into account the importance of the incentives that motivate the decision to implement ERM within enterprises. Materials and methods: On the basis of a detailed literature review and taking the results of author’s own survey research into account, an analysis of the causes and effects of ERM implementation is presented. Particular attention is paid to cases where enterprises implement ERM mainly due to stakeholder expectations. Results and conclusions: The described benefits related to the use of ERM are an important reason for the implementation of these systems in enterprises; the benefits exceed the financial costs related to the implementation and use of a risk management system. However, in many cases, the decision to implement ERM is also influenced by external factors. The influence of the organisation's environment on the decision to implement ERM is a positive phenomenon, but the willingness to meet stakeholder requirements should not be the only motivation for implementing ERM. In order to implement an effective risk management system, enterprises should implement such systems deliberately with the primary aim of achieving actual benefits, not just meeting the expectations of those within its environment.

6

Enterprise Risk Management Policy in the KGHM Polska Miedź S.A. Capital Group

Bąk Patrycja, Sukiennik Marta, Kapusta Mariusz

Inżynieria Mineralna

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2019

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R. 21, nr 1/2

93--96

EN

Under the current market conditions, risk is inherent in enterprise management. A well-functioning risk management policy is an added value for an enterprise. It allows its managers to focus on developing the company’s development strategy, its value and com-petitiveness. They can effectively manage uncertainty and the related opportunities and risks, increasing the company’s potential to build value. Risk management is aimed control-ling and handling risks across the organisation. Understanding the risks faced by the enter-prise leads to better strategic decisions, and thus better allocation of resources. Effective risk management also involves correctly predicting the risk factors for different time hori-zons, and the ability to consider different scenarios. Consequently, there is a need to collect highly detailed information on the activities of the whole enterprise. The aim of this paper is to analyse selected aspects of enterprise risk management at the level of a capital group using the example of Grupa KGHM Polska Miedź S.A. as a glob-al organisation.

PL

W obecnych warunkach rynkowych zagadnienie ryzyka jest nieodłącznym elementem zarządzania przedsiębiorstwem. Z kolei doskonale funkcjonujący system zarządzania ryzykiem stanowi wartość dodaną firmy. Pozwala zarządzającym skoncentrować się na budowaniu strategii rozwoju, wartości i konkurencyjności organizacji. Umożliwia zarządom skuteczne radzenie sobie z niepewnością oraz związanym z nią ryzykiem i szansami, zwiększając tym samym zdolność do budowania wartości. Zarządzanie ryzykiem jest przedsięwzięciem, którego celem jest kontrola i zarządzanie ryzykiem całej instytucji. Zrozumienie ryzyk zagrażających firmie pozwala na podejmowanie korzystniejszych decyzji strategicznych, oraz, dzięki temu, na lepsze wykorzystywanie zasobów firmy. Skuteczne zarządzanie ryzykiem polega również na trafnym prognozowaniu czynników ryzyka w różnych horyzontach czasowych oraz rozważaniu różnych scenariuszy. Konsekwencją tak postawionego zagadnienia jest konieczność zbierania bardzo szczegółowych informacji na temat działalności całego przedsiębiorstwa. Celem artykułu jest spojrzenie z poziomu grupy kapitałowej na wybrane aspekty zarządzania ryzykiem korporacyjnym na przykładzie Grupy KGHM Polska Miedź S.A. jako organizacji o zasięgu globalnym.

7

Koherentne miary ryzyka w zarządzaniu ryzykiem cen uprawnień do emisji CO2 w przedsiębiorstwach objętych systemem EU ETS

Włodarczyk A.

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2017

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z. 113

529--545

PL

Zarządzanie ryzykiem cen uprawnień do emisji CO2 nabiera coraz większego znaczenia dla przedsiębiorstw objętych Europejskim Systemem Handlu Emisjami (EU ETS). Ograniczenie liczby nieodpłatnie przyznawanych uprawnień oraz wzrost zmienności ich cen na rynku wtórnym zwiększają ekspozycję przedsiębiorstw na ryzyko. Celem artykułu jest przedstawienie koncepcji koherentnych miar ryzyka oraz porównanie różnic w oszacowaniu ryzyka portfela kontraktów terminowych na uprawnienia do emisji CO2 za pomocą dwóch miar: nieoczekiwanego niedoboru oraz wartości zagrożonej.

EN

Managing the European Emission Allowances (EUA) price risk is becoming increasingly important for companies covered by the European Union Emissions Trading Scheme (EU ETS). The increase in the price volatility of the CO2 allowances in the secondary market and the reduction in the amount of free carbon emissions allowances, which are granted to companies, cause the increase in companies' exposure to price risk. The aim of this article is to present the concept of coherent risk measures and to compare the differences in the EUA futures portfolio risk assessment by means of two different measures: Expected Shortfall and Value at Risk.

8

Mapa ryzyka jako mieszana metoda oceny ryzyka w przedsiębiorstwie

Ziemski J.

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2016

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z. 96

549--556

PL

Ocena ryzyka w przedsiębiorstwie jest jednym z etapów zarządzania ryzykiem. Istnieje wiele metod pozwalających oszacować indywidualne źródła ryzyka. Ocena ryzyka za pomocą mapy ryzyka pozwala sprowadzić wszystkie zagrożenia przedsiębiorstwa na jedną płaszczyznę i umożliwia ich porównywanie.

EN

Risk assessment in the enterprise is one of the stages of the risk management. There are many methods to estimate individual risk sources. Assessment of the risk of using risk maps allows you to bring all the risks the companies on one platform and allows you to compare them. The purpose of this article is to introduce the reader to the risk management issues in the enterprise, and present the advantages and disadvantages of a mixed approach to risk assessment. Risk assessment in the enterprise is one of the stages of the risk management process. There are many methods to estimate individual risk sources. Assessment of the risk of using risk maps allows you to bring all the risks the companies on one platform and allows you to compare them.

9

Zintegrowane zarządzanie ryzykiem w jednostkach sektora finansów publicznych na przykładzie urzędów skarbowych

Bożek S.

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2014

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z. 74

289--303

EN

The primary goal of this article is to characterize selected issues relating to the functioning and implementing integrated risk management based on the ERM (enterprise risk management) approach in the public finance sector units on the example of the tax offices. The integrated risk management in the organization, including public sector institutions is based on a mature approach to risk management, namely enterprise risk management (ERM).

PL

Podstawowym celem artykułu jest charakterystyka wybranych obszarów i zagadnień dotyczących funkcjonowania oraz implementacji podejścia zintegrowanego zarządzania ryzykiem (opierającego się na koncepcji ERM, enterprises risk management) w jednostkach sektora finansów publicznych na przykładzie urzędów skarbowych. Właśnie zintegrowane zarządzanie ryzykiem w organizacji, z włączeniem w to również jednostek sektora finansów publicznych, wykorzystuje takie podejście do zarządzania ryzykiem, które uznaje się za najbardziej dojrzałe procesowo, mianowicie podejście oparte na ERM.

10

Continuity of entrepreneurial activities and enterprise risk management

Klučka J.

Logistics and Transport

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2010

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Vol. 11, No. 2

25-30

EN

An enterprise performs its activities within micro-, macro-and internal environment. The characters are subject of these environments and their consequences are many times in contradiction to defined enterprise objectives. The specific items are generally called risks. The risk is quantified as the multiplication of likelihood and the consequences of the specific event. There is optimal level of risk (generally) what is a compromise between the amount of risk and return/ invested capital. Intuitively this assumption is clear but the problem in practice is to answer/solve following questions: How to establish optimal level of risks? Is there only one level or is there a hierarchy of enterprise risks? How to evaluate/quantify risks and their consequences? Is there a set of relevant/irrelevant risks and under which criteria to define them? How to proceed to establish organizational structures responsible for/focused on risk management? Nowadays, an enterprise is facing to the following risks: globalization, loss of reputation, shortening of a product life cycle, new technologies, catastrophic events (natural catastrophes, catastrophes as the impact of man-made activities), different economic and non-economic risks active in interaction between an enterprise and its environment. Risks mentioned above are complex, while specific situation of an enterprise can be characterized by political, social, technological, technical and other features. All this says about "downsizing of entrepreneurial world" and "acceleration of the development", those threats existence and operation of an enterprise.