The Impact of Enterprise Risk Management on the Performance of Companies in Transition Countries: Serbia Case Study

28 Pages Posted: 1 Nov 2019

See all articles by Marija Panić

Marija Panić

University of Belgrade

Milica Veličković

University of Belgrade

Danijela Voza

University of Belgrade

Živan Živković

University of Belgrade

Zuzana Virglerová

Tomas Bata University in Zlin

Date Written: October 30, 2019

Abstract

The market position of a company influences its performance. In hazard conditions, all the factors that determine a company’s market position and business are exposed to risk. An effective program of enterprise risk management (ERM) decreases the level of risk and improves company performance. ERM is a process that identifies and evaluates all potential losses that can occur in business organizations and selects techniques that can handle and prevent such losses in accordance with the requirements of International Standard ISO 31000. In this paper, seven hypotheses are defined, on the basis of which a theoretical model is developed to examine how different sources of enterprise risk affect the operational performance of Serbian companies and their risk of losing market position.

Keywords: risk, company performance, enterprise risk management (ERM), International Standard ISO 31000

Suggested Citation

Panić, Marija and Veličković, Milica and Voza, Danijela and Živković, Živan and Virglerová, Zuzana, The Impact of Enterprise Risk Management on the Performance of Companies in Transition Countries: Serbia Case Study (October 30, 2019). Journal of Operational Risk, Forthcoming. Available at SSRN: https://ssrn.com/abstract=3478550

Marija Panić (Contact Author)

University of Belgrade ( email )

Studentski trg 1
Belgrade, 11000
Serbia

Milica Veličković

University of Belgrade ( email )

Studentski trg 1
Belgrade, 11000
Serbia

Danijela Voza

University of Belgrade ( email )

Studentski trg 1
Belgrade, 11000
Serbia

Živan Živković

University of Belgrade ( email )

Studentski trg 1
Belgrade, 11000
Serbia

Zuzana Virglerová

Tomas Bata University in Zlin ( email )

Zlin
Czech Republic

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