Innovative Approach to Conceptual Design of Enterprise Risk Management Software
Source abstract
Abstract
The paper shows the integration of the theoretical and practical aspects of designing an ERM software tool. The basic idea of the designed ERM is conceived in the form of an algorithm using the integration of ISO 3100, the COSO framework, the risk matrix designed according to the risk appetite of the observed company, quantitative and qualitative models for risk assessment, and the generation of consequences and mitigating measures for each identified risk. Methodologies for risk assessment in the presented ERM include the following: For business risks, questionnaires were generated for different business areas (from knowledge bases) and the assessment was conducted according to risk matrices. Workplace risk is assessed according to the Kinney method, while technical risks are assessed according to the API 580, 581 standard. Software is created to outbalance problems of all types of risk that may arise regardless of the complexity of the business and the risk itself. The algorithm, model and software were developed and successfully tested in two Serbian companies.
Source: crossref · Quality: baseline
Research context
OpenAlex topics: Risk Management in Financial Firms · ERP Systems Implementation and Impact · Quality and Supply Management
SciVX discovery tags are terminology-based. OpenAlex topics are source-provided classifications.
Affiliations
Faculty of Security Studies, University of Belgrade, Gospodara Vučića 50, 11118 Belgrade, Serbia
Faculty of Mechanical Engineering, University of Belgrade, Kraljice Marije 16, 11120 Belgrade, Serbia
Faculty of Technical Science, University of Novi Sad, Dositeja Obradovića 6, 21000 Novi Sad, Serbia
MPA—Materials Testing Institute, University of Stuttgart, 70569 Stuttgart, Germany
Funding
Science Fund of the Republic of Serbia
References (34)
Show source-provided references
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