HOW COSO ERM AND SHIMODEL ALGORITHM CAN CONTRIBUTE TO THE DEVELOPMENT OF ENTERPRISE PERFORMANCE
HOW COSO ERM AND SHIMODEL ALGORITHM CAN CONTRIBUTE TO THE DEVELOPMENT OF ENTERPRISE PERFORMANCE
Author(s): Hezi Aviram ShaybSubject(s): Business Economy / Management, Management and complex organizations, ICT Information and Communications Technologies, Socio-Economic Research
Published by: Universitatea Tehnică a Moldovei
Keywords: Crisis management; SHIModel; COSO ERM; action plan; assessment of risks; Business Results Cube; Financial Results Cube; Operational Key Status Cube;
Summary/Abstract: Based on theoretical model (COSO ERM), I developed a tool that companies can use to correctly identify the risks they were exposed to, to prevent operational crises in due time, as there is no such a tool publicly available for companies to use. The objective was to offer a solution for all kind of organizations for the problem of correctly identifying and mitigating operational risk exposure, to consolidate their position and be able to prevent organizational crises. This is particularly important as it seems that a “permanentizing of crises” has occurred in the business environment. Compared to the other tools existing in the field of risk management, available to the public use, the mathematical algorithm is offering specific instructions for the managers to use, not just theoretical guidelines. Also, the tool offers a unique feature of being able to be applied for any kind of business organization, from any kind of business field, due to its capacity to adapt to the specificities of every enterprise. Meanwhile, while it seems to be very practical, it is based on a right theoretical framework, supported by the complexity theory.
Journal: Journal of Social Sciences
- Issue Year: IV/2021
- Issue No: 2
- Page Range: 76-83
- Page Count: 8
- Language: English