RISK MANAGEMENT IN CORPORATE ENTREPRENEURSHIP – A WATER AND SEWERAGE COMPANY CASE STUDY

According to the international ISO 31000:2018 standard and the Polish PN-ISO 31000:2018-08standard, risk management is understood as coordinated activities pertaining to the managementand supervision of an organisation with regard to risk. In order to have the capacity to managerisk in a complementary manner, one must strictly follow the risk management process, whichmeans that policies, procedures and management practices are to be systematically applied tothe activities of communication, consultation and context defining, as well as risk identification,analysis, assessment, handling, monitoring and review.Enterprise risk management is a long-standing process intended to enable risk reduction to anacceptable level. The most essential prerequisites of risk management in general are the awarenessof the impact a given risk exerts on the enterprise strategy, identification of risk factors and theireffects, keeping records of risks and their categories, and, above all, continuous risk monitoring.What a risk management system should also comprise is a plan for introducing corrective measuresin the event that a threat has been identified.Every enterprise should have a risk management plan in place to avoid numerous problems,including stagnation, reduced competitiveness, and even bankruptcy. This article providesa discussion on a case study of successful implementation of a risk management system using theexample of a water and sewerage company based in southern Poland.