Innovative Approach to Conceptual Design of Enterprise Risk Management Software

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.

Authors

Institutions

Publication Details

Journal
Applied Sciences
Published
2024-12-03
DOI
https://doi.org/10.3390/app142311255
Primary Topic
Risk Management in Financial Firms
Type
article
Field-Weighted Citation Impact
0.00

Funders

Controls
|||
ALL TIME
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
article

Innovative Approach to Conceptual Design of Enterprise Risk Management Software

Goran Đurić, Mladen Milošević, Bogdan Kuzmanović, Petar Stanojević et al.
Applied Sciences
Risk Management in Financial Firms
article

Innovative Approach to Conceptual Design of Enterprise Risk Management Software

Goran Đurić, Mladen Milošević, Bogdan Kuzmanović, Petar Stanojević, Daniel Baloš, Mirjana Misita
article en

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.

Applied SciencesVol. 14(23)
University of Stuttgart (DE), University of Novi Sad (RS), University of Belgrade (RS)
Science Fund of the Republic of Serbia
Openalex Percentile: Top 64%
Risk Management in Financial Firms
AI Navigator

Ask Laika to Summarize, Analyze, and Connect papers live on the map.

Summarize Papers & Methodologies

Extract key findings, datasets, and comparative methods across publications.

Benchmark Rankings & Visual Analytics

Rank top research institutions, authors, funders, topics, and journals by Field-Weighted Citation Impact (FWCI) and paper volume with instant charts.

Connect Distant Disciplines

Bridge topological clusters on the map to find hidden collaborative intersections.