1. Integrated management systems based on risk assessment : methodology development and case studiesS. Vulanović, Milan Delić, Bato Kamberović, Ivan Beker, Bojan Lalić, 2020, original scientific article Abstract: The implementation of management systems in organizations is often based on a "blind" meeting of requirements set by the selected standard, while these requirements are not in direct relation to the risks of the organizations. Therefore, it often happens that the established management system is not operational or is not aligned with the context and real needs of the organization. This paper presents general model for the design of an integrated management system based on risk assessment of organization's processes. The model was based on the primary hypothesis that a process that has a higher risk should be described in more detail in order to be adequately realized. The presented Model was tested on three diverse companies which had already implemented management systems according to international standards. Comparing the existing with the projected documentation in three companies, it was concluded that the number, scope and structure of documented information were optimized for successful risk management, which lowers the overall costs and enables efficient management of the company. The paper provides scientific approach and methodology for designing the integrated management system in any organization, using existing risks as universal integrating factor.
Keywords: integrated management system, risk management, process approach, failure mode effect analysis, FMEA
Published in DKUM: 13.01.2026; Views: 0; Downloads: 0
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2. Multicriteria risk evaluation model : utilizing fuzzy logic for improved transparency and quality of risk evaluation in healthcareRok Drnovšek, Marija Milavec Kapun, Simona Šteblaj, Uroš Rajkovič, 2025, original scientific article Abstract: Introduction: Risk management is essential for quality assurance in modern healthcare organizations. Risk matrices are widely used
to evaluate risks in healthcare settings; however, this approach has noteworthy weaknesses and limitations. This paper introduces
a novel risk evaluation model that utilizes multicriteria decision-making and fuzzy logic, to enhance the transparency and quality of the
risk evaluation process in healthcare.
Methods: The Multicriteria Evaluation Model was developed using the Decision Expert method and expert knowledge integration.
Fuzzy logic was integrated within the model, using partial degrees of membership and probabilistic analysis, to address uncertainties
inherent to healthcare risk evaluation. The evaluation model was tested with healthcare professionals active in the field of risk
management in clinical practice and compared with the risk matrix.
Results: The designed evaluation model utilizes multicriteria decision-making while encompassing the risk matrix framework to
boost user understanding and enable meaningful comparison of results. Compared with the risk matrix, the model provided similar or
marginally higher risk-level evaluations. The use of degrees of membership enables evaluators to articulate a wide range of plausible
risk consequences, which are often overlooked or ambiguously addressed in the traditional risk matrix approach.
Discussion and Conclusions: The evaluation model demonstrates increased transparency of the decision-making process and
facilitates in-depth analysis of the evaluation results. The utilization of degrees of membership revealed distinct strategies for handling
uncertainty among participants, highlighting the weaknesses of using single value evaluation approach for the presented and similar
decision problems. The presented approach is not limited to healthcare-related risk evaluation, but has the capacity to improve risk
evaluation practices in diverse settings
Keywords: multi-criteria decision-making, risk management, fuzzy logic, decision support, patient care, DEX
Published in DKUM: 01.12.2025; Views: 0; Downloads: 1
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3. A comprehensive composite model of the corporate risk management index as a factor of medium-sized and large companies value changeAna Malnar, 2025, doctoral dissertation Abstract: Operating in today's turbulent environment is characterized by, among other things, significant risks. The current trends of deregulation and globalization of markets increase the impact of risks on the company's operations and, consequently, on its value, being a source of potential unforeseen losses due to changes in market prices, financial difficulties or other difficulties of the company. As business practices, environments, and trends change, some areas of risk management become increasingly important. When distinguishing between the terms risk and uncertainty, it can be said that they are related but different. While uncertainty is unknown and changing, risk is the result of uncertainty. All of these factors can have a significant impact on a company's cash flow, earnings, and enterprise value. The nature of risk has directed risk management to protect companies from financial difficulties, and recognizing different categories of risk such as credit, market, or ESG risks can become an important step to ensure uninterrupted business operations and protection of corporate assets. By achieving the fundamental goal of identifying and managing various forms of risk, the company will become increasingly better able to survive and operate successfully in the modern economic environment, ultimately contributing to increased shareholder value. A further step in understanding and evaluating the concept of integrated risk management in organizations is the composite risk management index, which according to numerous authors represents a significant contribution and advance in the quantitative approach to measuring and evaluating the risk management process. The CRM index represents a comprehensive dimension of CRM that effectively measures the construct. The CRM Index is proposed as an effective measure of CRM implementation and was constructed based on data derived from a thorough review of the literature. The said index uniformly assesses the data on the frequency, depth and completeness of risk management practices in organizations. The purpose of the doctoral dissertation implies and includes a theoretical and practical contribution in the field of corporate risk management and the formation of a composite index as a measurement tool for the implementation of the above process in medium-sized and large companies, as well as ways of creating, generating and measuring newly created value as a product of their interaction, with the expectation of understanding and strengthening interest in this research subject as a broad topic. A unique scientific contribution from both a theoretical and practical perspective is given. From a theoretical perspective, the research conducted makes a significant contribution to the scientific knowledge on the effects of corporate risk management as a function of the creation of medium and large firms in multiple and multiplicative ways. The academic literature is improved by conceptually upgrading various research niches, concepts and phenomena of this field of knowledge, and the interrelationships and interdependencies of corporate risk management are recognized and identified, and their effects on the creation and growth of value of non-financial firms are observed. In addition, it consolidates the different academic views on the process of enterprise risk management and further clarifies its concept, defines its scope and determines the level of action.
Keywords: corporate risk management, firm performance, corporate risk management index, value growth
Published in DKUM: 25.11.2025; Views: 0; Downloads: 7
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4. Risk Management of Fuel Transport in the company Montana d.o.o.Darko Glavche, 2025, undergraduate thesis Abstract: This diploma thesis examines risk management as one of the most important issues in transport of hazardous goods, while focusing on the company Montana d.o.o. In the theoretical part we highlighted the importance of safety in logistics, the legal and regulatory framework, driver training, and preventive measures for reducing risks.
Regarding the empirical part, we analyzed how Montana d.o.o. manages risks in practice through equipment, procedures, training and supervision. We conducted an interview with the company management, which provided us with an insight into daily operations and safety practices. The findings confirmed that Montana d.o.o. fully complies with the prescribed standards and, in some areas, introduces additional safety measures, as well.
The results indicate that Montana d.o.o. successfully ensures reliability and safety in fuel transport, while also demonstrating that there is always room for improvement. Based on the results, we proposed recommendations for further development of risk management practices to maintain efficient, safe, and sustainable operations.
Keywords: Fuel transport, risk management, logistics, safety protocols.
Published in DKUM: 24.10.2025; Views: 0; Downloads: 9
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5. Role of hotel management crisis in Covid-19 and Post-Covid-19 period : a case study of Opatija riviera micro-region in CroatiaRomina Alkier Radnić, Vedran Milojica, Vasja Roblek, 2023, original scientific article Abstract: The paper includes an exploratory qualitative research study on the impact and consequences of Covid-19 on business and organisational changes in the hotel industry in the Opatija Riviera area, which will have a medium- and long-term impact on the design of resilience and sustainable growth policies. The disruption caused by the pandemic is also important for hotel managers and management from the point of view of introducing crisis management processes, the results of which can be seen in the protection of the well-being of guests, employees and the general reputation of hotels. Therefore, hotel management needs to emphasise the importance of identifying business strategies and practices in business strategies and thus form the basis for effective crisis management.
Keywords: business models, Covid-19, hotel industry, Opatija Riviera, strategies, risk management, tourism micro-region, Tržič, tržiški avtor
Published in DKUM: 25.09.2025; Views: 0; Downloads: 2
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6. Evaluation of environmental, social, and governance risks? : a critical literature review with practical implicationsTimotej Jagrič, Damijan Mumel, Aljaž Skaza, 2025, original scientific article Abstract: The evaluation of environmental, social and governance (ESG) risks is an important yet challenging aspect of the investor decision-making process, largely attributable to the volatility of this domain. A significant proportion of these challenges arise from divergent ESG ratings, which are the consequence of absence of clarity and consistency in definitions, data, and rating methodologies. A review of the existing literature revealed that no article summarized findings related to the evaluation of ESG risks based on uniform definitions, which would help with understanding and measure development. The aim of this paper is to address ESG risks evaluation issues through a critical review of literature and deconstruction of associated issues, providing both theoretical and practical insights. The literature review began with the definition of ESG risks, which served as a foundation for the deconstruction and analysis of the ESG risk evaluation process. The findings indicate that there are numerous issues related to the evaluation process, starting with the definition of ESG, continuing through reporting and data issues, which ultimately leads to issues with the evaluation process itself. The conclusion drawn from this analysis is that usability is contingent upon the clarity of definitions and comprehension, thereby ensuring the efficacy of the ratings for investors and other stakeholders.
Keywords: environmental, social and governance, ESG, ESG risks, ESG ratings, risk management
Published in DKUM: 23.09.2025; Views: 0; Downloads: 6
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7. Systematic risk management practices and improved risk culture in Slovenian non-financial corporations : a SEM ApproachTimotej Jagrič, Maja Rožman, Vita Jagrič, 2025, original scientific article Abstract: There is limited empirical evidence on how the risk management process is implemented in non-financial corporations, resulting in an incomplete understanding—particularly in post-transitional economies such as Slovenia. Using Structural Equation Modeling on data collected from Slovenian non-financial corporations in 2023, we find that a well-structured risk management process positively influences the adoption of advanced risk management methods and practices. This, in turn, significantly reduces challenges associated with risk management, enhances its overall effectiveness, and directly contributes to corporate value creation. These findings highlight the strategic importance of risk management as an essential component of organizational governance.
Keywords: risk management, risk culture, risk metrics, corporate value, structural equation modeling (SEM) approach, Slovenia
Published in DKUM: 03.09.2025; Views: 0; Downloads: 11
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8. Application of digital tools assessing information risk in the control activitySilviya Kostova, Zhelyo Zhelev, 2024, original scientific article Abstract: The paper discusses digitising the leading information flows in control activities. The focus is on applying technology and its integration in implementing forms of control. The aim is to argue for practical approaches to minimise information risk in pre-ongoing and postcontrol to ensure the accuracy and veracity of financial and nonfinancial information. Evaluating the effectiveness of data ensures integrity, consistency, validity, completeness and timeliness - applying digital risk assessment tools to control activities. To prove the hypotheses, the cross-tabulation method is applied, focusing on the relationship between the use of verification, inspection, audit, revision and supervision, and the digital tools applied in the control institutions implementing financial control in the public sector of the Republic of Bulgaria. The study evaluates the effectiveness of data management practices, emphasizing the importance of maintaining integrity, consistency, validity, completeness, and timeliness. The study acknowledges that the use of advanced digital risk assessment tools could improve the effectiveness of control activities in various areas. The approach supports the sustainability of financial control and is in line with modern management standards, promoting a culture of accountability and precision in the management of public finances.
Keywords: digital risk assessment, information integrity, public financial management, optimization accountability
Published in DKUM: 28.05.2025; Views: 0; Downloads: 6
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9. The link between asset risk management and maintenance performance : a study of industrial manufacturing companiesDamjan Maletič, H. Pačaiová, A. Nagyová, Matjaž Maletič, 2020, original scientific article Abstract: Purpose: The purpose of this paper is to examine risk management practices and their impact on performance. Specifically, the study aimed to examine risk management practices as part of physical asset management and their impact on maintenance management and its performance.
Methodology/Approach: The empirical data were obtained from 76 manufacturing companies. Partial Least Squares Path Modeling (PLS-PM) was applied to evaluate the measurement and structural model.
Findings: The results emphasized the importance of integrating risk management practices into asset management processes in order to improve performance outcomes.
Research Limitation/Implication: This study contributes to a better understanding of how companies could achieve higher performance results by implementing risk management practices. The results of this study can help managers identify key asset risk management practices. Despite the important implications that can be derived from this study, further research that would extend the model to include additional performance measures and/or asset management dimensions would be of great importance.
Originality/Value of paper: By analyzing the interrelationships between asset risk management practices and their direct and indirect effects on maintenance performance, the study provides important insights for the development of strategies to promote the novel and important discipline of asset management.
Keywords: risk management, maintenance performance, physical assets, ISO 31000
Published in DKUM: 29.01.2025; Views: 0; Downloads: 9
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10. Climate change and agriculture management : Western Balkan region analysisFranc Željko Županič, Danka Radić, Iztok Podbregar, 2021, review article Abstract: Background: This paper aims to analyze the possibilities of the agricultural sector of the Western Balkan to assess compliance with the European Green Deal, which provides for the implementation of activities, which should enable the transition to sustainable agriculture and climate change mitigation. This paper is among the first to present the causality of agriculture and climate change (status, mitigation, and perspectives) in general and in light of the European Green Deal for the Western Balkan territory.
Main text: Agricultural production is a leading industry in the Western Balkan. Climate change and predictions that temperatures will increase by 4 °C in the coming decades pose a risk not only to agricultural production but also to the safety of the population, because agriculture is the main source of income for a significant part of it. Uncontrolled floods and droughts caused by climate change are a particular danger for agriculture and human existence. This paper demonstrates that agriculture in the WB can be considered critically affected by climate change.
Conclusions:Unless appropriate measures are taken and risk management for water resources and agriculture is improved, there will be a further decrease in precipitation and an increase in dry days by 20%. Such a scenario endangers not only the already vulnerable climate sustainability and biodiversity of the region but also the existence of a population employed in agriculture and the contribution of the agricultural sector to the gross domestic product. However, future planning based on the Common Agriculture Policy (CAP) and European Green Deal, the adoption of a related regulatory framework, the establishment and regular monitoring of supporting financing mechanisms, regional cooperation, and improving risk management (with emphasis on the local level) can mitigate the present impact and decrease the expected negative impact of climate change on agriculture and biodiversity in the WB region.
Keywords: climate change, sustainable agriculture, risk management, Western Balkan countries, European Green Deal
Published in DKUM: 08.11.2024; Views: 0; Downloads: 29
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