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THE WAYS OF IMPROVEMENT OF THE RISK MANAGEMENT SYSTEMS FOR SMALL AND MEDIUM-SIZED COMPANIES IN LATVIA
Abstract
The article explores the ways of forming a system of risk management (RM) and improving risk management of Latvian small and medium enterprises (SMEs), using the example of the company "X". There has been stated the insufficient employment of SMEs, RM methodology in practice; the methodology has been developed for large businesses. There has also been discovered the necessity of taking into consideration the peculiarities of industry and country. The paper presents the assessment of risks on the basis of expert and statistical methods; there also presented the elaborated recommendations on forming the RM system and described the ways of reducing the risks for company "X".
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References13
1. Enterprise Risk Management - Integrated Framework (COSO ERM). The Committee of Sponsoring Organizations of the Treadway Commission, September 2004 URL http://www.coso.org
2. European Commission (Economics and Finance - Latvia) URLhttp://ec.europa.eu/economy_finance/eu/countries/latvia_en.htm
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4. International Organization for Standardization ISO 31000 series of Risk Management (2009). URL http://www.iso.org/iso/home/standards/iso31000.htm
Regulation Control Risk (Risk Management Standard (FERMA), Federation Europe associacij risk-managers URLhttp://www.ferma.eu/risk-management/standards/risk-management-standard/ (просмотр 15.03.2014)
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11. CSB Central Statistics Office • http://data.csb.gov.lv/pxweb/lv/ekfin/ekfin__ikgad__ikp/?tablelist=true&rxid=073f5e9f-0c35-49b3-8288-f030e2e1580a
12. The concept of controlling. Horvart & Partners management accounting. System Reporting. Budgeting 2 edition - Moscow.: 2006. —pp 212-269.
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