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RISK MANAGEMENT PROCESSES IN INFORMATION SYSTEMS DEVELOPMENT

Pavel Petrov, S. Stoev, Mihail Radev, Alexander Sergeev, Георги Димитров

Abstract

Risk management is increasingly seen as part of the concept of sustainable corporate development and improvement. It is a logical process or approach that aims to eliminate or at least reduce the level of risk that accompanies the implementation of company policy and achievement of organizational goals. Risk management is part of the managerial responsibility that bears every head of a business or public organization. That is why the issue of optimal risk management policy is particularly important. In this way, the question of how much and how to manage the risks to commit enough, but not more than the effective level of resources, should be answered, because the latter is directly related to competitiveness and hence the ability to sustainable development in general. On the other hand, if the resources engaged in risk management are insufficient, the realization of risks will frustrate the sustainability of development, and in extreme cases, the existence of the enterprise. Risk management improves understanding of the potential variability of factors that may affect a particular environment. This increases the likelihood of success and reduces both the likelihood of failure and the level of uncertainty associated with achieving the organization's goals.

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DOI resolver: doi.org/10.5593/sgem2021/2.1/s07.18

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