Integrating risk management into strategic planning in SMEs

Eija Kupi; Jaana Keränen; Markku Mikkola; Teuvo Uusitalo

doi:10.1201/9780203859759

Integrating risk management into strategic planning in SMEs

Eija Kupi, Jaana Keränen, Markku Mikkola, Teuvo Uusitalo

Research output: Chapter in Book/Report/Conference proceeding › Conference article in proceedings › Scientific › peer-review

Abstract

Current trends in risk management emphasize approaches where all risks related to the business operations are viewed as one entity and the couplings between different risks are understood. Small and medium-sized enterprises (SMEs) would benefit from approaches that would integrate risk management into other management processes e.g. strategic planning, quality or operational management. This paper presents the findings from a literature review and the results of studying the risk management process at five Finnish SMEs. The paper discusses the main motivating factors and management objectives for risk management in SMEs. Conclusions on how risk management should be integrated into the management and leadership of SMEs are drawn.

Original language	English
Title of host publication	Reliability, Risk and Safety
Subtitle of host publication	Theory and Applications
Editors	Radim Bris, Carlos Guedes Soares, Sebastián Martorell
Publisher	CRC Press
Pages	401-406
Volume	1
ISBN (Electronic)	978-0-429-20650-4 , 0-203-85975-0
ISBN (Print)	978-0-415-55509-8
DOIs	https://doi.org/10.1201/9780203859759
Publication status	Published - 2009
MoE publication type	A4 Article in a conference publication
Event	European Safety and Reliability Conference, ESREL 2009 - Prague, Czech Republic Duration: 7 Sep 2009 → 10 Sep 2009

Conference

Conference	European Safety and Reliability Conference, ESREL 2009
Country	Czech Republic
City	Prague
Period	7/09/09 → 10/09/09

Keywords

risk management
strategic planning
management frameworks
SMEs

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title = "Integrating risk management into strategic planning in SMEs",

abstract = "Current trends in risk management emphasize approaches where all risks related to the business operations are viewed as one entity and the couplings between different risks are understood. Small and medium-sized enterprises (SMEs) would benefit from approaches that would integrate risk management into other management processes e.g. strategic planning, quality or operational management. This paper presents the findings from a literature review and the results of studying the risk management process at five Finnish SMEs. The paper discusses the main motivating factors and management objectives for risk management in SMEs. Conclusions on how risk management should be integrated into the management and leadership of SMEs are drawn.",

keywords = "risk management, strategic planning, management frameworks, SMEs",

author = "Eija Kupi and Jaana Ker{\"a}nen and Markku Mikkola and Teuvo Uusitalo",

note = "Project code: 26630; European Safety and Reliability Conference, ESREL 2009 ; Conference date: 07-09-2009 Through 10-09-2009",

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Kupi, E, Keränen, J , Mikkola, M & Uusitalo, T 2009, Integrating risk management into strategic planning in SMEs. in R Bris, C Guedes Soares & S Martorell (eds), Reliability, Risk and Safety: Theory and Applications. vol. 1, CRC Press, pp. 401-406, European Safety and Reliability Conference, ESREL 2009, Prague, Czech Republic, 7/09/09. https://doi.org/10.1201/9780203859759

Integrating risk management into strategic planning in SMEs. / Kupi, Eija; Keränen, Jaana ; Mikkola, Markku ; Uusitalo, Teuvo.

Reliability, Risk and Safety: Theory and Applications. ed. / Radim Bris; Carlos Guedes Soares; Sebastián Martorell. Vol. 1 CRC Press, 2009. p. 401-406.

Research output: Chapter in Book/Report/Conference proceeding › Conference article in proceedings › Scientific › peer-review

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AB - Current trends in risk management emphasize approaches where all risks related to the business operations are viewed as one entity and the couplings between different risks are understood. Small and medium-sized enterprises (SMEs) would benefit from approaches that would integrate risk management into other management processes e.g. strategic planning, quality or operational management. This paper presents the findings from a literature review and the results of studying the risk management process at five Finnish SMEs. The paper discusses the main motivating factors and management objectives for risk management in SMEs. Conclusions on how risk management should be integrated into the management and leadership of SMEs are drawn.

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KW - management frameworks

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