Integrating risk management into strategic planning in SMEs

    Research output: Chapter in Book/Report/Conference proceedingConference article in proceedingsScientificpeer-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 languageEnglish
    Title of host publicationReliability, Risk and Safety
    Subtitle of host publicationTheory and Applications
    EditorsRadim Bris, Carlos Guedes Soares, Sebastián Martorell
    PublisherCRC Press
    Pages401-406
    Volume1
    ISBN (Electronic)978-0-429-20650-4 , 0-203-85975-0
    ISBN (Print)978-0-415-55509-8
    DOIs
    Publication statusPublished - 2009
    MoE publication typeA4 Article in a conference publication
    EventEuropean Safety and Reliability Conference, ESREL 2009 - Prague, Czech Republic
    Duration: 7 Sep 200910 Sep 2009

    Conference

    ConferenceEuropean Safety and Reliability Conference, ESREL 2009
    CountryCzech Republic
    CityPrague
    Period7/09/0910/09/09

    Keywords

    • risk management
    • strategic planning
    • management frameworks
    • SMEs

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  • Cite this

    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, pp. 401-406). CRC Press. https://doi.org/10.1201/9780203859759