Risk Management

Risks are unavoidably connected to each and every entrepreneurial activity and can have a negative impact on the process of objectives and possibility to achieve the goals. The risks arise cause-related out of an uncertainty of future occurrences, whereas this is accompanied with a complete lack of information mostly. Their effect is to reflect the possibilities of negative deviations of a determined target figure.

The successful further development of the company is endangered and it can be of existential importance if risks are not being identified, avoided and threat in a timely and appropriately manner. In a broader sense, Risk Management includes the handling of all risks that may arise from the leadership as well as operational execution processes within a company and does not limit its responsibility only to insurable risks (Insurance Management).

Whilst the management board pursues the realization of general company goals in principal, the general risk management wants to prevent a deviation from these company goals as an essential component of the management board. Moreover, the risk management aims to assure the supervision of necessary measures and actions to avoid deviations respectively to minimize risks.

For this, a special focus is set for companies with project businesses which therefore show a completely different requirements profile characterized by the dynamic and specific execution of the project business as for companies without any project business.

Entrepreneurial decisions are fixed on the future. Accordingly, their impacts and the success of these decisions are uncertain.

The company is placed within an environment of risks which has to be differentiated into company related corporate risks and project/product related risks.

Company related, corporate related risks are for example:

  • Market risks, e.g. economic development, sector risks, competition risks
  • Political risks, e.g. expropriation, war, regulatory limitations
  • Property risks, e.g. fire risk, technical risks, natural hazards, shutdown of the public electricity supply, liability for damage to foreign objects
  • Personnel risks, e.g. loss of own employees, fidelity damage, strike, illness/injury, liability for damage caused to third party, individual mistakes of employees as well as
  • fiscal risks, e.g. bad debt losses, financial market risks, foreign exchange risks
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