engleski

Implementation of methods and techniques for risk management and risk evaluation in Croatian non-financial companies

The Great Financial Crisis, which enveloped global financial markets at the beginning of the 21st century, had a significant negative impact on the Croatian economy, manifesting itself through long- term recession, a considerable number of liquidated small and medium-sized enterprises, a rising unemployment rate, as well as other negative economic indicators. Based on the above, the issue of implementation of methods and techniques for risk assessment in non-financial companies was put in the spotlight. The purpose of this paper is to explore the knowledge and use of methods and techniques in non-financial companies in Croatia. The Croatian economy is characterized by a high percentage of small and medium-sized companies. Therefore, the target group of the research conducted was focused on this sample. A structured survey questionnaire collected the primary data, which was then statistically processed. The survey covered more than 300 companies, having been conducted from October 2017 to January 2018. The main contribution of this research was the identification of risks that non- financial companies perceive and manage. In addition, the paper finds a low level of knowledge about the use of techniques and methods for managing and evaluating risks in the surveyed companies. In addition, the survey attempted to ascertain whether there was a designated person, or possibly a department, within the company in charge of risk management. Based on the conducted research it can be concluded that there is a significant need for additional education on risk management among non-financial companies in Croatia. Thanks to this analysis it can be construed that the lack of familiarity with the basic methods and techniques probably had an influence on the overall exposure of the economy to the last crisis. Finally, this research points to the weakness and unpreparedness of businesses in Croatia and their susceptibility to future shocks.

risk management ; non-financial companies ; methods and techniques ; Croatia

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