E-BUSINESS RISK MANAGEMENT

Milan Mihajlović, Vlada Živanović, Nedeljko Karakaš

Abstract


E-business is as risky as any other business. The first step in risk management and risk reduction is awareness that risk exists. In today’s modern environment and Internet operations, risk management plays a critical role in protection of organizations. This article deals with the risk management process which includes the process of identifying risk, risk assessment and analysis, risk response and evaluation of the results. Identifying risks, as a first step in risk management aims to recognize which factors may jeopardize the company’s operations, because in order to manage risks, they need to be identified. Risk assessment and analysis should determine what kind of negative impact (in some cases positive impact) identified risk will have on achievement of the company’s goals. Risk response is a process of selection and implementation of the best risk response strategy, which aims to reduce, remove, accept or transfer risk to a third party. Evaluation of the results as the last step in risk management needs to measure the efficiency of chosen risk response strategy.

Keywords


risk, e-business, risk management, strategy

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References


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