EAN: 9783960670315

RISK MANAGEMENT AND MANAGEMENT CONTROL SYSTEMS ...

The purpose of every for-profit organization is to earn profit  to secure its existence and to
meet stakeholders' expectations  but every company is also confronted with certain risks. Some
are easy to handle  others are existence-threatening. The accumulation of global economic
crises  frauds  and financial scandals  but also terrorist attacks and failures in large
computer systems  shows that businesses face greater challenges than before and verifies the
importance of risk management. Hence  companies have to implement risk management systems and
processes to identify  assess and treat risks. Many of these risks and problems are externally
given  but some also result from the misconduct of a company's managers and employees. This
leads to the need of systems that help to control employees and managers and ensure that they
behave in the firm's sense. These systems are called management control systems. But what is
more effective and efficient in supporting the company to reach its goals  risk management or
management control systems? There is a research gap concerning this question. Thus  the
resulting questions are as follows: What exactly is risk management? What exactly is a
management control system? What are the similarities and differences? Is it possible to combine
both to reach a kind of perfect control system for businesses? This book is intended to answer
these questions.

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