MANAGEMENT PRACTICES IN THE MAIN INDUSTRIES OF GERMAN

Risk management practices in the industries of Germany SMEs
It was an empirical investigation that was carried out by Thomas Henschel. The major problem is that many business management literature have for a long time neglected themes about risk management for small to medium enterprises (SMEs). Therefore, he believed that the research would explore of the current risk management in SMEs in order to determine the problems such firms have while implementing a risk management system. The author outlines that there has been no general standard developed to help SMEs to manage their risk holistically.
After a thorough literature review, the author found out that there are two major components to help SMEs to manage their risk holistically. They include performance measurement using modern instruments and business planning. The research was carried out using a nationwide postal questionnaire which was convenient to reach a wide range of SMEs in Germany. There were also a number of research interviews that were conducted through telephone and physical. The results from both interviews and questionnaires were analysed to determine a holistic risk management approach for SMEs. The researcher used a scoring approach to determine the sophistication of SMEs risk management. The approach enabled the researcher to evaluate the scoring figure of the two general standards of risk management.
The study has outlined a risk management framework that is clear in displaying the process of risk management. At the top of the framework is the goals of the company, which are then narrowed down to objectives of risk management. The objectives are then distributed risk identification, evaluation and strategies in order to determine the absolute risk position of a firm. This then gives clear direction on conceptualization, planning, execution and termination of various strategies of curbing risks. The data were analysed through a scoring approach through the use of excel worksheets.
After the results from the scoring approach, the study introduced a new typology about risk management that was derived from the t findings. The study extracted three kinds of risk management practices, prospectors, analysers and reactors. The typology drew an established approach that helped to classify business organizations. If only every business would identify itself in one of the categories, it would be easy to implement better risk management practices and improve their businesses.
The researcher found out that Snow and Miles typology which is is applicable for risk management practices. Therefore, the dissertation outlined the three types of risk management and their respective component of holistic management to ensure that no firms get confused on which practices to include in their firms. The study recommends firms to determine the type of their business to improve on their risk management.

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