Risk management practices in the industries of Germany SMEs

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.

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