EVALUATING THE IMPACT OF INTEGRATED MANAGEMENT SYSTEMS ON OPERATIONAL RISKS AND FINANCIAL PERFORMANCE IN A RESEARCH ORGANIZATION
Ključne reči:
Operativni rizici, COSO, ERM, (IMS), SWOT analiza, Naučno istraživačka organizacija
Sažetak
Studija se oslanja na nalaze Jonović i saradnika (2024) i ima za cilj da: 1) utvrdi da li implementacija Integrisanih sistema menadžmenta (IMS) zasnovanih na modelu Komiteta sponzorskih organizacija (COSO) za upravljanje rizikom u preduzeću (ERM) poboljšava održivo upravljanje operativnim rizicima i finansijskim performansama u naučnoistraživačkoj organizaciji; i 2) razvije metodu za unapređenje upravljanja operativnim rizicima i finansijskim rezultatima. Primarno istraživanje uključuje SWOT (snage, slabosti, mogućnosti i pretnje) analize sprovedene od 2021. do 2024. godine, sa prosečnom stopom odgovora većom od 71%, što potvrđuje održiv poslovni kontekst. Dalje, ono prateći PDCA (Plan-Do-Check-Act) ciklus, nastoji da poboljša odgovor naučnoistraživačkih organizacija na strateške ciljeve i operativne rizike. Ono je potom, podržano analizom finansijskih pokazatelja, kao rezultat sekundarnog istraživanja (za isti period), i Pirsnovom korelacijom, koja pokazuje uticaj IMS zasnovanog na COSO ERM modelu na finansijsku i operativnu stabilnost organizacije. Rezultati istraživanja naglašavaju važnost efikasnog upravljanja operativnim rizicima za bolje finansijske performanse instituta. Međutim, oni sugerišu da implementacija IMS-a nije dovoljna za unapređenje upravljanja operativnim rizicima unutar organizacije. Buduća istraživanja će obuvatiti sveobuhvatnije metode, različite strategije i uporedne studije za unapređenje operativnih i finansijskih rezultata instituta.
Reference
1. Book
a. Book (one author) format:
Barjaktarović, L. (2015). Upravljanje rizikom (V izdanje). Univerzitet Singidunum, Beograd, p 37.
Mestchian, P. (2003). Operational Risk Management: The Solution is in the Problem. In Advances in
Operational Risk: Firm-wide Issues for Financial Institutions, London: Risk Books, p. 3.
Moosa, I.A. (2007). Operational Risk Management. (1ed.) Hampshire: Palgrave Macmillan, p. 83-
136.
b. Book (two or more authors) format:
Stanišić, M., & Stanojević, Lj. (2010). Evaluacija i rizik. (V izdanje). Univerzitet Singidunum,
Beograd,str. 133.
c. Conference proceedings published as a whole book:
Barjaktarović, L., & Vićentijević, K. (2017). Analysis of the risk management practice in the Serbian companies, The book of proceedings of conference FINIZ 2017 - Challenges in modern corporate governance, Belgrade, Singidunum University, Serbia, pp. 1-7. doi: 10.15308/finiz-2017-1-7
Jonović, M., Barjaktarović, L., & Stefanović, N. (2024). Enhancing operational risk management in
the scientific research organization. The book of proceedings – International scientific conference
FINIZ 2024 - Sustainable development as a measure of modern business success, Belgrade,
Singidunum University, Serbia, pp.15-20.https:// DOI: 10.15308/finiz-2024-15-20
Kopia, J., Just, V., Geldmacher, W., & Bußian, A. (2017). Organization Performance and Enterprise
Risk Management. Ecoforum, 6(1), pp. 1–13. Retrieved 2/25/2025, from: https://www.researchgate.net/publication/313251386_Organization_Performance_and_Enterprise_Risk_Management
Qu, Sq., & Zhang, Yz. (2013). The Relationship of the Operational Risk with Other Types of Risks: Concept and Analysis. In: Qi, E., Shen, J., Dou, R. (eds) The 19th International Conference on Industrial Engineering and Engineering Management. Springer, Berlin, Heidelberg. Retrieved 2/27/2025, from: https://doi.org/10.1007/978-3-642-38433-2_101
d. Published Dissertation or Thesis References
Jonović, M. (2023). Upravljanje operativnim rizicima na primeru IRM-a, (Master rad). Univerzitet
Singidunum, Beograd
2. Article
a. Journal Article
Ai, J., Bajtelsmit, V., & Wang, T. (2018). The combined effect of enterprise risk management and diversification on property and casualty insurer performance. Journal of Risk and Insurance, 85(2), 513–543. https://doi.org/10.1111/jori.12166
Ait Novatiani, R., Afiah, N. N., & Sumantri, R. (2022). Risk management and other factors preventing fraudulent financial reporting by state-owned enterprises in Indonesia. Asian Economic and Financial Review, 12(8), 686-711. https://doi.org/10.55493/5002.v12i8.4587
Asif, S., & Shahzad, M. (2023). Enterprises’ Financial Performance and Operational Risk
Management: A Theoretical Assessment of the Literature. Qlantic Journal of Social Sciences and
Humanities, 4(110), 102-112. https://doi.org/10.55737/qjssh.826426821
Bakator, M., & Ćoćkalo, D. (2018) Improving business performance with ISO 9001: A review of literature and business practice, The European Journal of Applied Economics (84) (83-93).
https:// DOI: 10.5937/EJAE15-16145
Barjaktarović, L., Pindžo, R., Đulić, K., & Vjetrov, A. (2017). Analiza primene ERM koncepta u Srbiji: Analiza finansijskog i realnog sektora: Bankarstvo volume 46 No 2, pp. 50-67. https://doi: 10.5937/bankarstvo1702050B
Callahan, C., & Soileau, J. (2017). Does enterprise risk management enhance operating performance? Advances in accounting, 37, 122-139, pp. 122-139, https://doi.org/10.1016/j.adiac.2017.01.001.
Hudáková, M., Kardoš, P., Dvorský, J., Afful, C. R., & Kloudova, J. (2023). Management of Operational Risk in the Context of Financial Performance of SMEs. Systems, 11(8), 408. https://doi.org/10.3390/systems11080408
Muriithi, J. G., & Muigai, R. G. (2017). Quantitative analysis of operational risk and profitability of Kenyan commercial banks using cost income ratio. IOSR Journal of Economics and Finance (IOSR-JEF), 8(3), 76-83. https://DOI: 10.9790/5933-0803047683, Retrieved 1/28/2025, from IOSR Journals. https://www.iosrjournals.org/iosr-jef/papers/Vol8-Issue3/Version-4/J0803047683.pdf
Nocco, B. W., & Stulz, R. M. (2006). Enterprise risk management: Theory and practice.
Journal of Applied Corporate Finance, 18(4), 8-20. https://doi.org/10.1111/j.1745-6622.2006.00106.x
Pieket Weeserik, B., & Spruit, M. (2018). Improving Operational Risk Management Using Business
Performance Management Technologies. Sustainability, 10(3), 640.
https://doi.org/10.3390/su10030640
Radojević, T., Esić, M., Rajin, D.,&Butènas, R. (2023) Presentation of disclosurs related to credit risk of a certain bank. The European Journal of Applied Economics, (66) (66-92). https://DOI:10.5937/EJAE20-42344
Pagach, Donald P., & Warr, Richard S. (2010). The Effects of Enterprise Risk Management on Firm
Performance An academic paper from the Jenkins Graduate School of Management, North Carolina
State University. Retrieved: 2/25/2025, from: SSRN: https://ssrn.com/abstract=1155218
Sauka, A., & Welter, F. (2014). Determinants of business insolvencies during economic growth and recession in Latvia. Journal of Baltic Studies, 45(3), 375–396. https://doi.org/10.1080/01629778.2013.848372
Santomero, A.M. (1997) Commercial Bank Risk Management: An Analysis of the Process. Journal of Financial Services Research 12, 83–115. https://doi.org/10.1023/A:1007971801810
Segal, S. (2006). Screening for success: Value-based enterprise risk management: The key to unlocking ERM potential. Corporate Finance Review, Jan-Feb, p.16-26.
3. Other format
a. Report by a Government Agency References:
Zakon o računovodstvu (2019) Službeni glasnik Republike Srbije, br. 73/2019
Zakon o bezbednosti i zdravlju na radu (2023) Službeni glasnik RS, broj 35/2019
b. Whole Website References
Site of Bank for International Settlement /BIS/ (2023) Basel Committee on Banking Supervision OPE Calculation of RWA for operational risk OPE 10- Definitions and application, p.4.; Retrieved: 2/27/2025, from: https://www.bis.org/basel_framework/chapter/OPE/10.htm?tldate=20241010
Site of Bank for International Settlement /BIS/ (2023) Consultative Group on Risk Management, Central bank digital currency (CBDC) information security and operational risks to central banks. An operational lifecycle risk management framework, p.23. Retrieved: 2/11/2025, from: https://www.bis.org/publ/othp81.htm
Site of Bank for International Settlement /BIS/ (2021) Basel Committee on Banking Supervision, Revisions to the principles for the sound management of operational Risk. BCBS. p. 2. Retrieved: 02/01/2025, from: https://www.bis.org/bcbs/publ/d515.htm
Site of Committee of Sponsoring Organizations /COSO/ (2017) COSO ERM Integrating with Strategy and Performance. Retrieved: 01/25/2025, from: https://www.coso.org/_files/ugd/3059fc_61ea5985b03c4293960642fdce408eaa.pdf
Site of COSO (2017) COSO's enterprise risk management framework. Retrieved: 1/10/2025, from: https://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/strategic-business-leader/technical-articles/coso-enterprise-risk-management-framework.html
Site of Corporate Finance Institute (2025) Resources/Management & Leadership/SWOT Analysis. Retrieved 1/11/2025, from: https://www.corporatefinanceinstitute.com/resources/management/swot-analysis
Site of International Organization for Standardization (ISO) (2015). Environmental management systems - Requirements with guidance for use (ISO 14001:2015). Geneva: ISO. Retrieved: 2/24/2025, from: https://www.iso.org/obp/ui/en/#iso:std:iso:14001:ed-3:v1:en:enISO
Site of ISO (2018) ISO 45001:2018 - Occupational health and safety management systems. Retrieved: 1/5/2025, from: available on the site https://www.iso.org/standard/63787.html
Site of Serbian Business Registers Agency (2020-2024) АПР - Претрага евиденције обвезникa финансијских извештаја. Retrieved 2/8/2025, from: https://www.apr.gov.rs/pretraga
Site of Serbian Ministry of Finance (2025) Međunarodni računovodstveni standardi i međunarodni standardi revizije. Retrieved: 1/9/2025, from: https://mfin.gov.rs/sr/dokumenti2-1/medjunarodni-racunovodstveni-standardi-i-medjunarodni-standardi-revizije
a. Book (one author) format:
Barjaktarović, L. (2015). Upravljanje rizikom (V izdanje). Univerzitet Singidunum, Beograd, p 37.
Mestchian, P. (2003). Operational Risk Management: The Solution is in the Problem. In Advances in
Operational Risk: Firm-wide Issues for Financial Institutions, London: Risk Books, p. 3.
Moosa, I.A. (2007). Operational Risk Management. (1ed.) Hampshire: Palgrave Macmillan, p. 83-
136.
b. Book (two or more authors) format:
Stanišić, M., & Stanojević, Lj. (2010). Evaluacija i rizik. (V izdanje). Univerzitet Singidunum,
Beograd,str. 133.
c. Conference proceedings published as a whole book:
Barjaktarović, L., & Vićentijević, K. (2017). Analysis of the risk management practice in the Serbian companies, The book of proceedings of conference FINIZ 2017 - Challenges in modern corporate governance, Belgrade, Singidunum University, Serbia, pp. 1-7. doi: 10.15308/finiz-2017-1-7
Jonović, M., Barjaktarović, L., & Stefanović, N. (2024). Enhancing operational risk management in
the scientific research organization. The book of proceedings – International scientific conference
FINIZ 2024 - Sustainable development as a measure of modern business success, Belgrade,
Singidunum University, Serbia, pp.15-20.https:// DOI: 10.15308/finiz-2024-15-20
Kopia, J., Just, V., Geldmacher, W., & Bußian, A. (2017). Organization Performance and Enterprise
Risk Management. Ecoforum, 6(1), pp. 1–13. Retrieved 2/25/2025, from: https://www.researchgate.net/publication/313251386_Organization_Performance_and_Enterprise_Risk_Management
Qu, Sq., & Zhang, Yz. (2013). The Relationship of the Operational Risk with Other Types of Risks: Concept and Analysis. In: Qi, E., Shen, J., Dou, R. (eds) The 19th International Conference on Industrial Engineering and Engineering Management. Springer, Berlin, Heidelberg. Retrieved 2/27/2025, from: https://doi.org/10.1007/978-3-642-38433-2_101
d. Published Dissertation or Thesis References
Jonović, M. (2023). Upravljanje operativnim rizicima na primeru IRM-a, (Master rad). Univerzitet
Singidunum, Beograd
2. Article
a. Journal Article
Ai, J., Bajtelsmit, V., & Wang, T. (2018). The combined effect of enterprise risk management and diversification on property and casualty insurer performance. Journal of Risk and Insurance, 85(2), 513–543. https://doi.org/10.1111/jori.12166
Ait Novatiani, R., Afiah, N. N., & Sumantri, R. (2022). Risk management and other factors preventing fraudulent financial reporting by state-owned enterprises in Indonesia. Asian Economic and Financial Review, 12(8), 686-711. https://doi.org/10.55493/5002.v12i8.4587
Asif, S., & Shahzad, M. (2023). Enterprises’ Financial Performance and Operational Risk
Management: A Theoretical Assessment of the Literature. Qlantic Journal of Social Sciences and
Humanities, 4(110), 102-112. https://doi.org/10.55737/qjssh.826426821
Bakator, M., & Ćoćkalo, D. (2018) Improving business performance with ISO 9001: A review of literature and business practice, The European Journal of Applied Economics (84) (83-93).
https:// DOI: 10.5937/EJAE15-16145
Barjaktarović, L., Pindžo, R., Đulić, K., & Vjetrov, A. (2017). Analiza primene ERM koncepta u Srbiji: Analiza finansijskog i realnog sektora: Bankarstvo volume 46 No 2, pp. 50-67. https://doi: 10.5937/bankarstvo1702050B
Callahan, C., & Soileau, J. (2017). Does enterprise risk management enhance operating performance? Advances in accounting, 37, 122-139, pp. 122-139, https://doi.org/10.1016/j.adiac.2017.01.001.
Hudáková, M., Kardoš, P., Dvorský, J., Afful, C. R., & Kloudova, J. (2023). Management of Operational Risk in the Context of Financial Performance of SMEs. Systems, 11(8), 408. https://doi.org/10.3390/systems11080408
Muriithi, J. G., & Muigai, R. G. (2017). Quantitative analysis of operational risk and profitability of Kenyan commercial banks using cost income ratio. IOSR Journal of Economics and Finance (IOSR-JEF), 8(3), 76-83. https://DOI: 10.9790/5933-0803047683, Retrieved 1/28/2025, from IOSR Journals. https://www.iosrjournals.org/iosr-jef/papers/Vol8-Issue3/Version-4/J0803047683.pdf
Nocco, B. W., & Stulz, R. M. (2006). Enterprise risk management: Theory and practice.
Journal of Applied Corporate Finance, 18(4), 8-20. https://doi.org/10.1111/j.1745-6622.2006.00106.x
Pieket Weeserik, B., & Spruit, M. (2018). Improving Operational Risk Management Using Business
Performance Management Technologies. Sustainability, 10(3), 640.
https://doi.org/10.3390/su10030640
Radojević, T., Esić, M., Rajin, D.,&Butènas, R. (2023) Presentation of disclosurs related to credit risk of a certain bank. The European Journal of Applied Economics, (66) (66-92). https://DOI:10.5937/EJAE20-42344
Pagach, Donald P., & Warr, Richard S. (2010). The Effects of Enterprise Risk Management on Firm
Performance An academic paper from the Jenkins Graduate School of Management, North Carolina
State University. Retrieved: 2/25/2025, from: SSRN: https://ssrn.com/abstract=1155218
Sauka, A., & Welter, F. (2014). Determinants of business insolvencies during economic growth and recession in Latvia. Journal of Baltic Studies, 45(3), 375–396. https://doi.org/10.1080/01629778.2013.848372
Santomero, A.M. (1997) Commercial Bank Risk Management: An Analysis of the Process. Journal of Financial Services Research 12, 83–115. https://doi.org/10.1023/A:1007971801810
Segal, S. (2006). Screening for success: Value-based enterprise risk management: The key to unlocking ERM potential. Corporate Finance Review, Jan-Feb, p.16-26.
3. Other format
a. Report by a Government Agency References:
Zakon o računovodstvu (2019) Službeni glasnik Republike Srbije, br. 73/2019
Zakon o bezbednosti i zdravlju na radu (2023) Službeni glasnik RS, broj 35/2019
b. Whole Website References
Site of Bank for International Settlement /BIS/ (2023) Basel Committee on Banking Supervision OPE Calculation of RWA for operational risk OPE 10- Definitions and application, p.4.; Retrieved: 2/27/2025, from: https://www.bis.org/basel_framework/chapter/OPE/10.htm?tldate=20241010
Site of Bank for International Settlement /BIS/ (2023) Consultative Group on Risk Management, Central bank digital currency (CBDC) information security and operational risks to central banks. An operational lifecycle risk management framework, p.23. Retrieved: 2/11/2025, from: https://www.bis.org/publ/othp81.htm
Site of Bank for International Settlement /BIS/ (2021) Basel Committee on Banking Supervision, Revisions to the principles for the sound management of operational Risk. BCBS. p. 2. Retrieved: 02/01/2025, from: https://www.bis.org/bcbs/publ/d515.htm
Site of Committee of Sponsoring Organizations /COSO/ (2017) COSO ERM Integrating with Strategy and Performance. Retrieved: 01/25/2025, from: https://www.coso.org/_files/ugd/3059fc_61ea5985b03c4293960642fdce408eaa.pdf
Site of COSO (2017) COSO's enterprise risk management framework. Retrieved: 1/10/2025, from: https://www.accaglobal.com/gb/en/student/exam-support-resources/professional-exams-study-resources/strategic-business-leader/technical-articles/coso-enterprise-risk-management-framework.html
Site of Corporate Finance Institute (2025) Resources/Management & Leadership/SWOT Analysis. Retrieved 1/11/2025, from: https://www.corporatefinanceinstitute.com/resources/management/swot-analysis
Site of International Organization for Standardization (ISO) (2015). Environmental management systems - Requirements with guidance for use (ISO 14001:2015). Geneva: ISO. Retrieved: 2/24/2025, from: https://www.iso.org/obp/ui/en/#iso:std:iso:14001:ed-3:v1:en:enISO
Site of ISO (2018) ISO 45001:2018 - Occupational health and safety management systems. Retrieved: 1/5/2025, from: available on the site https://www.iso.org/standard/63787.html
Site of Serbian Business Registers Agency (2020-2024) АПР - Претрага евиденције обвезникa финансијских извештаја. Retrieved 2/8/2025, from: https://www.apr.gov.rs/pretraga
Site of Serbian Ministry of Finance (2025) Međunarodni računovodstveni standardi i međunarodni standardi revizije. Retrieved: 1/9/2025, from: https://mfin.gov.rs/sr/dokumenti2-1/medjunarodni-racunovodstveni-standardi-i-medjunarodni-standardi-revizije
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2025/10/14
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