Implementation of the ERM concept in Serbia: Comparative analysis: Real sector and financial sector

Abstract

The paper analyzes the level of development regarding risk management, with a special focus on ERM (Enterprise Risk Management) implementation in the Serbian companies. The aim is to raise the awareness regarding the successful risk management implementation in the companies in Serbia, using the bank sector as the benchmark and the example of good practice. The research was conveyed in 2015 and it confirmed the general trend that the companies in Serbia were more inclined to use traditional methods regarding risk management, that the ownership structure influenced the level of ERM awareness in the companies and finally that the Serbian companies lacked the supporting organizational structures and adequate systems of internal controls which would contribute to the successful ERM implementation.

Keywords

• ERM concept
• risk
• banks
• enterprises
• business environment