<abstract xmlns="http://www.w3.org/1999/xhtml">

<p>The study aims at clarifying the role of risk management in improving business performance. In this study a literature review has been employed in order to understand the subject matters in managing business risks to increase company performance. The literature reviewed shows that risk management does contribute to the improvement of the business performance, measured as increase of company profits, decrease of business costs and, in turns, increase in economic proficiency. Therefore, the risk management impacts, in a positive way, the quality of a business that is embodied in improving the financial status of the company, increasing the profits, as well as decreasing the costs. Some recommendations are made for decision makers in the insurance business sector, who are required to be fully aware of the influence that risk management has on helping their business flourish. This is advisable through decreasing the cost of production, increasing profits, and improving financial business situation in their companies. Also, company decision makers are required to work continuously to develop risk management to increase profits, reduce costs, and improve the financial situation, and thus improve business performance.</p>
</abstract>

The study aims at clarifying the role of risk management in improving business performance. In this study a literature review has been employed in order to understand the subject matters in managing business risks to increase company performance. The literature reviewed shows that risk management does contribute to the improvement of the business performance, measured as increase of company profits, decrease of business costs and, in turns, increase in economic proficiency. Therefore, the risk management impacts, in a positive way, the quality of a business that is embodied in improving the financial status of the company, increasing the profits, as well as decreasing the costs. Some recommendations are made for decision makers in the insurance business sector, who are required to be fully aware of the influence that risk management has on helping their business flourish. This is advisable through decreasing the cost of production, increasing profits, and improving financial business situation in their companies. Also, company decision makers are required to work continuously to develop risk management to increase profits, reduce costs, and improve the financial situation, and thus improve business performance.

The role of risk management in increasing business performance

Proceedings of the International Conference on Business Excellence

This work is licensed under the Creative Commons Attribution 4.0 International License.

{"article-title":"The role of risk management in increasing business performance"}

The study aims at clarifying the role of risk management in improving business performance. In this study a literature review has been employed in order to...

The role of risk management in increasing business performance

Published Online: Dec 31, 2021

Page range: 1054 - 1059

DOI: https://doi.org/10.2478/picbe-2021-0099

Keywords
Improving risk management, Business performance, Insurance industries, Risk management steps, Increasing business profits, Decreasing business cost, Business financial situation

© 2021 Hasan Makkawi, published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

The role of risk management in increasing business performance

Published Online: Dec 31, 2021

Page range: 1054 - 1059

DOI: https://doi.org/10.2478/picbe-2021-0099

KeywordsImproving risk management, Business performance, Insurance industries, Risk management steps, Increasing business profits, Decreasing business cost, Business financial situation

© 2021 Hasan Makkawi, published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Keywords
Improving risk management, Business performance, Insurance industries, Risk management steps, Increasing business profits, Decreasing business cost, Business financial situation