Archive of Journal - Financing

Financing – scientific magazine for economy

ISSUE 2023, No. 2, Article 1, Year of publication: 14, June, 2023
Risk management of specific supply aspects as a predictor of successfully overcoming current global uncertainties

AUTHORS

Veljko M. Mijušković, PhD*
Slobodan N. Aćimović, PhD**
Ana Todorović Spasenić***

*PhD Assistant Professor, University of Belgrade, Faculty of Economics and Business, Department of Business economics and management
**PhD Full Professor, University of Belgrade, Faculty of Economics and Business, Department of Business economics and management
***“Prvi partizan“ a.d. Užice

ABSTRACT

ARTICLE INFO

The quality management system and the requirements of the ISO 9001 standard emphasize the importance of identifying, evaluating and defining risk management measures in order to generate the achievement of goals in the management of all processes in the company. External risks, dominantly determined by the current economic and geopolitical circumstances, determine both survival and the potential for improving the competitive position. The business practice of the company in the conditions of the Covid-19 pandemic, the crisis in Ukraine and the current global recession crystallized the importance of risk management for successfully overcoming all consequences and realizing the mission, vision and business goals. Establishing efficient and effective risk management is an important predictor of generating success in all areas of management, especially important aspects of supply process, i.e. supplier relationship management, customer relationship management and the entire supply chain management, which is the main topic of analysis within the paper. The paper also partially deals with the analysis of the impact of risk management on reaching the level of business excellence, which is, in the business practice of companies in the conditions of the global recession, crystallized as one of the key competitive advantages.

Keywords: Risk management, external risks, supply process, supply chain management, Covid-19 pandemic, war in Ukraine, global
economic recession, business practice.

DOI: 10.7251/FIN2302003M

Corresponding author:
veljko.mijuskovic@ekof.bg.ac.rs