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THE WAYS OF IMPROVEMENT OF THE RISK MANAGEMENT SYSTEMS FOR SMALL AND MEDIUM-SIZED COMPANIES IN LATVIA
Abstract
The article explores the ways of forming a system of risk management (RM) and improving risk management of Latvian small and medium enterprises (SMEs), using the example of the company "X". There has been stated the insufficient employment of SMEs, RM methodology in practice; the methodology has been developed for large businesses. There has also been discovered the necessity of taking into consideration the peculiarities of industry and country. The paper presents the assessment of risks on the basis of expert and statistical methods; there also presented the elaborated recommendations on forming the RM system and described the ways of reducing the risks for company "X".
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