Technical Description-Methodology

The methodological framework to be followed within the framework of this project is a series of 6 points, which will be possible to be adjusted according to the conditions prevailing in enterprises:

Figure 1. Assessment and risk-capture pointsωσης του κινδύνου
  1. The first step in the risk management process is to define the objectives of the risk management programme, with the primary objective of maintaining the operational effectiveness of the Agency.
  2. Step two. The recognition of risks through the company’s workflow models
  3. Step three. Once the risks are identified, the next stage concerns the assessment and quantification of the risks (with the MADZ method).
  4. The fourth step, the examination of alternatives and the choice of techniques and solutions for mitigating risks.
  5. Step five. Risk financing mechanisms involving retention transfer/transfer of risk. When a company decides to maintain a risk, the aim is to implement policies and procedures to reduce or disappear the probability/incidence and severity of impacts.
  6. The final step is the evaluation and review that is essential for the programme for two reasons. In the context of the risk management process, environmental changes occur in businesses with new risks and old ones disappearing.

The total deliverable will be a risk assessment module in the e-Gnosi software (e-Gnosi Risk subsystem), through which each user can specify:

  1. Procedures carried out in the undertaking (operational risk),
    1. The way in which they are interrelated and mutually influenced,
    2. The risk that is interwoven with them and how they may affect other activities of the company
  2. The company’s portfolio and open investment positions (market risk)
    1. A dynamic risk assessment, in which the undertaking is potentially exposed, for each product and overall
  3. The open credit positions of the company (credit risk)
    The dynamic assessment of the relative risk)
  4. The holistic risk assessment and the setting of priorities dynamically, depending on the circumstances and the established business environment at national and international level.