Certain Considerations Regarding Risk Management In Insolvency Proceedings

In this article I have tried to analyze the manner in which risk management, as a branch of organizational management, can be applied in insolvency proceedings. In order to reach this general objective, I have structured a few specific objectives: the identification of the type activities in insolvency proceedings and the identification of the risk generating sub-activities; the drafting of a matrix for risk ranking; identification of the elements of the risk management process in insolvency proceedings and also of the elements of the risk documentation plan. Using the Delphi technique, through a questionnaire administered to the insolvency practitioners, in a first stage, I have identified the type activities specific to the insolvency proceedings, which, in my opinion, can be constituted in an insolvency management. In the second stage of the research, I have identified, for each type activity, the risk generating sub-activities in insolvency proceedings. Starting from the classic risk indicators (frequency and effect), I have built a matrix for the ranking of the risk generating sub-activities in insolvency proceedings. In the third stage of the research, I have proposed, based on the answers offered by the questioned persons, the elements of the risk management process in insolvency proceedings. Starting from the importance of risk analysis, I have considered adequate to structure a risk documentation plan, questioning the insolvency practitioners through the Delphi technique and, also, for 10 of them, I have administered, in order, a brainstorming and a focus-group.