Risk Management: The Impact Of The Framework Plan To Document The Risks Pertaining To Insolvency Procedure

In this article, the author examines the role of risk management within the organizational management of economic entities in general and the economic entities undergoing insolvency, in particular. Analysing risk management from a structural standpoint, for the purpose of the topic stated hereinabove, the author argues that the framework plan of substantiation might be important for risk management. In furtherance of her doctoral research in which she outlined the structure of a general plan for the substantiation of risk management from the perspective of an insolvency practitioner, the author subjects this document to the management of the companies in insolvency, in a pilot survey, so that it may be improved and supplemented with specifics of the management of that organization. The document thus structured, referred to as the framework plan to document risk management, was submitted to a new quality research in the form of a questionnaire self-administered by 50 managers of economic entities which underwent or undergo insolvency, in an attempt to identify the elements related to each item of the plan. This quality research lead to a theoretical substantiation of the framework plan of substantiation as an instrument of intervention within risk management. The concrete outcome of the qualitative research was identification of the specifics of each constitutive element of the plan of substantiation, which shall lead to new researches that will detail and elaborate on issues with immediate beneficial effect in rendering efficient the risk management of the companies in insolvency.