Abstract:

Whether it is performed by employees or an algorithm-based program, risk management is a process that is very sensitive to changes within the organization. The process is permanently influenced, but also influences the organizational context. This paper aims to investigate how external factors like stakeholders, political or social factors and also how vision, strategy and other internal factors related to the organizational context have an impact on the risk management process. The risk management process and its results should be part any decision or company strategy. An operationally efficient risk management process can be unsuccessful in case its results are not used when setting up the organizational objectives, vision, mission and goals. Resources and budgets are assigned according to the allocated importance of the process, therefore stakeholders’ and decision makers’ opinions and feedback related to the risk management process can have a strong influence. 
The research is based on the feedback of managers and specialists during interviews and survey data from electronic questionnaires. The discussions and collected data highlight the importance of the awareness around the relation between the organizational context and the risk management process - the reciprocal influence is undisputed: a successful management process is one supported by all stakeholders, is one in line with the company’s vision and strategies and also brings an important contribution to the organization’s accomplishments.