Improving Risk Management in a Finnish SME : toward an efficient and integrated approach
Kuusisto, Krisztina (2025)
2025
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2025121637323
https://urn.fi/URN:NBN:fi:amk-2025121637323
Tiivistelmä
The purpose of the thesis was to develop a practical and effective risk management framework for a Finnish medium-sized enterprise. The aim of the study was to identify key development needs in the company´s current practices, to define an integrated and transparent process and to establish an approach to risk appetite and tolerance. The work was commissioned by the CEO of the company with the ambition to improve the company´s overall performance.
The study was implemented as a research-based development project using qualitative methods. Data was collected through a document review, semi-structured theme interviews and a validation workshop with the management team. The theoretical background was based on international standards, frameworks and literature specific to small and medium sized enterprises.
The results showed that the company´s risk management process was functional and compliant to their certifications but lacked integration and consistency in systematic follow-up. Based on the findings, a tailored risk management framework and development roadmap were created, supported by defined role and sponsibility descriptions.
The framework enables the company to link risks with strategy and objectives, define risk appetite and tolerance and ensure consistent follow-up using simple, practical tools. The proposed model offers a concrete, step-by-step plan that can serve as a benchmark for other SMEs seeking to strengthen risk-based thinking and integrate risk management into day-to-day decision-making.
Keywords: risk management, risk, SME, development roadmap
The study was implemented as a research-based development project using qualitative methods. Data was collected through a document review, semi-structured theme interviews and a validation workshop with the management team. The theoretical background was based on international standards, frameworks and literature specific to small and medium sized enterprises.
The results showed that the company´s risk management process was functional and compliant to their certifications but lacked integration and consistency in systematic follow-up. Based on the findings, a tailored risk management framework and development roadmap were created, supported by defined role and sponsibility descriptions.
The framework enables the company to link risks with strategy and objectives, define risk appetite and tolerance and ensure consistent follow-up using simple, practical tools. The proposed model offers a concrete, step-by-step plan that can serve as a benchmark for other SMEs seeking to strengthen risk-based thinking and integrate risk management into day-to-day decision-making.
Keywords: risk management, risk, SME, development roadmap