Economics 21

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  Methodological Features of Risk Management in Internal Control Systems

  Instruments for an alternative approach to risk management in internal control systems under revolutionary changes in an organization’s development are presented in this paper. The functions and application of instruments for the identification and measurement of the threats to the organization are demonstrated in the first section of the paper. ... Instruments for an alternative approach to risk management in internal control systems under revolutionary changes in an organization’s development are presented in this paper. The functions and application of instruments for the identification and measurement of the threats to the organization are demonstrated in the first section of the paper. The role and application of instruments to counteract the threats to the organization are explained in the second section of the paper. The instruments proposed in the paper are illustrated with some results from the research project ‘Theoretical fundamentals of an internal standard of measurement and evaluation of threats to organizations’, financed by the National Science Fund of the Bulgarian Ministry of Education and Science.

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  The Sustainability of Farms

  The article answers questions like “What is sustainability of farms?”, “What are the mechanisms and modes of managing the sustainability of farms?”, and “How should we assess the sustainability level of farms?”. First, the evolution of the ‘concept’ of sustainable farming is analysed and defined as the ability of farms to maintain their ... The article answers questions like “What is sustainability of farms?”, “What are the mechanisms and modes of managing the sustainability of farms?”, and “How should we assess the sustainability level of farms?”. First, the evolution of the ‘concept’ of sustainable farming is analysed and defined as the ability of farms to maintain their managerial, economic, environmental and social functions in the long run. Second, the principal mechanisms and modes of managing the sustainability of farms are systematically approached. These include the institutional environment, market, private, collective, public and hybrid modes. Next, a system of criteria and indicators is proposed to assess the sustainability level of farms at the contemporary stage of development in Bulgarian agriculture. Finally, an approach to analysing and assessing the management system of farm sustainability is presented.

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  Non-Financial Risk Management in Strategic Decision Making

  Within strategic management, risk is particularly important when choosing alternative strategic decisions. Specialist literature provides a variety of methods and models for determining financial risk. However, the strategic choice is greatly influenced by so-called non-financial risk. It affects the correct choice of a strategic decision. The aim ... Within strategic management, risk is particularly important when choosing alternative strategic decisions. Specialist literature provides a variety of methods and models for determining financial risk. However, the strategic choice is greatly influenced by so-called non-financial risk. It affects the correct choice of a strategic decision. The aim of this study is to propose a methodology for non-financial risk management in strategic decision making, which is based on the theoretical research of scholars, best international practice, and the methodology of strategic management. The proposed methodology, along with its stages, is clearly explained in the study, and will help organizations in making management decisions, including strategic ones.