Theoretical Aspects and Development of the Mechanism for Risk Management in Small- and Medium-Sized Business
Abstract
Modern scientific research in the field of risk management is mainly devoted to general questions of
the market theory of risk management, including qualitative risk analysis, protection of the rights of property
owners and the study of the problems of selection of the best strategies for profitable market investments. The
development of risk management mechanisms for small- and medium-sized businesses in Lithuania compared to
other European markets is happening too slowly. The situation is aggravated by unstable situation of the field
itself, corrupted officials and the lack of advanced control strategies for internal and external risk management in
organisations. All these factors confirm the need to develop new management tools in the field of risk
management at such enterprises. The aim of this article is to develop the mechanism of risk management of
small and medium-sized businesses and justify it scientifically. The methodology of the research is based on the
principles of objectivity using methods of comparative, logical, mathematical statistics and system-structural
analysis.
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