The strict interaction between crisis management (CM) and risk management (RM) has become particularly relevant for SMEs, which have experienced severe difficulties in dealing with crises (e.g. coronavirus pandemic). Most of those companies have no approach or a rudimentary approach to crises, and only a few prevent insolvency or bankruptcy in a timely manner (Altman et al., 2010; Crovini et al., 2021a, 2021b). As such, preparation, prevention and control of a crisis are crucial activities in these difficult times (Eggers, 2020). Hence, this chapter proposes the integration between the RM–DM model (Crovini, 2019) and the most relevant key financial early warning indicators used by practitioners and implied in previous research concerning default prediction methodologies.
Crisis Management and Risk Management in SMEs: Towards an Integrated Early Warning System / Crovini C. - (2022), pp. 215-233. [https://doi.org/10.1007/978-3-030-91727-2_13]
Crisis Management and Risk Management in SMEs: Towards an Integrated Early Warning System
Crovini C
2022
Abstract
The strict interaction between crisis management (CM) and risk management (RM) has become particularly relevant for SMEs, which have experienced severe difficulties in dealing with crises (e.g. coronavirus pandemic). Most of those companies have no approach or a rudimentary approach to crises, and only a few prevent insolvency or bankruptcy in a timely manner (Altman et al., 2010; Crovini et al., 2021a, 2021b). As such, preparation, prevention and control of a crisis are crucial activities in these difficult times (Eggers, 2020). Hence, this chapter proposes the integration between the RM–DM model (Crovini, 2019) and the most relevant key financial early warning indicators used by practitioners and implied in previous research concerning default prediction methodologies.
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