Management of risks in crisis period: role of audit Maintenance of company’s persistence

Abstract

The modern turbulent business environment requires organizations to constantly transform their management models. The purpose of this work is to explore the dynamics between risk management and organizational resilience during times of crisis and to identify the emerging role of internal audit as a strategic ally in this process.

Qualitative research methodology is used in the work, in particular multiple case study, method (Yin, 2018); as the object of research is chosen subjects of having three different specifics: digital giant (Netflix), traditional global industry (Toyota) and leader of developing market (Georgian retail sector). For data triangulation is used IIA international standards and empirical data. The comparative analysis was carried out based on the three-phase model (response, adaptation, resilience) selected by the authors. The research revealed that the optimal formula for ensuring resilience involves the synergy of Western systemic maturity and the operational agility of Georgian businesses. The work has theoretical (agency and RBV theory development), as well as practical value for companies in the process of crisis management.