https://hdl.handle.net/20.500.12724/8977 2026-05-13T06:05:13Z https://hdl.handle.net/20.500.12724/23199 Theoretical Essence of Organizational Resilience in Management Thalassinos, E; Kadlubek, M; Norena-Chavez, D The purpose of the chapter is to identify the fundamental characteristics of organisational resilience in management science with particular emphasis on selected approaches to the concept of resilience and organisational resilience in management, development of the definition of organisational resilience, comparison of the definitions of the concept of organisational resilience according to the adopted features, location of the defined features of organisational resilience in the planning perspective of the organisation and application of the concept of resilience to entrepreneurs, enterprises, and their strategies. Understanding resilience differs between disciplines and research contexts. In the management theory, the perception of resilience and organisational resilience is broadly diversified, which implies a niche for discussing their crucial pivot, which will be addressed in this chapter. A systematic literature review was conducted as well as a critical analysis of literature sources, as a result of which relevant significant foundation of organisational resilience area within the theory of management was determined. Analysed directions significantly indicate the importance of organisational resilience in management, enriching its heritage in accordance with current scientific discoveries. Entrepreneurs can use the selection of the theoretical foundation of organisational resilience as an indication of the management areas that may be developed to search for organisational excellence. 2023-01-01T00:00:00Z https://hdl.handle.net/20.500.12724/23197 Cyber Incident Response Managerial Approaches for Enhancing Small–Medium-Size Enterprise's Cyber Maturity Auzina, Ieva; Volkova, Tatjana; Noreña Chavez, Diego Alonso; Kadlubek, Marta; Thalassinos, Eleftherios There is a research gap in the explanation of cyber incident response approaches in management to increase cyber maturity for small–medium-size enterprises (SMEs). Therefore, based on the literature analysis, the chapter aims to (1) provide cyber incident response characteristics, (2) show the importance for SMEs, (3) identify cyber incident response feasibility and causal factors, (4) provide scenarios for consideration to create an incident response plan (IRP), and (5) discuss the cyber incident response and managerial approaches in SMEs. The authors used content analysis of scientific and professional articles to develop the theoretical foundation of incident response approaches in management for SMEs. The authors start from the fundamentals to obtain knowledge and understanding of the latest threats and opportunities, and how to defend themselves using the limited capacity of resources might be the starting point to building an extensive incident response capability. Incident response capabilities and maturity levels vary widely between various organisations. There is no simple one-size-fits-all process for incident response; each case is unique and requires continuous refinement. Differentiation and adaptation to different types of SMEs are pivotal to developing cyber maturity and defining requirements that fit the market’s needs and are therefore more efficient in achieving the goal of increasing cyber security (CS) among business management. SMEs may not have a mature IRP, but at least one readiness indicator could lead to the preparation of a mature IRP. Implementation of the secure undertakings and information processes requires using modern information and communication technologies, incident response processes, and other modules that could enhance support for decision-making processes in management. The approach requires a systematic approach to issues related to constructing these solutions. The authors highlight that building efficient incident response approaches in management to improve cyber maturity will begin with infrastructure and people factors. 2023-01-01T00:00:00Z https://hdl.handle.net/20.500.12724/23196 Challenges to Credit Risk Management in the Context of Growing Macroeconomic Instability in the Baltic States Caused by COVID-19  Spilbergs, Aivars; Noreña Chavez, Diego Alonso; Thalassinos, Eleftherios; Noja, Graţiela Georgiana; Cristea, Mirela The COVID-19 pandemic deteriorated the economic situation and raised the issue of the quality of banks’ assets and, in particular, the growth of non-performing loans (NPLs). The study approaches a topical subject that is of interest to banks and society at large, as credit availability is likely to be reduced. Over the last 10 years, the Baltic countries’ banking sector has significantly improved its risk management policies and practices, increased capital ratios on its balance sheets, and created risk reserves. The current chapter examines the factors affecting NPLs in the Baltic States based on advanced econometric modelling applied to data extracted from the International Monetary Fund (IMF) and Eurostat. The study results show that credit risk management in the Baltic States has significantly improved compared to the period before the global financial crisis (GFC), the capitalisation of credit institutions is one of the highest in the European Union (EU), and banks are liquid and profitable. Lending recovered from the downturn in the first phase of the pandemic, and credit institutions have taken advantage of the European Central Bank’s (ECB) long-term funding programme ITRMO III to improve the liquidity outlook. Although the credit quality of commercial banks has not deteriorated, as the exposures of credit institutions in the most affected sectors are insignificant and governments have provided fiscal support to businesses and households, some challenges remain. The increase in credit risk is expected due to rising production prices as well as the rebuilding of disrupted supply chains. The findings allow conclusions to be drawn on the necessary actions to mitigate the credit risk of the banking sector. 2023-01-01T00:00:00Z https://hdl.handle.net/20.500.12724/23198 ESG Integration as a Risk Management Tool within the Financial Decision-making Process Kuzmina, Jekaterina; Maditinos, Dimitrios; Noreña Chávez, Diego Alonso; Grima, Simon; Kadlubek, Marta The current chapter deals with the environmental, social, and governance (ESG) integration issue that should contribute to the higher expected investment returns as different kinds of risk are managed in a better and more sufficient way. The goal is to study the ESG risks integration into the decision-making process and test the results. The research chapter intends to contribute to the existing discussion by evaluating some integration techniques. Following the development of the European Taxonomy, one can expect increased interest in integrating ESG risks into the financial forecast and asset valuation. The current chapter deals with Berger and UniCredit Bank’s (2010) proposal to include the ESG data as factors influencing the foretasted financial data in terms of direct costs (like energy, waste, water, and paper expenses; payments for sick leaves and employees’ turnover costs); externality costs (like CO2 compliance costs) and opportunity costs (ESG provisions; expenses for board compensations). The chapter provides an overview of some integration approaches and discusses the idea of incorporating the ESG criteria into the stock valuation and portfolio management process. It is evident that the classical value investing approach is no more suitable. Nevertheless, the tested sample does not show significantly different results based on the backtesting. The research results could be interesting for authors preparing research on the field of sustainability and risk management as well as for portfolio managers considering the ESG integration to achieve the positive alpha. 2023-01-01T00:00:00Z