Applying risk management into invoicing process

Abstract

The work on the application of risk management to the invoice process in the company X includes 27 pages, 1 table, 5 figures and 1 appendix. The theme of the work was risk management. The goal of the thesis was to study the concept of risk and existing risk classifications, consider main approaches to risk management in the modern economy and study the client company’s invoicing process and develop risk controls for risks associated with it. The purpose of this thesis was to perform a risk analysis on the company’s invoicing process, identify the impact of risks on its effectiveness and implement a risk control with a user guide. Theoretical study of the topic was carried out by the analysis of literature and standards. Applied work was conducted by interview methods, brainstorming sessions and Bow-tie analysis.

In the work, risks were identified and analyzed. Expert interviews were conducted to study the invoicing process of the client company. Then risk identification was performed through brainstorming sessions with company employees. After risks were identified, they were analyzed through the Bow-tie method. According to the results of the risk analysis, the most significant risk for the invoicing process of the company X was the risk of entering incorrect data on the work performed by the company's employees. Based on the findings, it was decided that a guide should be developed for the company's employees to reduce the likelihood of risks being realized in the invoicing process. The guide was then developed at the end of the work and distributed to the company employees.