In the heart of Serbia, a groundbreaking study is reshaping how we perceive risk management in the energy sector. Marija Jonović, a leading researcher from the Mining and Metallurgy Institute Bor, has published a compelling analysis in the journal *Mining and Metallurgy Engineering Bor* (translated from Serbian as *Rudarsko-metalurški inženjering Bor*), which delves into the strategic risk management (SRM) framework and its potential to revolutionize the way nationally significant institutes operate.
Jonović’s research builds upon the foundational work of Jonović et al. (2024), focusing on the COSO Enterprise Risk Management (ERM) framework—a globally recognized standard for risk management. By applying SRM within a key Serbian scientific institute, Jonović aims to uncover how this approach can identify vulnerabilities, mitigate threats, and seize opportunities. The study is particularly relevant for the energy sector, where risk management is critical for maintaining operational resilience and driving innovation.
At the core of Jonović’s research is a SWOT analysis survey conducted between June 26 and July 1, 2024, with 119 respondents participating out of a sample of 214—a robust response rate of 55.6%. The findings reveal that SRM, when aligned with the COSO ERM framework, can significantly enhance an organization’s ability to navigate risks while capitalizing on emerging opportunities. “The results highlight a sustainable business strategy and effective application of SRM in the institute,” Jonović explains, emphasizing the framework’s potential to foster long-term stability and growth.
The implications for the energy sector are profound. As energy companies face increasing pressures from regulatory changes, market volatility, and technological disruptions, adopting a structured SRM approach could be a game-changer. By proactively identifying and addressing risks, energy firms can not only safeguard their operations but also position themselves to capitalize on new opportunities, such as renewable energy investments or digital transformation initiatives.
Jonović’s work suggests that SRM could become a cornerstone of strategic planning in the energy sector, enabling organizations to anticipate challenges and adapt swiftly. “This research underscores the importance of integrating risk management into the core of an organization’s strategy,” Jonović notes, hinting at a future where risk management is not just a reactive measure but a proactive driver of innovation.
As the energy sector continues to evolve, the insights from Jonović’s study could pave the way for more resilient and forward-thinking organizations. By leveraging the COSO ERM framework and SRM, energy companies may unlock new pathways to sustainability and competitive advantage. For professionals in the field, this research serves as a call to action—embracing strategic risk management could be the key to thriving in an increasingly complex and dynamic energy landscape.