Evaluating the Impact of Integrated Management Systems on Operational Risks and Financial Performance in a Research Organization

Abstract

The study builds on the findings of Jonović et al. (2024) and aims to: 1) determine whether the implementation of Integrated Management Systems (IMS) based on the Committee of Sponsoring Organizations (COSO) Enterprise Risk Management (ERM) model enhances sustainable operational risk management (ORM) and financial performance in a Scientific research organization; and 2) develop a method for improving (ORM) and financial outcomes. Primary research of Strengths, Weaknesses, Opportunities, and Threats (SWOT) analyses conducted from 2021 to 2024, with an average response rate of over 71%, confirms a sustainable business context. Following the Plan-Do-Check-Act (PDCA) cycle, it strives to enhance the response of scientific research organizations to strategic goals and operational risks. The analysis of financial indicators and Pearson’s correlation supports the impact of IMS on the organization's financial and operational stability, as outlined in the COSO ERM model. It emphasizes the importance of effective ORM for achieving better financial performance. However, it suggests that implementing IMS is not sufficient for upgrading ORM within the organization. Future research will compare the Institutes of National Importance in the Republic of Serbia to refine risk management and enhance financial performance.

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