Risk management model, the contribution of phi value in the business continuity plan

Risk management requires analysis, contextualization and proposals to respond to internal and external factors that impact the achievement of objectives and limit the use of opportunities. The purpose of this research is to offer entrepreneurs a compilation of practical tools that can be executed to implement, manage and monitor the analysis of business risks. A bibliographic review was carried out based on the reference framework proposed by COSO ERM (2017), IIA (2013) and ISO 31000: 2018. A case study was carried out in a Colombian company, dedicated to food production and distribution, where an instrument was applied to members of senior management that allowed knowing the severity of the risk, as well as the Phi value consulted to the members of the Board of Directors. It is concluded that risk management becomes an activity of common application in companies that are committed to increasing their organizational value, where the business continuity plan is an effective response to deal with crisis situations such as the one generated by COVID-19.