The risk management literature documented a variety of risk management processes. The ISO 31000:2018 grouped risk identification, risk analysis and risk evaluation under risk assessment. The step after risk assessment is risk treatment. The final step is risk monitoring and review. The Institute of Risk - Risk Management Standard grouped risk identification, description, and estimation under risk assessment. COSO defined risk identification as event identification. Event identification identifies both risks and opportunities. This study explores and analyses risk management processes. This study seeks to understand steps in risk management processes, and whether all the steps follow the steps as outline by ISO 31000:2018 risk management process. The study finds variety of risk management process developed by previous studies. A risk management process can be as simple as four-step process or as comprehensive as twenty-three-step process. Regardless the number of steps, ultimately there are four common steps in the risk management processes. The steps are risk identification, risk analysis, risk treatment, and monitoring and review. The finding of this study enhances knowledge on risk management processes. Each risk management process is unique to a particular business or area of application. However, despite the uniqueness, the study finds that the risk management processes use the sequence of the risk management process as outlined by ISO 31000: 2018 as their basis. The differences being the terms and descriptions of the steps in the process.

Kenaikan kos sara hidup memberi kesan yang besar kepada perbelanjaan pelajar terutamanya mahasiswa universiti. Bagi menyokong kewangan para mahasiswa, kerajaan dan universiti mengambil langkah proaktif untuk meluaskan pendanaan universiti melalui dana sosial seperti zakat dan wakaf. Kertas kerja ini bertujuan untuk membandingkan tadbir urus pengurusan zakat di universiti awam iaitu antara Pusat Wakaf dan Zakat (PWZ) Universiti Sains Islam Malaysia (USIM) dan Pusat Wakaf Zakat dan Endowmen (WAZAN) Universiti Putra Malaysia (UPM). Maklumat dan analisis bagi kedua-dua pusat pengurusan zakat universiti ini menggunakan pendekatan kualitatif. Hasil kajian mendapati kedua-dua PWZ dan WAZAN mempunyai dua jawatankuasa utama bagi menguruskan zakat yang melibatkan pelaporan operasi zakat dari segi kutipan dan agihan, serta membuat keputusan melibatkan dasar dan polisi serta pengurusan agihan zakat di peringkat universiti. Berdasarkan tadbir urus kedua-dua universiti, kajian ini mencadangkan supaya Majlis Agama Islam Negeri (MAIN) dan pengurusan tertinggi universiti memberi autonomi sepenuhnya kepada pusat zakat universiti untuk menyelaras semua aktiviti berkaitanzakat di universiti masing-masing selain membenarkan kutipan dibuat di sekitar kawasan universiti.

Purpose of the study: This study explores risks face by small and medium enterprises (SMES), in particular micro enterprises, and risk mitigation techniques used to manage the risks. The objectives of the study are to identify risks face by SMES, the impacts of the risks and mitigation techniques to manage the risks. Methodology: The study uses a case study approach. The subject of investigation is a small restaurant in a fisherman village in Muar Johor. Data are collected using interviews and walk through observations. The data are analysed in four steps to determine risks, impacts and mitigations techniques. The first step is to analyse problems faced by the business and impacts of the problems. The second step is translating the problems into risks. The third step is analysing the impacts and translating the impacts to risk impacts. The fourth step is analysing the feedbacks to find techniques used by the owner to mitigate the problems. The mitigations techniques are considered as risk mitigation techniques. Main Findings: The study finds SMEs particularly micro enterprise faces the following risks: financial, operational, strategic, hazard, human comfort, succession, equipment failure and health. The risk impacts are reduction in revenues, increase in cost of business operation, and inability to expand the business and decrease income. The study finds, owners are aware of risks face by the business and able to mitigate the risk. However, the study concludes that the owners do not have a formal and systematic risk management practice and relies on informal risk mitigations techniques. Novelty of the study: This study demonstrates a structured and systematic process to identify risks faced by SMEs and risk mitigation techniques to manage the risks. The process can be replicated and applied to any SMEs businesses. This study contributes to enhance understanding on risk face by SMEs and risk management techniques use by business owners to mitigate the risks. The results can be use by policy makers and financial providers to develop their policies, directions, and guidelines to help SMEs to sustain and expand their businesses.