This paper presents an overview of the proposed risk management framework and how it is designed to meet the challenges usually faced by IT-centric micro and small companies when implementing risk management. The issues and challenges identified for the IT-centric micro and small companies are centered around the exposure to various risks and necessity to have a risk management approach which covers these various risks, as well as to limited resources for risk management and necessity for usable and comprehensive framework. The new framework is based on the analysis of the best practices in risk management concepts as well as direct experience from dealing with over 20 companies in South-east Europe. The segments covered by the framework include people, policy, methodology and process, and tools.

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