Assessment criteria of project risk management in language translation service companies

    Asta Zaveckaite Affiliation
    ; Aurelija Ulbinaite Affiliation


Risk management in translation service companies is an effective, integrative, proactive way to handle risk. Such companies must integrate defined long-term risk management into their strategies, decision-making, and daily processes; top-management must fully support the risk management system; risk factors, management benefits, and processes require articulation amongst employees; job roles, responsibilities, performance evaluation, and motivation systems must incorporate risk management practices. Risk management in project-based companies might also account for changing clients’ requirements, tight deadlines and budgets, different participants, and high IT use. However, this requires identifying the critical success factors. The research method builds upon the analysis and systemization of the scientific literature – from risk management, emphasizing the underlying strategic approach and effective management, to deriving the focal-points of effective risk management of translation projects. This work unifies the gathered knowledge and results in a conceptual model that integrates the specific assessment criteria for project risk management in translation companies – process definiteness and versatility, responsibility definiteness, top-management involvement, and risk management communication. The operationalisation of the model may lead to the companies’ critical success performance. To the best of our knowledge, this work is one of the first contributions addressing risk management assessment criteria in this industry.

Keyword : risk management, assessment criteria, language translation service companies, project risk management

How to Cite
Zaveckaite, A., & Ulbinaite, A. (2018). Assessment criteria of project risk management in language translation service companies. Technological and Economic Development of Economy, 24(4), 1323-1343.
Published in Issue
Jun 29, 2018
Abstract Views
PDF Downloads
Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.


Addison, T.; Vallabh, S. 2002. Controlling project risks – an empirical study of methods used by experienced project managers, in Proceedings of the 2002 annual research conference of the South African institute of computer scientists and information technologists on Enablement through technology, 16–18 September 2002, Port Elizabeth, South Africa, 128–140.

Arenas, A. G. 2010. Project management and machine translation, MultiLingual 21(3): 34–38.

Aven, T. 2012. Foundational issues in risk assessment and risk management, Risk Analysis: An International Journal 32(10): 1647–1656.

Aven, T. 2013. Practical implications of the new risk perspectives, Reliability Engineering and System Safety 115: 136–145.

Aven, T.; Krohn, B. S. 2014. A new perspective on how to understand, assess and manage risk and the unforeseen, Reliability Engineering and System Safety 121: 1–10.

Barkhuizen, W. F.; Pretorius, J. H. C.; Pretorius, L. 2012. An integrated systems approach to risk management within a technology-driven industry, using the design structure matrix and fuzzy logic, South African Journal of Industrial Engineering 23(2): 202–214.

Bierc, G. J. 2003. Risk management infrastructure can boost corporate performance, Financial Executive 19(3): 59–61.

Blaskovich, J.; Taylor, E. Z. 2011. By the numbers: individual bias and enterprise risk management, Journal of Behavioral & Applied Management 13(1): 5–23.

Bonnet, B. 2006. Quality standards: a sign of the industry’s maturity?, MultiLingual 17(4): 45–48.Chapman, C. 2003. Bringing ERM into focus, The Internal Auditor 60(3): 30–35.

Choudhry, R. M.; Iqbal, K. 2013. Identification of risk management system in construction industry in Pakistan, Journal of Management in Engineering 29(1): 42–49.

Committee of Sponsoring Organizations of the Treadway Commission (COSO). 2004. Enterprise risk management – integrated framework: executive summary & framework. Jersey City, NJ.

Datta, S.; Mukherjee, S. K. 2001. Developing a risk management matrix for effective project planning – an empirical study, Project Management Journal 32(2): 45–57.

Dunne, E. S. 2013. Project risk management: developing a risk framework for developing translation projects [online], [cited 5 August 2016]. Available from Internet:

EN 15038. 2011. Certification Procedure for Translation Service Providers pursuant to EN 15038. LICS Certification Scheme.

Freivalds, J. 2005. The changing face of translation project management, MultiLingual Computing & Technology 16(1): 17–18.

Gates, S. 2006. Incorporating strategic risk into enterprise risk management: a survey of current corporate practice, Journal of Applied Corporate Finance 18(4): 81–90.

Gökmen, A. 2014. A theoretical study on the concept of risk in enterprises, dynamics of risk in international business, investing in Turkey & evaluation of macro risks abstract, Ege Academic Review 14(2): 175–187.

Gordon, L. A.; Loeb, M. P.; Sohail, T. 2003. Framework for using insurance for cyber-risk management. Seeking to protect an organization against a new form of business losses, Communications of the ACM 46(3): 81–85.

Haimes, Y. Y. 2012. Systems-based guiding principles for risk modelling, planning, assessment, management and communication, Risk Analysis: An International Journal 32(9): 1451–1467.

Yaraghi, N.; Langhe, R. G. 2011. Critical success factors for risk management systems, Journal of Risk Research 14(5): 551–581.

Ingley, C.; van der Walt, N. 2008. Risk management and board effectiveness, International Studies of Management & Organization 38(3): 43–70.

ISO 31000 Risk management. 2015. A practical guide or SMRs [online], [cited on 29 December 2016]. Available on Internet:

Lai, F. W.; Azizan, N. A.; Samad, M. F. A. 2011. A strategic framework for value enhancing enterprise risk management, Journal of Global Business & Economics 2(1): 23–47.

Lam, J. 2003. Enterprise risk management: from incentives to controls. Volume 181 of Wiley Finance. John Wiley & Sons.

Lech, P. 2013. Time, budget, and functionality? – IT project success criteria revised, Information Systems Management 30(3): 263–275.

Linacre, N. A.; Whiting, S. N.; Baker, A. J. M.; Angle, J. S.; Ades, P. K. 2003. Transgenics and phytoremediation: the need for an integrated risk assessment, management, and communication strategy, International Journal of Phytoremediation 5(2): 181–185.

Lindo, S. 2013. Risk management infrastructure as a living organism, Journal of Risk Management in Financial Institutions 6(1): 67–74.

Lundqvist, S. A. 2014. An exploratory study of enterprise risk management: pillars of ERM, Journal of Accounting, Auditing & Finance 29(3): 393–429.

Matis, N. 2014. How to manage your translation projects [online], [cited 28 July 2016]. Available from Internet:

Matsushita, K. 2014. Risk management as a theoretical framework for analyzing news translation strategies, Invitation to Translation Studies 12: 83–96.

Meagher, D.; O’Neil, G. 2000. Enterprise wide: risk management, accountancy Ireland. Dublin, 32(6): 10–12.

Mir, F. A.; Pinnington, A. H. 2014. Exploring the value of project management: linking project management performance and project success, International Journal of Project Management 32(2): 202–217.

Mirela, G. 2012. Risk management in the context of sustainable development, Annals of the University of Oradea, Economic Science Series 21(1): 1248–1254.

Neverauskas, B.; Bakinaite, L.; Meiliene, E. 2013. Contemporary approach to the possibility of project’s success increase, Economics & Management 18(4): 829–836.

Nielson, N. L.; Kleffner, A. E.; Lee, R. B. 2005. The Evolution of the role of risk communication in effective risk management, Risk Management & Insurance Review 8(2): 279–289.

Nocco, B. W.; Stulz, R. M. 2006. Enterprise risk management: theory and practice, Journal of Applied Corporate Finance 18(4): 8–20.

Orfall, B. 2010. Case study: TM economics in project management, MultiLingual 21(3): 30–33.

Pym, A. 2015. Translating as risk management, Journal of Pragmatics 85: 67–80.

Project Management Institute. 2013. A guide to the project management body of knowledge – PMBOK guide. 5th ed. Newtown Square, Pa, Project Management Institute.

Raber, R. W. 2003. The role of good corporate governance in overseeing risk, Corporate Governance Advisor 11(2): 11–16.

Raymond, L.; Bergeron, F. 2008. Project management information systems: an empirical study of their impact on project managers and project success, International Journal of Project Management 26(2): 213–220.

Reed, A. H.; Knight, L. V. 2013. Project duration and risk factors on virtual projects, Journal of Computer Information Systems 54(1): 75–83.

Rockart, J. F. 1982. The changing role of the information systems executive: a critical success factors perspective, Sloan Management Review 24(1): 3–13.

Sere, K. 2015. Risk management in translation projects: study and survey results [online], [cited 27 July 2016]. Available from Internet:

Sobel, P. J.; Reding, K. F. 2004. Aligning corporate governance with enterprise risk management, Management Accounting Quarterly 5(2): 29–37.

Spalek, S. 2014. Finding a new way to increase project management efficiency in terms of time reduction, Engineering Economics 25(5): 538–548.

Starkman, A. 2008. Managing translation as a secondary job, MultiLingual 19(5): 41–43.

Stokes, M. 2004. Taking full advantage of enterprise-wide risk management, The Treasurer. May ed. London: Association of Corporate Treasurers.

Thomas, G.; Fernandez, W. 2008. Success in IT projects: a matter of definition?, International Journal of Project Management 26: 733–742.

Toader, C. S.; Brad, I.; Radac, A. M.; Marin, D. 2010. Aspects regarding risk management in projects, Scientific Papers: Animal Science & Biotechnologies 43(2): 454–457.

Wieczorek-Kosmala, M. 2014. Risk management practices from risk maturity models perspective, Journal for East European Management Studies 19(2): 133–159.

Zeynalian, M.; Trigunarsyah, B.; Ronagh, H. R. 2013. Modification of Advanced Programmatic Risk Analysis and Management Model for the Whole Project Life Cycle’s Risks, Journal of Construction Engineering & Management 139(1): 51–59.

Zhao, X.; Hwang, B.-G.; Low, S. P. 2013. Developing fuzzy enterprise risk management maturity model for construction firms, Journal of Construction Engineering & Management 139(9): 1179–1189.

Zou, P. X. W.; Chen, Y.; Chan, T.-Y. 2010. Understanding and improving your risk management capability: assessment model for construction organizations, Journal of Construction Engineering & Management 136(8): 854–863.

Zwikael, O.; Ahn, M. 2011. The effectiveness of risk management: an analysis of project risk planning Across industries and countries, Risk Analysis 31(1): 25–37.