QUALITY CULTURE: A TOOL OF FINANCIAL MANAGEMENT TO REDUCE RISK

The article describes the status of a specific, partial subsystem of an organizational culture and its influence on financial management or financial performance. In the enterprises where the primary priority of all policies is quality achievement, they have not only focused on creating and maintaining quality management systems, but to create new phenome labelled quality culture. Financial management is considered to be a unifying factor in the entire business management process, which is based on the assumption that all processes running in the enterprise, as well as all decisions that affect these processes to a greater or lesser extent, affect the enterprise's financial performance. Nowadays, it is important for the enterprises to gain strong competitive advantage or minimalize risk, and connection between financial management and quality culture could be the new paradigm. The aim of this paper is to detect the impact of quality culture on financial management and possibility to reduce risk in Slovak and Czech conditions. Through the survey carried out in the year 2018 to analyse the current situation of quality cultures in the manufacturing companies and retain or reject the hypothesis of existence significant differences in financial performance between individual quality cultures. Financial performance of the enterprise was compared to industry average, best competitor, customer expectations and own specified goals.