BEST PRACTICES IN RISK MANAGEMENT FOR AN EFFICIENT LEADING OF BUSINESS IN THE MEDIA AND ADVERTISING INDUSTRY

Mass media and advertising industry is certainly one of the most eloquent examples on effective dynamic adapting to the new environment, especially in a marketplace increasingly accentuated by globalization phenomenon. The transition into the new information age has brought beside the new opportunities and advantages generated by the use of modern IT and new media, a new series of risks that managers and professionals from the industry must face. Effective risk management is not an optional feature on the agenda of activities for a manager, but a necessity that cannot be questioned. Dynamic adapting by managers and specialists in mass media and advertising industry in order to identify and manage the risks of new categories of this industry is a challenge that must find an adequate response. In this regard, the general objective of this article is to identify and analyze best practices in effective risk management by managers and specialists of the industry to optimize decisions, as well as improving general managerial activities. To identify case studies and relevant risk management practices, there were conducted 10 interviews with managers and specialists with experience in the creative industry, which agreed to describe specific experiences that occurred in the field, during the interviews. The conclusions of this study may constitute basic interest to all who are involved in risk management in the media, being equally useful for specialists who want to address the issue in the related fields analyzed.