Univ.Prof.Dr. Walter Schwaiger

Univ.Prof.Dr. Walter Schwaiger

Technische Universität Wien

Prof. Walter S.A. Schwaiger is heading the Financial Enterprise Management Group at the Institute of Management Science of the Vienna University of Technology. His research interests lie in the enterprise-wide financial and risk management. This management deals predominantly with the planning and control of the earnings, cash flows and risks that are related to the different business activities of an enterprise.

In the enterprise risk management the operational, legal, business, financial and strategic risks are identified and measured. Risk related management processes are implemented in the enterprise to keep the different risks under control. In these management processes the risks are limited according to the risk appetite of the enterprise, over time the risks are monitored and corrective as well as adaptive actions are taken if the risk limits are exceeded.

The IFRS-based financial management is set on top of the accounting information collected in the enterprise according to the legal requirements from the International Financial Reporting Standards (IFRS). The enterprise-wide financial planning uses forecasting models which are constructed upon production, cost and financial theoretical considerations and which are calibrated with the accounting information. The forecasts derived out of these models give the planned values that are monitored and controlled over time in order to realize the planned values as close as possible. Risk-adjusted performance measures are used in the risk-based performance management so that the risk management gets integrated into the performance management.

The management processes applied in the IFRS-based financial management and the therewith related information flows are modeled in the Unified Modeling Language (UML) as activity diagrams. This allows the semantic specification of data models and process models, which form the basis of accounting-based management information systems that can be implemented in modern ERP applications.

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