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Digest Finance

Reframing the Risk Management Process of Entities

Vol. 26, Iss. 3, SEPTEMBER 2021

PDF  Article PDF Version

Received: 29 May 2018

Received in revised form: 8 June 2018

Accepted: 19 June 2018

Available online: 30 September 2021


JEL Classification: G32, M11, М14, О16, Z13

Pages: 310–331


Viktoriya A. BOROVKOVA St. Petersburg, Russian Federation

ORCID id: not available

Valeriya A. BOROVKOVA Peter the Great St. Petersburg Polytechnic University, St. Petersburg, Russian Federation

ORCID id: not available

Subject. Enterprise risk management is an essential process. It is integrated in overall management, strategy, policy, planning, report generation, system of values and organizational culture. Efficient arrangement of risk management is a critical problem of economic science and practice, which can be solved through a reframing approach.
Objectives. The article aims to review methodological and practical aspects of risk management process efficient functioning, develop reframing approach and a model of reframing the risk management process.
Methods. The study employs general scientific methods, like observation, comparison, consistency, analysis, synthesis, as well as logical approach and modeling.
Results. The paper offers our own interpretation of entity's risk management process, defines its stages, presents specifics of reframing approach to risk management and a model of reframing. It also provides an analysis of the nature, advantages and risks of frames.
Conclusions and Relevance. If implemented, the proposed reframing approach and the model will enable to increase the efficiency of entity's risk management process, its risk management system, and the entire entity.

Keywords: risk, management, frame, reframing, entity


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