Importance The article examines financial and economic relationships relating to contemporary business risks. Objectives The research outlines steps to identify prevailing risks of the entity and choose an effective method for their assessment. Methods I applied such dialectical methods as a systems and structural analysis, deduction and induction. Results I formulated steps to identify prevailing business risks, starting from an analysis of external and internal factors to risk assessment, determined how they could be managed using the cost method, and prepared a map of financial risks. Conclusions and Relevance Scientific findings expand and supplement the theoretical framework of financial management, develop methodological basis of the research and provide significant opportunities for practical implementation. Theoretical and methodological results can be used by Russian businesses to make their decisions more robust under uncertainty and risk as they apply hands-on aspects of risk identification and assessment.
Limitovskii M.A., Minasyan V. Analiz riskov investitsionnogo proekta [Analyzing the investment project risks]. Upravlenie finansovymi riskami = Management of Financial Risks, 2011, no. 2, pp. 132–150.
Kolbasov V.I. Stsenarnoe planirovanie kak effektivnyi metod razrabotki strategii [Scenario-based planning as an effective method for the strategy development]. Kreativnaya ekonomika = Journal of Creative Economy, 2012, no. 8, pp. 86–92.
Brealey R., Myers S. Printsipy korporativnykh finansov [Principles of Corporate Finance]. Moscow, Olimp-Biznes Publ., 2012.
Knight F.H. Risk, neopredelennost' i pribyl' [Risk, Uncertainty and Profit]. Moscow, Delo Publ., 2003, 360 p.
Porfir'ev B.N. Kontseptsiya riska, kotoryi nikogda ne raven nulyu [The concept of risk which is never zero]. Energiya = Energy, 1989, no. 8, pp. 31–33.
Roggi O., Garvey M., Damodaran A. Risk Taking: Corporate Government Perspective. Washington, International Finance Corporation, World Bank, 2012.
Damodaran A. Strategicheskii risk-menedzhment. Printsipy i metodiki [Strategic Risk Taking: A Framework for Risk Management]. Moscow, Vil'yams Publ., 2010, 495 p.
Lapusta M. Riski v predprinimatel'skoi deyatel'nosti [Business Risks]. Moscow, INFRA-M Publ., 2008.