+7 495 989 9610, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»

JOURNALS

  

FOR AUTHORS

  

SUBSCRIBE

    
Financial Analytics: Science and Experience
 

Defining project performance standards as parameters of the compliance risk regulatory system

Vol. 15, Iss. 1, MARCH 2022

Received: 23 December 2021

Received in revised form: 12 January 2022

Accepted: 23 January 2022

Available online: 28 February 2022

Subject Heading: RISK, ANALYSIS AND EVALUATION

JEL Classification: D81, M21

Pages: 23–41

https://doi.org/10.24891/fa.15.1.23

Nikolai G. SINYAVSKII Financial University under Government of Russian Federation, Moscow, Russian Federation
synyavsky@list.ru

https://orcid.org/0000-0003-1034-6489

Dar'ya D. AKIMOVA Financial University under Government of Russian Federation, Moscow, Russian Federation
akimdarya@mail.ru

ORCID id: not available

Subject. This article discusses the problem of choosing the standards of project time and cash expenditures, taking into account their randomness.
Objectives. The article aims to describe the task of setting standards for the values of project time and budget profiles, taking into account compliance risk, and analyze the dependence of the effectiveness of project profile norm setting on the compliance risk level.
Methods. For the study, we used the methods of probability theory, mathematical statistics, and dynamic programming.
Results. The article formulates a problem of project profile norm setting, taking into account compliance risk, and provides an algorithm for dynamic programming to establish standards and oversizes corresponding to risk appetite. It shows an example of the calculation of these design characteristics, where at each stage of the project there are fourteen types of independent random factors that negatively affect the costs of the project. The article also describes the dependence of efficiency and additional regulatory costs for managing compliance risk on the risk level.
Conclusions. The task of project costs norm setting based on a risk-oriented approach is formulated and solved on the basis of the dynamic programming method. This can be used to design a compliance risk management system. For the example considered, we identify areas of unacceptable, acceptable and negligible risks.

Keywords: compliance, risk, project, probability, dynamic programming

References:

  1. Bureeva Yu.S. [On typology of compliance systems in Russian companies]. Vestnik Nizhegorodskogo universiteta im. N.I. Lobachevskogo. Seriya: Sotsial'nye nauki = Vestnik of Lobachevsky State University of Nizhny Novgorod. Social Sciences, 2021, no. 2, pp. 120–123. URL: Link_unicode/14.pdf (In Russ.)
  2. Bataeva B.S., Cherepanova V.A. [Compliance as a means of improving corporate governance in Russian companies and its development prospects]. Ekonomika. Nalogi. Pravo = Economics, Taxes & Law, 2017, vol. 10, no. 5, pp. 30–36. URL: Link (In Russ.)
  3. Schneider U.H. Compliance als Aufgabe der Unternehmensleitung. ZIP: Zeitchrift für Wirtschaftsrecht, 2003, vol. 24, pp. 645–650. URL: Link
  4. Bannenberg B., Braasch M., Bussmann K.-D. et al. Wirtschaftskriminalitat, Mönchengladbach, Forum Verlag Godesberg GmbH, 2010, 293 p. URL: Link
  5. Hauschka C.E. Compliance, Compliance-Manager, Compliance-Programme: Eine geeignete Reaction auf gestiegene Haftungsrisiken für Unternehmen und Management. Neue Juristische Wochenschrift: NJW, 2004, vol. 57, no. 5, pp. 257–261. URL: Link
  6. Rotsch T. Criminal Compliance. InDret, 2012, no. 1. URL: Link
  7. Karpovich O.G., Truntsevskii Yu.V. Teoriya i sovremennye praktiki komplaensa. Mirovye modeli protivodeistviya kriminal'nym ugrozam: monografiya [Theory and modern practices of compliance. World models of countering criminal threats: a monograph]. Moscow, YUNITI-DANA Publ., Zakon i pravo Publ., 2016, 407 p.
  8. Menzies C. Sarbanes-Oxley und Corporate Compliance – Nachhaltigkeit, Optimierung, Integration. Schaffer-Poeschel, Stuttgart, 2006.
  9. Sanchez J.M.S., Fernández R.M. Criminalidad de empresa y Compliance, Prevención y reacciones corporativas. Barcelona, Atelier, 2013, 332 p.
  10. Litvinenko A.N., Samoilova L.K., Ol'kha A.A. [Organizational and legal aspects of the implementation of compliance functions in the system of internal control of domestic enterprises]. Vestnik Moskovskogo universiteta MVD Rossii = Vestnik of Moscow University of the Ministry of Internal Affairs of Russia, 2019, no. 6, pp. 43–51. URL: Link (In Russ.)
  11. Prasolov V.I., Cheshunas A.K. [Compliance procedures outsourcing as a method of optimizing costs for compliance function]. Russian Economic Bulletin, 2020, vol. 3, no. 2, pp. 19–24. URL: Link (In Russ.)
  12. Orlova M.G. [On the question of establishing a culture of compliance]. Vestnik Sibirskogo gosudarstvennogo universiteta putei soobshcheniya: Gumanitarnye issledovaniya = Siberian Transport University Bulletin: Humanitarian Research, 2019, no. 2, pp. 11–16. URL: Link (In Russ.)
  13. Panfilov A.N., Savchuk D.A. [Abstract model of compliance audit in risk control and management system]. Molodoi issledovatel' Dona, 2021, no. 1. (In Russ.) URL: Link
  14. Pogorelov M.V. [The importance of project risk management in project management methodology]. Colloquium-journal, 2019, no. 26-5, pp. 19–20. (In Russ.) URL: Link
  15. Nikolaenko V.S. [Project management maturity model: risk management project]. Innovatsii v menedzhmente, 2021, no. 1, pp. 38–47. (In Russ.) URL: Link
  16. Malyshev V.V., Kibzun A.I. Analiz i sintez vysokotochnogo upravleniya letatel'nymi apparatami: monografiya [Analysis and synthesis of high-precision control of aircraft: a monograph]. Moscow, Mashinostroenie Publ., 1987, 303 p.
  17. Bellman R. Dinamicheskoe programmirovanie [Dynamic programming]. Moscow, Inostrannaya literatura Publ., 1960, 400 p.

View all articles of issue

 

ISSN 2311-8768 (Online)
ISSN 2073-4484 (Print)

Journal current issue

Vol. 15, Iss. 1
March 2022

Archive