+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»

JOURNALS

  

FOR AUTHORS

  

SUBSCRIBE

    
Finance and Credit
 

Establishing a risk management system with comprehensive assessment of events

Vol. 26, Iss. 7, JULY 2020

Received: 21 May 2020

Received in revised form: 4 June 2020

Accepted: 18 June 2020

Available online: 30 July 2020

Subject Heading: BUSINESS VALUE

JEL Classification: D81, G32

Pages: 1661–1679

https://doi.org/10.24891/fc.26.7.1661

Subject. The availability and adequacy of the risk management system of any company is taken into account by government regulation, rating agencies, auditors, and company owners and shareholders. Therefore, companies make arrangements for risk management in some form or other. However, the assessment of event risk and creation of a transparent and effective event assessment system raise many questions.
Objectives. We focus on solving the problem of attaining an objective assessment of event risk for company's units, creating an effective risk management system for companies operating in a rapidly changing environment.
Methods. The methodology of the study draws on the use of parallel work of departments on assessing event risk and adopting measures to mitigate it.
Results. We offer a solution for creating an effective system for event risk assessment. The system also deals with events that simultaneously affect different departments.
Conclusions. Organization of simultaneous work of units on assessment of events, their classification as event risk, and taking measures to minimize the impact on company's activities will reduce the time for the analysis of events and increase the objectivity of event risk assessment.

Keywords: risk management, risk assessment

References:

  1. Redhead K., Hughes S. Upravlenie finansovymi riskami [Financial Risk Management]. Moscow, INFRA-M Publ., 1996, 288 p.
  2. Kogdenko V.G. [Analyzing financial risks within fundamental analysis of the company]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience, 2015, no. 34, pp. 2–14. URL: Link (In Russ.)
  3. Kogdenko V.G. [Investigating company risks within the framework of the stakeholder approach to analysis]. Ekonomicheskii analiz: teoriya i praktika = Economic Analysis: Theory and Practice, 2018, vol. 17, no. 6, pp. 1051–1072. (In Russ.) URL: Link
  4. Van'kovich I.M. [Financial risks: Theoretical and practical aspects]. Rossiiskoe predprinimatel'stvo = Russian Journal of Entrepreneurship, 2014, no. 13, pp. 18–33. URL: Link (In Russ.)
  5. Mozgovoi A.O. [Mechanism of complex assessment of innovative companies financial risks]. Kreativnaya ekonomika = Creative Economy, 2011, no. 3, pp. 10–16. URL: Link (In Russ.)
  6. Kopylova O.V. [Analysis of Risks in the Process of Project Management]. Rossiiskoe predprinimatel'stvo = Russian Journal of Entrepreneurship, 2013, no. 11, pp. 44–48. URL: Link (In Russ.)
  7. Borshch L.M., Gerasimova S.V. [Methodology of regions financial and economic security calculation]. Rossiiskoe predprinimatel'stvo = Russian Journal of Entrepreneurship, 2018, vol. 19, no. 10, pp. 2815–2834. (In Russ.) URL: Link
  8. Ermakov S.L., Frolova E.E. [Fundamental principles of intrabank crisis management and banking risk regulation]. Izvestiya Irkutskoi gosudarstvennoi ekonomicheskoi akademii, 2011, no. 6, pp. 49–58. URL: Link (In Russ.)
  9. Semenyuta O.G., Zvyagintseva E.M. [Using Benford's Law to Build a system for operational risk management]. Finansovye issledovaniya = Financial Research, 2012, no. 4, pp. 37–44. URL: Link (In Russ.)
  10. Novikov Yu.I., Bandurko S.A. [Social media as a factor of operational risk of a bank]. Izvestiya Sankt-Peterburgskogo gosudarstvennogo ekonomicheskogo universiteta, 2015, no. 3, pp. 98–102. URL: Link (In Russ.)
  11. Panyagina A.E. [Review of modern methods of quantitative estimation of risks]. Ekonomika i menedzhment innovatsionnykh tekhnologii, 2014, no. 3, part 1. (In Russ.) URL: Link
  12. Kantor O.G. [Classification of quantitative estimation methods of economic risk]. Vestnik Ufimskogo gosudarstvennogo aviatsionnogo tekhnicheskogo universiteta = Vestnik USATU, 2013, vol. 17, no. 7, pp. 34–39. URL: Link (In Russ.)
  13. Goreglyad V. [Systematic approach to operational risk management in central banks (regulators): prerequisites, current issues, and development prospects]. Den'gi i kredit = Russian Journal of Money and Finance, 2019, vol. 78, no. 4, pp. 99–118. (In Russ.) URL: Link
  14. Kuznetsova M.O. [Risk management implementation practices in Russian industrial companies: Results of an empirical study]. Strategicheskie resheniya i risk-menedzhment = Strategic Decisions and Risk Management, 2019, vol. 10, no. 4, pp. 410–423. URL: Link (In Russ.)
  15. Cherkashin S.A. [Rating of independent divisions' performance of a bank]. Analiticheskii bankovskii zhurnal = The Analytical Banking Magazine, 2008, no. 4, pp. 78–81. (In Russ.)

View all articles of issue

 

ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 30, Iss. 3
March 2024

Archive