Importance The concept of risks and their classification have been constantly updated and refined. As a new type, reputational risks should be profoundly examined. It is necessary to explore their substance, definitions, classification of their types and subtypes, equality or exclusivity of the conceptual framework. Objectives The article provides a definition of risks in modern economy; evaluates features for classification in systematizing types of risks; determines the difference between image and reputational risks; substantiates the appropriateness of using the concept of risk of loss of internally generated business reputation, and formulates its main characteristics. Methods This research draws upon a comparative analysis of the existing scientific and technological studies, methods for determining the cause-and-effect relations and patterns. Results I suggest considering prudence and information uncertainty as inherent components of the contemporary definition of risk. Business reputation is a combination of qualitative advantages of the business entity in competition, which are explicitly declared and evaluated. The image risk is a component of the reputational risk within the classification of risks. Considering the international standards and terminology, I suggest substituting the reputational risk with the wording of the risk of loss of internally generated business reputation. Conclusions and Relevance Risk reclassification is a natural and logic aspect relating to economic, financial, political and social changes and the biased nature of approaches to risk classification. The reputational risk or the risk of loss of internally generated business reputation is the most interesting type of risks. It remains understudied, being classified by a certain indicator (origination area), having some subtypes and sources and a combination of factors that determine the level of risk.
Keywords: risk, classification, reputational risk, accounting, business reputation, IFRS, Russian GAAP, image risk, loss, internally generated business reputation, report
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