Moiseeva N.S.Institute of Economics, Management and Environmental Studies of Siberian Federal University, Krasnoyarsk, Russian Federation eva931@mail.ru
Kozhinova T.V.Institute of Economics, Management and Environmental Studies of Siberian Federal University, Krasnoyarsk, Russian Federation Kozhinovat@mail.ru
Importance In the market economy environment, any type of business is risk bearing at both initial and subsequent stages. Therefore, the ability to identify risk and mitigate its negative consequences is extremely important. Objectives The study aims to develop an optimal algorithm of risk management of organizations on the basis of the provisioning method. Methods Using the general methods of scientific cognition, namely, observation, comparison, experiment, and measurement, we analyzed classifications of risks, and methods of commercial organization’s risk management and accounting. Results We revised the concept of risk and classification of types of risk, identified methods and techniques of risk management, studied the mechanisms of creating provisions on estimated liabilities and valuation reserves that exist in the Russian and international practice, and developed an optimal algorithm of risk management in the financial and economic activity of enterprises. We tested the algorithm on the OAO Krastsvetmet data. Conclusions The created tool has practical significance, since it enables to simultaneously monitor and identify risks, and reflect them correctly in accounting records and financial statements.
Keywords: risk, accounting, management, algorithm
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