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A methodology for identifying and assessing financial risk in the company's management accounting system

Vol. 23, Iss. 5, MAY 2020

Received: 13 April 2020

Received in revised form: 20 April 2020

Accepted: 29 April 2020

Available online: 15 May 2020

Subject Heading: Managerial accounting

JEL Classification: M41, M49, D81, G32

Pages: 521–542

https://doi.org/10.24891/ia.23.5.521

Glushchenko A.V. Volga Research Institute for Production and Processing of Meat and Dairy Products, Volgograd, Russian Federation
aleksa-gl@yandex.ru

https://orcid.org/0000-0003-1999-5928

Samedova E.N. Institute of Economics and Finances of Volgograd State University (VolSU), Volgograd, Russian Federation
SamedovaEN@volsu.ru

https://orcid.org/0000-0003-0487-5093

Temnikov V.A. Institute of Economics and Finances of Volgograd State University (VolSU), Volgograd, Russian Federation
vasiliitemnikov@yandex.ru

ORCID id: not available

Subject. This article deals with the issues of identification and risk assessment within the framework of management accounting, focused on information intelligence and support of business management in the face of uncertainty.
Objectives. The article aims to comprehensively investigate the existing methodological approaches and modern ways of assessing risks. The study also aims to develop a qualitatively new methodology for assessing a company's total financial risk based on the identification and analysis of the risk components that the company is exposed to.
Methods. For the study, we used the methods of analysis and synthesis, comparison, grouping, as well as statistical, calculation, analytical, and expert assessment methods.
Results. The article presents an original method of stepwise assessing the company's financial risks, based on a combination of expert and computational tools, enabling to obtain representative data in the conditions of limited resources.
Conclusions and Relevance. The proposed method of assessing financial risk helps conduct a qualitative and quantitative assessment of the financial risks of the organization and can be applied in organizations of all forms of business and sectors of the economy. It does not require significant amounts of information about the company's activities or special hard-and software.

Keywords: management accounting, risk assessment, total financial risk, methodology

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