Fundamentals of risk management sandpiper read. Fundamentals of risk management

The structural and wide-ranging changes taking place in the Russian economy create a high exposure to business risks and, accordingly, the need for special education for businessmen, students and the country's population as a whole. One of the reasons for the high accident rate and financial losses is that in educational institutions Russian discipline risk management market economy was not taught. Education in the field of financial risks and financial risk protection tools is especially important. The population is very poorly educated in matters of market finance.

Further, it is not the risk in general that is considered - our whole life is one continuous risk - but only the risk that the company faces in the process of fulfilling its main system-forming goal. Risk is the uncertainty about possible losses on the way to the goal. Any investment of money in a business with the aim of generating income involves the question of the ratio of risk and potential income. The ratio of risk and income should be attractive enough for the investor. The higher the riskiness of the investment, the greater should be the return as a result of the success of this project. And the more reliable the investment, the more guarantees of its success, the lower its potential profitability.

Both individuals and organizations achieve their goals in an environment of risk. Nothing is guaranteed in this world. (Except taxes and death. That's what the financiers say.) Let's clarify what is meant when we are talking about business risks.

Dictionaries define risk as the possibility that something undesirable will happen: injury, damage, loss, death, etc. The economist can add: deviation of the actual result from the planned one. Statisticians will specify: the probability of a certain undesirable event. A detailed list of the risks of a given firm is a specific matter, and only a specific study can lead to the creation of such a list. In the theoretical literature and textbooks there are several general classifications risks. These classifications will be discussed later in this book. However, whichever definition we adopt, risk includes at least three elements:

1) event uncertainty. Risk exists only when more than one scenario is possible. For example, a fire may or may not happen. Interest rates can rise, fall, or stay the same. The share price may go up or down.

2) Losses. At least one outcome must be undesirable. The fire destroys the house. Accidents kill people and vehicles. When shares fall, their holders suffer losses. Loss is the unintentional reduction in value resulting from the realization of a hazard.

3) Indifference. The risk must affect a certain person or organization that would seek to prevent an undesirable development of events for them.

Exposure (exposure) to material losses - both actual and potential - leads to costs both in an individual organization (firm) and in the economy as a whole. These costs can be classified into three broad categories:

1) property, income, people's lives and other values ​​that are completely or partially lost in accidents;

2) economic and social omissions as a result of the effect of excessive avoidance of potential losses and non-receipt of potential benefits due to non-participation in areas of activity and projects unreasonably (intuitively) assessed as high-risk;

3) expenses (resources) spent on risk management (cost of risk management).

All three categories of costs can be significantly reduced through the correct use of funds for the third of the mentioned categories - the cost of risk management. With the correct use of these funds, a system should be created that will systematically reduce losses in all categories, both for individual organizations and for the economy as a whole.

The benefits to the firm of a good risk management program are cost savings by reducing the loss of existing assets in operations already developed by the firm and increasing revenues through conscious participation in those profitable lines of business that intuitively seem too risky. A normal entrepreneur, and indeed a normal person, tends to shy away from risks. However, we should not forget that, firstly, it is impossible to completely avoid risk (this is just a law of nature), and secondly, excessive caution leads to an increase in the number of unjustified losses. A lot of fortunes and achievements of the economy were obtained by people who were not afraid of risk.

Reducing the cost of risks includes:
- reduction of accidental losses that are not compensated by insurance or from other sources;
- reduction of insurance premiums and other payments for the use of reserves and insurance funds;
- reducing the cost of preventive measures to reduce or prevent accidental losses;
- reduction of administrative costs for the risk management system.

The second direction is very constructive: through skilled, realistic and in-depth project analysis, the risk specialist can reduce the indecisiveness of the firm's leaders when entering new potentially profitable lines of business and increase the attractiveness of the firm to potential investors, for whose money the firm can grow.

Any city, district, village, settlement benefits from effective management risks deployed in local firms and municipalities. Fewer accidents means less damage to nature and people. More sustainable firms - more jobs and less financial losses, a more stable society. Less accidental losses - more funds for the development of the region. And so on and so forth.

Pure Risk, by definition, is the possibility of an unexpected or unplanned loss with no alternative to a possible gain. This class of risk is the realm of insurance and risk management. Pure risk is characterized by three main parameters:

1) Expected and undesirable consequences. Only losses or non-realization of them are possible! A person may not die in a certain period of time. The house may not burn down. However, a person is still mortal and can die unexpectedly. A house can catch fire from completely random circumstances. And in both cases, these are expected unwanted events.

2) 0objective possibility. Pure risk exists only when the undesirable development of events is an unconditional property of the real world, God's providence. And it is not at all necessary that the object (person or organization) at risk knows about the existence of this risk. In the latter case, two situations are possible. First, the dangers exist but are not predetermined. (For example, the possibility of a meteorite hitting a certain house.) Second: there is no danger, but there is a belief in the presence of this danger (for example, Vanga's grandmother or some other "expert" predicts the end of the world in 2000 or during a solar eclipse in Latin America).

3) Not always measurable. The degree of net risk may not be measurable. However, although no one can predict the probability of losses, this does not mean the absence of risk. Most of the risks that are now covered by standard insurance policies once did not know how to calculate.

The value of net risk is assessed in the range from “high risk” to “no risk”. This value can be assessed both objectively and subjectively. An objective measure of risk is based on historical statistics about past losses, on hypotheses about trends, about the state and possible development of the probability of this type of loss today and in the future. Subjective assessments are based on the entrepreneur's intuition. An intermediate position is occupied by the method of expert assessments. We all - people and organizations, consciously or unconsciously - constantly evaluate the degree of pure riskiness of our undertakings.

The two main parameters of such assessments are:
- Loss probability(the higher it is, the greater the risk);
- The amount of loss(the larger it is, the more dangerous the risk).

Normal risk insurability is determined by two criteria:

- Random nature of losses(the loss event must not be predetermined or deliberately rigged). For example. you can insure a house standing in the forest against a forest fire. However, if the owner of the house himself sets fire to his house in order to destroy it, or if a forest fire has already started, then the house cannot be insured.

- Financial nature of the number(losses must be measurable and recoverable in money). There are risks that do not meet this criterion.

There is, for example, the risk of unrequited love, which can destroy your whole life, but is hardly measurable in money. There are risks that correspond to one of the criteria: the risk of failing the exam; the risk of being late for lunch and remaining hungry; the risk of going to dinner with a bear or a crocodile that escaped from the zoo. A normal insurer does not insure such risks. It should be borne in mind, for the sake of completeness, that there is an exotic insurance sector in the market, where many unusual risks are insured.

In the normal insurance market, the following main categories of standard insured risk have long been established:

- Personal risk- the possibility of material and / or emotional losses that a person may suffer: death, injury, disability, illness, unemployment ...

- property risk- the possibility of material losses as a result of damage, destruction or theft of one or another property belonging to a person or organization.

- liability risk- the possibility of economic loss as a result of the fact that a person or organization will be legally found guilty of causing damage to other persons and organizations. In this case, the perpetrator is obliged and will be forced by the bailiff to compensate for the financial consequences of this damage.

- Risk of non-compliance- the possibility that the company's product or service does not meet the standard or contract. Penalties, moral and material damage resulting from this can be insured.

Starting any business is a risk. An entrepreneur must know in detail all areas and stages of his business: management, marketing, contracting, personnel, maintenance and updating of equipment, all ramifications in the possibilities of applying and developing products or services. And one of the main tasks, especially at the beginning, is to be well aware of the totality of risks characteristic of each site and stage. Many novice businessmen use the logic "from success", that is, they paint for themselves - "what can I have if this business succeeds." This way of thinking could be called entrepreneurial romanticism. Much more productive in real life conservative approach, coming from the logic "if something bad can happen, then it will happen for sure."

If you are an employer, you have a responsibility to take reasonable care of your employees, customers and consumers:
- provide them with safe jobs;
- hire only people who are professional enough to do the job without undue danger to others;
- instruct workers about the hazards in and around the workplace;
- provide appropriate and safe tools;
- develop adequate safety rules and force everyone to their unconditional execution;
- provide each client with security when communicating with you and your business;
- guarantee the safety of your product or service for consumers (when used as intended) and warn of the adverse consequences of possible misuse.

The assessment of the amount of losses is made taking into account the degree of compensation for losses. If, with actual damage of 1,000,000 rubles, the insurance payment is exactly one million, they talk about full compensation. If the payment is, for example, 1,100,000 rubles - about compensation with a premium, and if the payment is 900,000 rubles - about incomplete compensation for damage. When calculating damages (actual or potential), the following are summarized:

- Direct potepu- that is, the most obvious, obvious damages associated with an insured event. The cost of a broken car, for example.

- Indirect benefits- compensation for inconvenience, pain, moral suffering, the need to temporarily live in a hotel, the loss of part of the potential profit, ... if all this is connected with an insured event.

- Additional costs- purchase of a temporary substitute for a damaged item, the cost of additional medical and other consultations, etc., if all this is also the result of an insured event.

The environment for the realization of pure risk is created by exposures, dangers and negligence (riskiness):

- exposition is an object that can be lost or damaged. Buying a house creates exposure to its new owner, having a child is exposure to its parents, hiring an employee is exposure to the employer.

- Danger- this is the immediate cause of losses: death, fire, accident, flood, earthquakes, riots, theft ...

- imprudence there is a behavior that increases the likelihood of loss occurring. For example, keeping a weapon loaded and uncovered increases the chance of being fired. Speeding increases the likelihood and magnitude of losses in a car accident.

- Riskiness- a condition that can create or increase the possibility of losses. Some types of business are inherently dangerous (chemical production, transport, construction, etc.). The mere entry into these businesses involves riskiness. However, the riskiness of riskiness is different. You can build an airport in the city, you can direct the runway to the city. You can dismiss the staff so that they will fill the planes with any kind of fuel or not carry out timely repairs.

The distinction between danger and imprudence is not always clear. There are three main types of negligence: physical, moral and behavioral. The first is connected with the fact of physical presence in the danger zone, engaging in dangerous business. The chemical plant takes risks, the motorcyclist takes risks, the climber takes risks... The second (moral) one is connected with all sorts of dishonesty: replacing a full-fledged spare part with a used one, which increases the likelihood of an accident; seller fraud increases the likelihood of legal action by the buyer; the rudeness of the boss can lead to the loss of an important specialist, etc. Behavioral negligence is negligence, negligence in work. A visitor who breaks his leg on a wet floor in a firm's office can sue the firm, and the cleaning lady is to blame, who, in violation of the rules, washes the floor during working hours. A careless guard increases the likelihood of theft. Careless driver maneuvering is one of the main culprits in many accidents.

Speculative risk, by definition, is a situation with the opportunity not only to suffer losses, but also to gain some benefits from various scenarios. In business, this class of risk occurs at every turn. The role of an entrepreneur in the economy is, in fact, in taking on such risks. There are two objectives that entrepreneurs seek to solve: to maintain some of the wealth already achieved and / or to increase this wealth in a sustainable way. Neither one nor the other goal can be achieved without the risk of losing, that is, reducing the level of today's well-being. This is both bad and good. It is both an opportunity to lose and an opportunity to gain. There is no such thing as zero risk: even by doing nothing, you are taking on the risk. A businessman needs to learn to take risks. Business risk can and should be consciously managed. Risk management is one of the specialties in the management of any company.

Management is an integral part of any conscious activity. It consists of goal-setting, decision-making, planning, organizing, leading, and controlling resources and behavior, all of which are directed towards the effective achievement of the goals of a system that carries out conscious activity.

Management in business has specific goals: the growth of the total welfare of the owners of the company (in the company - shareholders); profit; growth; service to society; fulfillment of government tasks and others. At different stages of the life cycle, firms may have combined goals, which are various combinations of these and some other goals. There is a special permanent goal of the company, without which it is impossible to achieve other goals - survival. Moreover, the reason for the liquidation of the company can be a variety of circumstances, both accidental and deliberately created.

Risk management is that part of the activities of the company's managers (management or administrative process) that is aimed at cost-effective protection of the company from unwanted conscious and accidental circumstances that ultimately cause material damage to the company. Risk management, like any management activity, has its own logical aspect (decision making) and its own procedure (sequence of actions). Respectively, Management of risks can be defined as the process of developing and implementing solutions that minimize the wide range of impacts of random or malicious events that ultimately cause significant material damage to the firm.

Maneuvering opportunities for risk management:
1. risk prevention;
2. avoidance of risk;
3. reduction of time spent in hazardous areas;
4. conscious and unconscious risk taking;
5. duplication of operations, objects or resources;
6. reducing dangerous behavior;
7. reduction of potential and actual losses;
8. distribution of risk;
9. disaggregation of risk;
10. separation of exposures in space and time;
11. isolation of dangerous synergistic factors from each other;
12. transfer (insurance and non-insurance transfer) of risk to other agents;
13. risk reduction;
14. exposure reduction.

Risk management has financial, legal, statistical (informational), insurance, industry and organizational aspects. Financial aspect business risks: threat to income, ownership structure and capital. In other words, a threat to the sustainability of well-being. The legal aspect - culpability, uniformity, precedents, compatibility, jurisdiction, presumptions, procedurality, coercion, contractuality, arbitration - all this must be determined by the framework of laws. Unfortunately, in modern Russia, this part of the laws either does not correspond to the new market realities, or is absent altogether.

Statistical aspect - databases are required to create risk management programs. In Western business infrastructure, these statistics have been collected for centuries. It is highly computerized. In Russia, it either does not exist, or it is fragmentary, or is still classified, or falsified, or not systematized, or maliciously hidden under the guise of trade secret or ... The situation is somewhat facilitated by the fact that a significant part of the world's statistics of risks and incidents is applicable to Russian circumstances. However, to find it and use it, serious computer and general commercial training is required. Often this information is also paid, as, for example, a significant part of Internet sources.

The insurance aspect is described in more or less detail in the specialized literature. It refers to the general mechanisms for transferring risks to a professional insurer.

The sectoral aspect of risk management is that each sector of the economy and private life has, in addition to general economic risks, its own specific risks that require special industry knowledge. In this regard, risk management requires the involvement of industry engineers. Some industries, such as banking and insurance, are of general economic importance and, by their nature, are directly related to business risks. The issues of risk management in these industries are very widely and deeply developed and even introduced into international standards and national codes.

The organizational aspect is that risk management is a collective matter. It requires from the manager knowledge that goes beyond just economics, mathematics, jurisprudence and industry. Knowledge of people is required: their psychology, the laws of their individual, group and mass behavior. The risk manager works for the line manager, for general manager, and, accordingly, he must develop the ability of general managerial thinking and behavior.

For this activity, it is necessary to train specialists who manage risks, who are able to effectively make decisions in this direction and implement them. Everything economically the developed countries train such professionals. For example, in the United States, the Associate in Risk Management (ARM) degree is very popular, which is awarded as an intermediate certificate in preparation for the prestigious qualification of underwriters - Chartered Property and Casualty Underwriter (CPCU), which is awarded by the American Institute of Property and Liability Underwriters and the Insurance Institute of America and is recognized as the highest by business circles around the world.

The profession - risk manager - is more of a generalist than a specialist. He must look at the business as a whole, from the position of the owner or top executive.

For Russia, most of what is said here is still only foreign experience. This specialty is not yet included in the official programs of universities. Surprisingly, the Russian economy has already become a champion in disasters and losses, and conscious preventive risk management has not yet become a standard management activity in this country. And the thunder has already struck more than once, and we are still not even baptized! We have managed to create an effective Ministry of Emergency Situations, but this is not enough. Through the efforts of rescuers alone, even the most courageous and skillful, it is impossible to prevent losses, and there can be no talk of compensating for losses by their efforts. In today's technocratic society, large-scale systematic training of this category of specialists is the call of the times. The point is that even in modern conditions In Russia, when capital assets are badly worn out, business morale is undermined, and workers are demoralized, a skilled risk manager who creates a risk protection program for a particular enterprise in advance can achieve serious results without prohibitively high costs. The benefits of a developed business risk management system for the country's economy as a whole are manifold, but ultimately come down to reducing waste and increasing the efficiency of the use of the country's resources.

Introduction

Risk as an integral element of economic, political and social life society inevitably accompanies all areas and areas of activity of any organization operating in market conditions.

Instability in the level of supply and demand, ever-increasing competition, outpacing the pace of development of technology and technology, sharp changes in exchange rates, uncontrolled inflation, volatility legislative framework, as well as many other negative factors characteristic of the modern Russian economy, create conditions under which not a single (even the most carefully planned) commercial operation can be carried out with obviously guaranteed success. As a result, the main and indispensable condition for the normal functioning and development of any modern organization is the ability of its top management to carry out forecasting, prevention and risk management on a strictly scientific basis.

The foregoing necessitates the selection in the theory and practice of modern management of a fundamentally new direction that studies the issues of risk management. Specified direction scientific management most researchers use the term “risk management”.

Within the framework of this work, an attempt was made to collect, generalize and systematize the available theoretical and methodological materials related to risk management, as well as to develop a comprehensive conceptual apparatus and determine the main directions of risk management.

Chapter 1
CONCEPT, ESSENCE AND CONTENT OF RISK MANAGEMENT

1.1. The concept and essence of risk

In the modern economy, the sphere of entrepreneurial risks is relatively new and practically unexplored. This circumstance explains the presence of many different, often contradictory approaches to the definition of the concept of “risk”.

In order to develop the most complete and correct interpretation of this term, it is advisable to consider the main approaches mentioned above.

Professor I. A. Blank understands the risk of an enterprise as the probability of adverse consequences in the form of loss of income or capital in a situation of uncertainty in the conditions for the implementation of financial and economic activities.

Professor I. T. Balabanov in the most general form defines risk as a possible danger of losses arising from the specifics of certain natural phenomena and human activities. At the same time, he emphasizes that from an economic point of view, risk is the possibility of an event that can lead to three main economic outcomes: negative (loss), zero (no expected profit) or positive (profit).

B. Milner and F. Lees believe that risk is the probability of an unfavorable outcome when the company does not receive the expected result.

O. A. Grunin and S. O. Grunin note that “a risk factor in business is understood as a reason, a driving force that can generate danger or lead to damage, loss” .

Economic essence of the category “risk”;

Dependence of risk on social, political and legal factors;

The presence of uncertainty in the financial and economic activities of an organization or an individual entrepreneur;

Lack or incompleteness or unreliability of information about the current state of the economic entity itself and its external environment;

Inability to predict with absolute accuracy the main trends in the development of market conditions;

The probability of receiving direct losses as a result of a specific commercial operation;

Possibility of getting a zero result commercial activities, i.e. lack of profit;

The presence of a real, but not unconditional chance of obtaining a positive result, i.e. profit;

The inability to accurately determine the expected economic result of the planned commercial operation.

Based on the foregoing, it can be argued that from the point of view of modern business risk represents the potential for loss of resources or loss of income.

Risk is directly related to management and is directly dependent on the effectiveness and validity of management decisions. No leader in his activities is not able to completely eliminate the risk. This is because the real situation almost never completely corresponds to the planned or given parameters. Therefore, any manager or entrepreneur is always forced to take some risk when starting this or that business. Even I. S. Turgenev noted that “if you wait for the minute when everything, absolutely everything will be ready, you will never have to start.”

However, by identifying areas of increased risk, quantifying and regularly monitoring it, it is possible to manage or prevent risks to a limited extent. This allows you to significantly reduce the level of risk and minimize its negative consequences.

At the same time, we should not forget that risk plays not only a negative, but also a positive role in business. It is well known that the higher the level of risk of an innovative project being prepared for implementation, the higher the level of profitability of attracted investments. In other words, by investing in risky ventures, businessmen can count on a higher level of profit and return on their investment. In addition, the desire to minimize the negative consequences of entrepreneurial risks creates objective prerequisites for the emergence and development of specific and fundamentally new areas of entrepreneurial activity, such as insurance, ensuring economic security, etc.

In modern business, risk performs such main functions as innovative, regulatory, protective and analytical.

innovative feature entrepreneurial risk performs by stimulating the search for non-traditional solutions to the problems facing the entrepreneur. Analysis foreign literature shows that international economic practice has accumulated positive experience of innovative risk management. A large number of firms, companies achieve success, become competitive on the basis of innovative economic activity associated with risk. Risky decisions lead to more efficient production, from which entrepreneurs, consumers and society as a whole benefit.

Regulatory function has a contradictory character and appears in two forms: constructive and destructive. Entrepreneurial risk is generally focused on producing meaningful results in non-traditional ways. Thus, it allows to overcome conservatism, dogmatism, inertia, psychological barriers hindering promising innovations. This manifests itself in constructive form of regulatory function entrepreneurial risk.

The constructive form of the regulatory function of risk lies in the fact that the ability to take risks is one of the conditions for the successful activity of an entrepreneur. However, the risk can become a manifestation of adventurism, subjectivism, if the decision is made in conditions of incomplete information, without due consideration for the laws of economic development. In this case, the risk acts as a destabilizing factor. Therefore, although the risk is a “noble cause”, it is not expedient to implement any decisions in practice, they must be justified, have a balanced, reasonable character.

In connection with the foregoing, the question arises: what is “reasonable risk”. The most successful is the definition of K. Tateishi. In The Eternal Spirit of Entrepreneurship, he writes: “When it came to making decisions, I personally always followed the 70/30 rule. Let's say a proposal is made to create new industry production: if I am 70% sure of the success of the case, then I give my consent. The remaining 30% of doubts will become a stimulus for considering the measures to be taken in case of failure. This is called “reasonable risk”. However, K. Tateishi believes that in some cases the “70/30 rule” limits the freedom of action of entrepreneurs and sometimes it is more reasonable to use the “30/70 rule”.

Protective function risk is manifested in the fact that if risk is a natural state for an entrepreneur, then a tolerant attitude towards failure should also be normal. Initiative, enterprising business executives need social protection, legal, political and economic guarantees that exclude punishment in case of failure and stimulate justified risk.

To take a risk, an entrepreneur must be sure that a possible mistake cannot compromise either his business or his image. The probability of error should be regarded as an integral attribute of independence, and not as a consequence of professional failure. This refers to an error that turns out to be such as a result of an unjustified, albeit calculated, risk.

It should also be highlighted analytical function entrepreneurial risk, which is related to the fact that the presence of risk implies the need to choose one of the possible solutions, in connection with which the entrepreneur, in the decision-making process, analyzes all possible alternatives, choosing the most cost-effective and least risky. Depending on the specific content of the risk situation, the choice of an alternative has a different degree of complexity and is allowed different ways. In simple situations, for example, when concluding a contract for the supply of raw materials, an entrepreneur usually relies on intuition and past experience. But with the optimal solution of one or another complex production task, for example, making a decision on investing, it is necessary to use special methods of analysis.

Considering the functions of entrepreneurial risk, it should be emphasized once again that, despite the significant loss potential that risk carries, it is also a source of possible profit. Therefore, the main task of the entrepreneur is not to avoid risk in general, but to choose decisions related to risk based on objective criteria, namely: to what extent can the entrepreneur act when taking risks.

Summarizing the above, it can be argued that entrepreneurial risk, on the one hand, is an objective and inevitable factor that always accompanies any type of entrepreneurial activity, and on the other hand, it can play not only a negative, but also a positive role, bringing additional profit and stimulating development of fundamentally new areas of business.

1.2. Possible causes of risks

Risk sources- these are conditions and factors that are destructive in nature and under certain conditions can pose a threat to existence, normal development and functioning organizational systems. They have a natural, man-made and social origin.

Without going into a detailed analysis and consideration of the causes of risk, it should be noted that, firstly, there are an infinite number of risk factors, hazards, threats and other destructive circumstances that may affect the results of the financial and economic activities of an enterprise; secondly, depending on the business development conditions, the significance of certain factors may change; thirdly, all risk factors, dangers and threats can be grouped according to various classification criteria. So, depending on the possibility them forecasting one should distinguish between those hazards or threats that can be foreseen (i.e., predictable) and those that are difficult to foresee (i.e., unpredictable).

TO predictable include those that, as a rule, arise under certain conditions, are known from the experience of economic activity, are identified and summarized by economic science in a timely manner.

unpredictable occur suddenly, unexpectedly. They are associated, as a rule, with unforeseen actions of competitors, partners, with a change in the legal field, deformation of the socio-economic or political situation, force majeure (accidents, natural disasters), etc. In this situation, the task of the entrepreneur and managers of various levels - timely detect these dangers or threats and mitigate their negative impact.

Dangers and threats to the economic security of the enterprise depending on the origin divided into objective and subjective. objective arise without the participation and against the will of the enterprise or its employees, regardless of the decisions made, the actions of the manager. This is the state of the financial situation, scientific discoveries, force majeure, etc. They must be recognized and must be taken into account in management decisions. subjective are generated by intentional or unintentional actions of people, various bodies and organizations, including state and international ones. Therefore, the prevention of these threats is largely associated with the impact on the subjects of economic relations.

Depending on the ability to prevent allocate factors force majeure And non-force majeure . The former are distinguished by the irresistibility of the impact (wars, catastrophes, emergency disasters that force one to decide and act contrary to intention). The latter can be prevented by timely and correct actions.

By probability of occurrence all destructive factors (appearance of a risk zone, challenge, danger, threat) can be divided into explicit , i.e. really existing, visible And latent , i.e. hidden, carefully disguised, difficult to detect. They may appear suddenly. Therefore, their reflection will require urgent measures, additional efforts and funds.

Hazards and threats can be classified and on the object of abuse: personnel, property, equipment, information, technology, business reputation, etc.

By the nature of occurrence political, economic, technogenic, legal, criminal, environmental, competitive and other dangers and threats can be distinguished.

Depending on the amount of loss or damage, to which the action of a destructive factor can lead, dangers and threats can be divided into causing difficulties, significant and catastrophic. BUT by degree of probability– improbable, unlikely, probable, highly probable, quite probable.

V.P. McMac subdivides the threats on the basis them remoteness in time: immediate, close (up to 1 year), distant (over 1 year); in space (on the territory of the enterprise; adjacent to the enterprise; on the territory of the region, country; on foreign territory).

The most widespread in science is the allocation of dangers and threats depending on the area them occurrence. On this basis, internal and external are distinguished.

External dangers and threats arise outside the enterprise. They are not related to his production activities. As a rule, this is such a change in the environment that can cause damage to the enterprise.

Internal factors are related to the economic activity of the enterprise and its personnel. They are caused by those processes that arise in the course of production and sale of products and may have an impact on financial results. The most significant of them are: the quality of planning and decision-making, compliance with technology, labor organization and work with personnel, financial policy of the enterprise, discipline.

There are a huge number of both internal and external risk factors. This is primarily due to the variety of connections and relationships that the enterprise necessarily enters into. As a result of material, financial, informational, personnel and other connections, there is an exchange, consumption and movement of raw materials, materials, components, machine tools, machinery, equipment, investments, technologies, funds, finished products (goods and services), etc. All these connections and relationships arise in specific political, socio-economic, natural-climatic and other conditions that have developed both on a national scale and at the level of a particular region. It is the situation in a particular locality, region where the enterprise operates that can have a significant impact on the results of economic activity.

In the conditions of competition (fair or unfair), any of the above communication flows can be interrupted or disrupted, therefore, the activity of the enterprise is in constant danger. According to the authors of "Business Strategies", the disruption of communication channels can occur for one of the following reasons:

Sudden changes in the environment, forcing the company to revise the terms of the agreement (contract) - changes in prices, tax laws, socio-political situation, etc.;

The emergence of more profitable offers (a more profitable contract, more attractive working conditions, etc.);

Changing target settings;

Changing personal relationships between leaders;

Changes in the physical conditions for the movement of commodity, financial and labor resources (accidents, changes in customs conditions, the emergence of new borders or regional relations, etc.).

The factors influencing the results of economic activity may include: the state of the business environment, the availability of local raw materials and energy resources, the development of transport and other communications, the filling of the market with products manufactured by the enterprise, the state of competitors, the availability of free labor resources, the level of their professional preparedness, the degree of social and political tension, the orientation of the population towards productive labor, the standard of living of the population, its ability to pay, the criminalization of economic life (corruption officials, racketeering, economic crime) and many others.

All external factors affecting the economic security of an enterprise can be grouped into political, socio-economic, environmental, scientific, technical and technological, legal, climatic, demographic, forensic, etc.

TO political factors, influencing the results of the economic activity of the enterprise, is primarily the political situation in the country and a particular economic region. The stability of political power, the course towards the development of market reforms, the support of entrepreneurship, the democratization of property relations, the fight against corruption and the criminalization of economic life can have a significant impact on business performance. A significant impact on the security of entrepreneurship is also provided by such circumstances as the presence of interethnic, religious, ethno-political, territorial disputes and conflicts, separatist sentiments of individual leaders, contradictions between federal and regional bodies, especially on issues of their competence and responsibility, etc.

For the successful development of entrepreneurship, socio-economic factors it is on them that the rules and conditions for conducting commercial activities largely depend. These include: the state of money supply in the country, and hence maintaining the optimal level of money supply, and ensuring the normal type of payments, payments wages, retirement benefits, etc.; change in the rules of currency circulation; change in tariffs for transportation; payment for energy carriers, i.e. control over natural monopolies.

Entrepreneurial activity largely depends on interest rates on loans from the Central Bank of the Russian Federation, on the level of inflation, the level of changes in the income of workers, and much more. All this directly affects the state of effective demand of the population, fluctuations in prices for raw materials, materials, components, energy resources, the state of financial market(outflow or inflow of financial resources), on the behavior of commercial banks, expansion or contraction of business areas. For businesses involved in imports and exports, a significant risk factor is the exchange rate of the ruble against hard currencies.

Recently, the activity of enterprises is increasingly influenced by environmental factor. On the initial stage management of natural resources, the state applied a system of direct administrative prohibitions that limited the development of environmentally harmful industries, and in some cases provided for their closure. Now, administrative prohibitions are being replaced by environmental protection mechanisms based on the principles of environmental regulation and paid use of natural resources. Based on the maximum allowable emission or discharge of pollutants, a fee for nature use is set. Any violation of these rules is punishable by fines.

Scientific and technical And technological factors force the company to constantly monitor the achievements scientific and technological progress, the development of new technologies, materials, the introduction of know-how in production, management and organization of labor, product sales, etc.

In order to ensure the high competitiveness of the enterprise, constant awareness of how these innovations are being introduced by competitors is necessary.

Legal Factors. Entrepreneurial activity is carried out in a certain legal field. Therefore, it is very important to know what is the state of the legislation on business organization in the country and the region at the present time, what are the prospects for its change. A special role here is played by the evolution of tax legislation, support for entrepreneurship, that is, existing benefits and subsidies; state of legislation on property, rights and responsibility of entrepreneurs; contract law, etc.

Socio-cultural component affects tastes, consumer preferences, fashion, social priorities and ideas.

Natural and climatic conditions objectively affect production costs. Favorable conditions reduce costs; different kinds of natural disasters can give rise to unpredictable problems.

have a significant impact on the labor market demographic factors. Birth and death rates, life expectancy and its quality, the state of health of the population, the level of its education largely affect the staffing of the enterprise labor force, its productivity and motivation to work.

In recent years, more and more importance has been criminal factors: rampant economic crime, the growth of corruption, other forms of criminal influence on economic activity. This is a breeding ground for unfair competition, industrial espionage, computer and other forms of crime that cause great harm to business.

An analysis of numerous external dangers and threats, directions and objects of their impact, and possible consequences for business would require multi-volume studies. Despite this, each enterprise and, above all, business managers, based on the specific situation in which the economic entity is located, must determine (predict) the most significant (dangerous) of them and develop a system of measures for their timely detection, prevention or mitigation of influence.

Identification and identification of risk factors, hazards and threats is one of the most important tasks in ensuring economic security. business manager (manager) top management), being in the area of ​​the fatal effect of destructive factors, is forced to take risks, i.e. to make managerial decisions in conditions of insufficient information about changes and the influence of the external environment and the unpredictability of the occurrence of negative internal circumstances, hoping for luck, which, of course, requires him to accurately calculate , courage and determination. It is difficult for managers, even the most talented and experienced, to predict in advance what the market situation will be, what technical obstacles or design problems may arise, what demand will be on the market for manufactured products, what changes will occur in environment etc.

In these conditions manufacturing enterprise, in order to achieve the solution of the tasks facing it, to have the potential for successful development, must avoid excessively risky decisions. To do this, managers need to:

Find out the possible consequences of the actions of risk factors;

Identify hidden obstacles to achieving business goals;

Provide backup opportunities, insure against an unsuccessful or undesirable development of events.

In such conditions, a businessman, having studied the market, the capabilities of competitors, various, often conflicting information, can provide for measures to neutralize or mitigate undesirable consequences.

Thus, realizing that the destructive factors that generate risk are unremovable, objective, the manager must make business decisions based on acceptable risk, when risk factors are carefully analyzed, the possible consequences of their actions are considered, measures are taken to mitigate the damage caused by them and ensure acceptable for this economic entity of the risk level. Using the concept of acceptable risk gives the company the opportunity not to fall below the critical limit and provide the necessary level of economic security.

See: Mak-Mak V.P. Enterprise security service. Organizational, managerial and legal aspects of activity. - M .: World of Security, 1999. P. 3.

See: Ayvazyan S. A., Balkind O. Ya., Bosnina T. D. et al. Business Strategies: A Handbook / Ed. G. B. Kleiner. – M.: KONSEKO, 1998.

Another personnel change has been outlined in Sberbank: Deputy Chairman of the Board Vadim Kulik is leaving the bank. The reason is, according to Kommersant's information, the redistribution of powers between top managers. As a result of them, Mr. Kulik, who actually built the risk management system of Sberbank, was removed from supervision of this area. In the technological block, for which he was also responsible, he did not find worthy tasks, where the main leader is the first deputy chairman of the board, Lev Khasis, who strengthens the team with "his own people."

The fact that the deputy chairman of the board Vadim Kulik, who was one of the first to join the new team of German Gref (after his appointment as head of Sberbank), is leaving the bank, Kommersant was told by several sources. According to information on the Sberbank website, since May 2013, Mr. Kulik has been deputy chairman of the board of Sberbank and oversees the work of the Technologies and Risks blocks. However, according to Kommersant's interlocutors, in fact this is no longer the case. According to one of them, German Gref, as a supporter of personnel rotation, decided to give more powers to the head of the Risks block, Alexander Vedyakhin, and remove him from the supervision of Vadim Kulik, now he will report directly to German Gref. Kommersant's interlocutor, who is familiar with the situation, says: "The Technology block, which remained under the jurisdiction of Vadim Kulik, is globally supervised by the first deputy chairman of the board of Sberbank Lev Khasis. Here there is a duplication of functions, which did not suit both. As a result, having lost the key directions, Vadim Kulik decided to leave the bank".

Vadim Kulik in 1998-2004 held various positions (from Head of Department to Vice President for Credit Risks) at Probusinessbank. From 2004 to 2008, he worked at VTB 24, where he was responsible for risks in key positions. In 2008, he joined Sberbank, where he rose from Director of Retail Risk Management to Deputy Chairman of the Management Board.

The press service of Sberbank declined to comment. Mr. Kulik did not answer calls and SMS. Lev Khasis told Kommersant that Vadim Kulik is indeed leaving the post of deputy chairman of the board of Sberbank for personal reasons before the end of the first quarter. “We are very grateful to him for his great contribution to building risk management and our technological transformation,” he said. “Vadim will continue to work in the Sberbank group in a different role.” According to Kommersant's sources, he will go to work in a special company of the Sberbank group and will be engaged in building an ecosystem. “As part of the Risks block, since January 1, Alexander Vedyakhin, whom Vadim Kulik supervised for more than a year, reports directly to the president of the bank,” Lev Khasis added.

"Vadim Kulik is one of the best risk takers I've come across: creative, unconventional," comments Andrey Donskikh, who left the post of deputy chairman of Sberbank in 2014. both the bank and the client. According to the head of the board of directors of TopContact Artur Shamilov, personnel rotation itself is a natural process for any organization. At the same time, he notes that Vadim Kulik is a talented risk taker and system manager.

However, the reshuffle at Sberbank will not be limited to the departure of Vadim Kulik. "A number of personnel changes are planned in the bank," said Lev Khasis. "b") will be headed by an internal candidate. His name was not disclosed. .— "b"), who leaves the bank, but will continue to cooperate with us in a different format."

Kommersant's interlocutors found it difficult to assess these permutations: these top managers are not so well known to the market. However, according to Kommersant's sources in Sberbank, one gets the feeling that Lev Khasis is promoting "his people" within the framework of the areas entrusted to him. For example, Teymur Sternlib was Deputy Chief Executive Officer for Business Support at X5 Retail Group, which long time Prior to joining Sberbank, Mr. Khasis headed it.

Julia Polyakova, Ksenia Dementieva

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Introduction

1 The concept of risk management

2 Risk classification

3 Scope of risk management

4 Technology for the implementation and use of risk management in enterprises

Conclusion

List of used sources and studies

INTRODUCTION

Financial management always makes income dependent on risk. Risk and return are two interrelated and interdependent financial categories. Risk is understood as the possible danger of losses arising from the specifics of certain natural phenomena and human activities. Risk is a financial category. Therefore, the degree and magnitude of risk can be influenced through the financial mechanism. Such an impact is carried out with the help of financial management techniques and a special strategy. Together, the strategy and techniques form a kind of risk management mechanism, i.e. risk management. Thus, risk management is a part of financial management. Risk management is based on a targeted search and organization of work to reduce the degree of risk, the art of obtaining and increasing income in an uncertain economic situation. The ultimate goal of risk management corresponds to the target function of entrepreneurship. It consists in obtaining the greatest profit with an optimal, acceptable ratio of profit and risk.

Business is always associated with risk. At the same time, market operations with increased risk, as a rule, bring the greatest profit. However, everything needs a measure. The risk must be calculated up to the maximum allowable limit. As you know, all market estimates are probabilistic, multivariate in nature. Mistakes, miscalculations are a common thing, since everything cannot be foreseen. It is important not to repeat mistakes, constantly adjust the system of actions from the standpoint of maximum profit. The manager must always additional features to soften the sharp turns in the market. the main objective management, especially for the conditions of today's Russia, to ensure that in the worst case scenario, it could only be a slight decrease in profits, but in no case was there a question about the possibility of the existence of the enterprise itself. The experience of not only Russian but also Western companies convinces us that bankruptcies are almost always associated with gross miscalculations in management. From here Special attention business commanders are called upon to devote themselves to the continuous improvement of risk management - risk management.

The main tasks of a manager in this area are well known: to detect an area of ​​increased risk, assess its degree, develop and take early measures, and if damage already occurs, then ways to compensate for the damage. Recognition, evaluation, control risk situations avoid many losses.

1 THE CONCEPT OF RISK MANAGEMENT

Risk is an activity associated with overcoming uncertainty in a situation of inevitable choice, during which it is possible to quantitatively and qualitatively assess the likelihood of achieving the intended result, failure and deviation from the goal.

Risk management is the processes associated with the identification, analysis of risks and decision making, which include maximizing positive and minimizing negative consequences occurrence of risk events.

Risk management is a system for managing risk and economic (financial) relations that arise in the process of this management, including the strategy and tactics of risk management.

Risk management is based on a targeted search and organization of work to reduce the degree of risk, the art of obtaining and increasing income (profit, profit) in an uncertain economic situation. The ultimate goal of risk management is to obtain the greatest profit at the optimal ratio of profit and risk acceptable to the entrepreneur. An important point in the organization of risk management is obtaining information about the environment, which is necessary for making a decision. Based on the analysis of such information and taking into account the objectives of the risk, it is possible to correctly determine the probability of the occurrence of an event, identify the degree of risk and evaluate its cost. The cost of risk should be understood as the actual losses of the entrepreneur, the costs of reducing the magnitude of these losses or the costs of compensating for these losses and their consequences. Correct assessment real value risk management allows you to objectively represent the amount of possible losses and outline ways to prevent or reduce them, and if it is impossible to prevent losses, ensure their compensation. Based on the available information about the environment, probability, degree and magnitude of risk, various options for risky investment of capital are developed and their optimality is assessed by comparing the expected profit and the magnitude of the risk.

Basic rules of risk management:

- you can not risk more than your own capital can afford;

- think about the consequences of the risk;

- you can not risk a lot for the sake of a little;

- a positive decision is made only in the absence of doubt;

- if there are doubts, negative decisions are made;

- you can not think that there is always only one solution. Perhaps there are others.

Based on the foregoing, it can be argued that from the point of view of modern business, risk is a potentially existing probability of loss of resources or non-receipt of income.

risk management strategy management

2 RISK CLASSIFICATION

Risk can be managed, i.e. use various measures that allow, to a certain extent, to predict the onset of a risk event and take measures to reduce the degree of risk. The effectiveness of the organization of risk management is largely determined by the classification of risk.

The classification of risks should be understood as their distribution into separate groups according to certain features to achieve certain goals. Scientifically based risk classification allows you to clearly determine the place of each risk in their common system. It creates opportunities for the effective application of appropriate risk management methods and techniques. Each risk has its own risk management approach.

The qualification system includes categories, groups, types, subtypes and varieties of risks.

Depending on the possible result, risks can be divided into two large groups:

- pure risks mean the possibility of obtaining a negative or zero result. These risks include: natural, environmental, political, transport, and part of commercial risks (property, production, trade);

- speculative risks are expressed in the possibility of obtaining both positive and negative results. These include financial risks that are part of commercial risks.

Depending on the main cause of occurrence, the risks are divided into the following categories:

- natural-natural risks are associated with the manifestation of the elemental forces of nature: earthquake, flood, etc.;

- environmental risks are the risks associated with environmental pollution;

- political risks are associated with the political situation in the country and the activities of the state;

- transport risks are the risks associated with the transportation of goods by transport: road, rail, aircraft, etc.;

- commercial risks represent the danger of losses in the process of financial and economic activity.

On a structural basis, commercial risks are divided into:

- property risks - they are associated with the probability of loss of property of a citizen-entrepreneur due to theft, negligence, etc.;

- production risks - these are risks associated with a loss from stopping production due to various factors, as well as risks associated with the introduction of new equipment and technology into production;

- trading risks - these are the risks associated with a loss due to delayed payments, non-delivery of goods, etc.;

- financial risks are associated with the probability of loss of financial resources.

Financial risks are divided into two types:

- risks associated with the purchasing power of money;

- risks associated with capital investment (investment risks).

The risks associated with the purchasing power of money include risks: inflationary and deflationary, currency risks, liquidity risk.

Inflationary risk is the risk that, as inflation rises, cash income depreciates faster than it grows.

Deflationary risk is the risk that as deflation increases, prices will fall, economic conditions for business will worsen, and incomes will decline.

Currency risks are the risks of currency losses due to changes in the exchange rate of one foreign currency against another during foreign economic, credit and other foreign exchange transactions.

Liquidity risks are risks associated with the possibility of losses in the sale of securities or other goods due to changes in the assessment of their quality and use value.

Investment risks include the following subtypes of risks: - risk of lost profit;

- the risk of a decrease in profitability;

- risk of direct financial losses.

The risk of lost profits is the risk of indirect financial damage as a result of failure to carry out any activity (insurance, hedging, investment).

The risk of a decrease in profitability may arise as a result of a decrease in the amount of interest and dividends on portfolio investments, on deposits and loans.

The risks of direct financial losses include the following varieties:

- exchange risks represent the danger of losses from exchange transactions. These risks include: the risk of non-payment on commercial transactions, the risk of non-payment of commission fees of a brokerage firm, etc.;

- selective risks - these are the risks of choosing the wrong method of investing capital, the type of securities for investment in comparison with other types of securities for investment in comparison with other types of securities when forming an investment portfolio;

- the risk of bankruptcy is a danger as a result of the wrong choice of the method of investing capital, the complete loss of the entrepreneur's own capital and its inability to pay for the obligations assumed. As a result, the entrepreneur becomes bankrupt;

- credit risk - the danger of non-payment by the borrower of principal and interest due to the creditor.

3 SCOPE OF RISK MANAGEMENT

The risk management process should accompany management decisions at all levels of the organization's management (for example, at the highest level, at the level of structural units or project group), therefore, risk management must be integrated into the management of business processes or their components (stages).

In the applied aspect, the risk management process has a number of practical areas of application. Here is an indicative list of them:

Strategic, operational and budget planning;

Asset management and resource allocation planning;

Changes in entrepreneurial activity (strategic, technological and organizational);

Design and development of new types of products;

Quality management;

Social aspects of interaction with the public;

Ecology and environmental protection;

Code of Business and Professional Ethics;

Information Security;

Issues of civil liability;

Management of occupational safety and labor protection;

Project management;

Contract, supplier and procurement management;

Management of subcontractors;

Personnel Management;

corporate governance;

The scope of the risk management process depends on the significance of the management decisions that must be made in the course of business activities.

4 TECHNOLOGY OF IMPLEMENTATION AND USE OF RISK MANAGEMENT IN THE ENTERPRISE

Organization of risk management. The first step in the organization of risk management is to determine the purpose of the risk and the purpose of risky capital investments. The risk goal is the result to be achieved. They can be winnings, profits, income, etc. the purpose of risky investments of capital is to obtain maximum profit.

Next important point in the organization of risk management is to obtain information about the environment, which is necessary to make a decision in favor of a particular action. Based on the analysis of such information, taking into account the goals of risk, it is possible to correctly determine the probability of an event, including an insured event, to identify the degree of risk and evaluate its cost. Risk management means a correct understanding of the degree of risk that constantly threatens people, property, financial results of economic activity.

Choose the right risk management strategy and techniques, as well as ways to reduce the degree of risk. At this stage, the main role belongs to the financial manager, his psychological qualities. A financial manager dealing with risk issues should have two rights: the right to choose and the right to be responsible for it.

The right to choose means the right to make the decision necessary to realize the intended purpose of risky investment of capital. The decision must be made by the manager alone. In risk management, due to its specificity, which is primarily due to the special responsibility for taking risk, it is inappropriate, and in some cases it is not at all acceptable to make a collective decision for which no one is responsible. The team that made the decision is never responsible for its implementation. At the same time, it should be borne in mind that a collective decision, due to the psychological characteristics of individual individuals, is more subjective than a decision made by one specialist.

When choosing a risk management strategy and techniques, a specific stereotype is often used, which is formed from the experience and knowledge of a financial manager in the course of his work and serves as the basis for automatic skills in work. The presence of stereotyped actions gives the manager the opportunity in certain typical situations to act quickly and most effectively. optimal way. In the absence of typical situations, the financial manager must move from stereotypical decisions to the search for optimal, acceptable risk decisions.

Risk management is highly dynamic. The effectiveness of its functioning largely depends on the speed of response to changes in market conditions, the economic situation, financial condition control object. Therefore, risk management should be based on knowledge of standard risk management techniques, on the ability to quickly and correctly assess the competitive economic situation, on the ability to quickly find a good, if not the only way out of this situation.

An integral step in the organization of risk management is the organization of activities to implement the planned action program, i.e. determination of certain types of activities, volumes and sources of financing of these works, specific executors, deadlines, etc. An important stage in the organization of risk management is the control over the implementation of the planned program, the analysis and evaluation of the results of the implementation of the selected option of a risk decision. The organization of risk management involves the definition of a risk management body for a given economic entity. The risk management body can be a financial manager, a risk manager or the appropriate management apparatus: the insurance operations sector, the venture investment sector, the risk capital investment department, etc. These sectors or departments are structural divisions financial services household subject.

The risk capital investment department, in accordance with the charter of an economic entity, can perform the following functions:

- carrying out venture and portfolio investments, i.е. risky investments of capital in accordance with the current legislation and the charter of an economic entity;

- development of a program of risky investment activities;

- collection, processing, analysis and storage of information about the environment;

- determination of the degree and cost of risks, strategies and methods of risk management;

- development of a program of risky decisions and organization of its implementation, including control and analysis of results;

- implementation of insurance activities, conclusion of insurance and reinsurance contracts, insurance and reinsurance operations, insurance settlements;

- development of conditions for insurance and reinsurance, establishment of tariff rates for insurance companies;

- performing the function of an emergency commissioner, issuing a guarantee on the surety of Russian and foreign insurance companies, indemnifying losses at their expense, entrusting other persons with the performance of similar functions abroad;

- maintaining appropriate accounting, statistical and operational reporting on risky capital investments.

Risk management strategy. Strategy is the art of planning, leadership based on correct and far-reaching forecasts. Risk management strategy is the art of risk management in an uncertain economic situation, based on risk prediction and risk reduction techniques. The risk management strategy includes the rules on the basis of which decisions are made. Rules are the fundamental principles of action. The following rules apply in the risk management strategy:

- maximum gain;

- the optimal probability of the result;

- optimal variability of the result;

- the optimal combination of gain and risk.

The essence of the maximum gain rule is that from the possible options for risky investments, the option is chosen that gives the most effective result at a minimum or acceptable risk for the investor.

The essence of the rule of the optimal probability of the result is that of the possible solutions, one is chosen for which the probability of the result is acceptable to the investor, i.e. satisfies the financial manager.

Risk management techniques are risk management techniques. They consist of risk resolution tools and risk mitigation techniques. The means of resolving risks are their avoidance, retention, transfer, reduction of the degree.

Risk avoidance means simply avoiding the risk-related activity. However, avoiding risk for an investor often means giving up profits.

Risk retention is leaving the risk to the investor, i.e. on his responsibility. So, an investor, investing venture capital, is sure in advance that he can, at the expense of own funds cover the possible loss of venture capital.

Risk transfer means that the investor transfers responsibility for the risk to someone else, such as an insurance company. IN this case the transfer of risk has taken place through risk insurance.

Risk reduction is the reduction of the probability and amount of losses. Various methods are used to reduce the degree of risk. The most common are:

Diversification;

Acquisition additional information about the choice and results; - limitation;

self-insurance;

Insurance.

Diversification is the process of allocating invested funds among different investment objects that are not directly related to each other in order to reduce the degree of risk and loss of income. Diversification allows you to avoid part of the risk in the distribution of capital between diverse activities.

Information plays important role in risk management. financial manager often you have to make risky decisions when the results of investing capital are uncertain and based on limited information. If he had more complete information, then he could make a more accurate forecast and reduce the risk. This makes information a commodity, and a very valuable one at that. The investor is willing to pay for complete information. The cost of complete information is calculated as the difference between the expected cost of any acquisition or investment when complete information is available and the expected value when information is incomplete.

Limitation is the setting of a limit, i.e. limits on expenses, sales, loans, etc. Limiting is an important technique for reducing the degree of risk and is used by banks when issuing loans, when concluding an overdraft agreement, etc. It is used by business entities when selling goods on credit, providing loans, determining the amount of capital investment, etc.

Self-insurance means that the entrepreneur prefers to insure himself than to buy insurance from an insurance company. Thus, he saves on insurance capital costs. Self-insurance is a decentralized form of creating in-kind and monetary insurance (reserve) funds directly in an economic entity, especially in those whose activities are at risk.

The creation by an entrepreneur of a separate fund to compensate for possible losses in the production and trade process expresses the essence of self-insurance. Reserve funds are created, first of all, in case of covering unforeseen expenses, accounts payable, expenses for the liquidation of an economic entity, etc. The creation of a reserve fund is mandatory for joint-stock company, cooperative, enterprise with foreign investment.

The reserve fund of a joint-stock company is used to finance contingencies, including the payment of interest on bonds and dividends on preferred shares in case of insufficient profit for these purposes. The most important and most common method of risk reduction is risk insurance. The essence of insurance is expressed in the fact that the investor is ready to give up part of the income in order to avoid risk, i.e. he is willing to pay to reduce the risk to zero. In fact, if the cost of insurance is equal to the possible loss (i.e. an insurance policy with an expected loss of 10 million rubles will cost 10 million rubles), then a risk-averse investor will want to insure in such a way as to ensure that any financial losses are fully reimbursed (capital, income) that he can incur.

CONCLUSION

In most works devoted to risk management in business, the main attention is paid to the analysis of the risk mechanism, its recognition, forms and methods of protection against possible losses, etc. But a company can have a strong financial position, considerable reserve funds, and, nevertheless, be on the verge of bankruptcy if the available financial resources are poorly managed by managers, if the company's employees are not qualified enough to implement the plan on time and in full, if this company is not well established. planning, especially long-term, strategic, if the possibilities of anti-crisis management are not used to the full extent, in particular, the means of protection against risks, in other words, if all the potentials of modern risk management, applied taking into account the specific conditions of the Russian economy, are not fully used. Therefore, the issues raised above are adequately reflected in the proposed work.

Increased risk occurs in various circumstances: when an incorrect managerial decision is made, when a subordinate task is unsatisfactorily completed, when an unsuccessful choice of a contractor is made, when errors are made in estimating the volume of sales of products, when the company's management refuses to accept reasonable proposals from a manager, etc. In other words, literally all decisions or economic actions of a manager are associated with risks. The art of the latter lies in balancing the levels of risk and potential reward, which is the essence of risk management. The manager weighs the positive and negative aspects of the action and assesses the possible consequences: how acceptable is the risk or does it prevail in comparison with the potential benefit. If you really analyze all the possible consequences of a particular decision and, on this basis, identify the entire train of favorable and unfavorable outcomes, then almost always the risk can be minimized.

LIST OF USED SOURCES AND STUDIES

1. Martsinkovsky D.A. Risk Management Guide / D.A. Martsinkovsky, A.V. Vladimirtsev, O.A. Martsinkovsky // Certification Association Russian Register. St. Petersburg: Beresta, 2007. P.86.

2. Martsinkovsky D.A. Guide to the integration of management systems / D.A. Martsinkovsky, A.V. Vladimirtsev, O.A. Martsinkovsky // Certification Association Russian Register. St. Petersburg: Beresta - 2008. P.90.

3. Professional view of money // Finance, 2004, No. 37. P.67.

4. Stoyanova E.S., "Financial management". Textbook 2005 p.656.

5. Stupakov V.S., Tokarenko G.S. Risk management. M.: Finance and statistics, 2005. P.93.

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