FINANCIAL RISK MANAGEMENT OF THE ENTERPRISE AS A COMPONENT OF ENSURING SUSTAINABLE FUNCTIONING OF THE ECONOMIC ENTITY

Keywords: finance, risk, management, security, crisis, resources, regulation, efficiency

Abstract

The article considers the theoretical aspects of the financial risk management system and their impact on the financial security of the enterprise. The essence of financial risks, their classification according to the impact on the financial condition of enterprises is studied. It is determined that financial risk management is associated with the implementation of such areas of financial development of the enterprise as: maintaining the financial and economic condition of the enterprise; ensuring the sustainable operation of the business entity; maintaining a positive pace of development of the subject; ensuring the stability of social conditions; legal protection of all participants in economic activity. Based on the use of an integrated approach, which includes quantitative and qualitative analysis, an algorithm for assessing financial risks is built. Measures to reduce the impact of financial risks on the results of financial and economic activities of enterprises are proposed. To ensure the financial security of the enterprise, the conceptual provisions of financial risk management have been formed. It is indicated that the main types of financial risks of the enterprise include: the risk of reduced financial stability, insolvency risk, investment, interest rate, currency, deposit, credit, tax and others. It is emphasized that according to the sources of origin, all types of financial risks are divided into two main groups: systematic (market risks) and non-systematic (specific risks). It is substantiated that there are two complementary types of risk assessment – qualitative and quantitative. Qualitative analysis also includes a methodological approach to quantifying acceptable levels of risk. Quantitative risk assessment, ie numerical determination of the size of individual risks and the risk of the portfolio as a whole, is usually based on the methods of mathematical statistics. The difficulty of their application is the lack and unavailability of accumulated statistical information. Conclusions are made that in order to minimize the negative consequences of the current global economic crisis, companies need to make unconventional and bold decisions. Businesses need to identify all possible risks in a timely manner and properly assess their possible consequences in order to make effective management decisions to avoid financial losses and negative consequences.

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Published
2022-05-31
How to Cite
Tomashuk, I., & Tomashuk, I. (2022). FINANCIAL RISK MANAGEMENT OF THE ENTERPRISE AS A COMPONENT OF ENSURING SUSTAINABLE FUNCTIONING OF THE ECONOMIC ENTITY. Economy and Society, (39). https://doi.org/10.32782/2524-0072/2022-39-64
Section
FINANCE, BANKING AND INSURANCE