FROM RISK MANAGEMENT TO RISK ECONOMICS

Abstract

As evidenced by theory and practice, the problem of determining the main aspects of risk is now largely solved. But the problem of improving control by risk is becoming urgent. This is concretely manifested in the fact that risk management is used as the control by of all types of risks. The lack of professional specialization in the control by of relevant types of risks significantly reduces its effectiveness. Therefore, the authors consider it necessary to divide risk management (as it is carried out in general with other types of management) into three main and strictly corresponding parts, adequate to the three main types of risks: risk-economics, risk-engineering, risk-administration. At the same time, each of the three types will be carried out by professionals in their own field of activity: risk-economics – economists, risk-engineering – engineers; risk administration – administrators. According to the authors of the publication, this will significantly increase the effectiveness of control by risk. The purpose of the article was to determine the main aspects of the most important part of risk management – risk economics. Results: firstly, three main stages of the evolution of control by risk were established; secondly, the main aspects of the risk economy are determined: its essence, as the organization of value in conditions of economic risk; its content, as costs and results in conditions of economic risk; thirdly, an evaluation of the results was carried out, as a determination of their scientific novelty and practical significance. Scientific innovation: for the first time, the need to divide risk management into risk economics, risk engineering, and risk administration was substantiated. Practical significance: the division of risk management into risk economics, risk engineering, and risk administration will contribute to specialization, increasing the professional level of control by risk, which, in turn, will increase the effectiveness of risk management as a whole.