OVERVIEW OF INTERNATIONAL AND UKRAINIAN RISK MANAGEMENT STANDARDS IN VIEW OF CURRENT CHALLENGES AND THREATS

Abstract

The relevance of the article’s topic is due to the fact that the modern world is characterized by great uncertainty of economic conditions. Financial crises, wars, terrorism, cyberattacks, pandemics and other types of threats increase uncertainty; therefore, these phenomena substantiate the relevance of the topic. The formation of a risk management system in business, regardless of its scope, is extremely important under such conditions. Such a system involves the search for tools for assessing and influencing risks. It is the process of applying risk management standards that provides such tools. The purpose of the article is to analyze the documents that provide recommendations on risk management under the influence of modern challenges and threats to organizations. The methods of analysis and synthesis were used in the study. The article analyzes the current international standards for risk management and provides a brief description of the content and scope of each of them. It is established that there are state standards (DSTU) in Ukraine, which are analogues of those developed by the International Organization for Standardization (ISO), which allows the business entity to implement international risk management in its practice. It is proved that the present requires constant monitoring of the factors that form risky situations, in order to form an effective system of identification, analysis, and optimization of risks. The study considers the “fraud triangle”, a model in which fraud factors are divided into opportunities (the knowledge and ability to carry out fraud), pressure (motivation or incentive to commit fraud), and rationalization (justification of dishonest actions). The article analyzes “COVID-19 Survey Report, 2020. Risk management, recovery and resilience” developed by FERMA. This survey has showed that 75% of risk managers believe that as a result of the pandemic, the demand for risk management will increase. The practical significance of the article is to summarize the current international standards in the field of risk management and their implementation in Ukraine, as well as to review the documents on the issues of the day (fraud management, money laundering, terrorist financing, and cybercrime during the COVID-19 pandemic) recently issued by international organizations. These documents will help the company in any field of activity to form its own effective risk management system, taking into account international experience.