Forming a Risk Management System Based on the Process Approach in the Conditions of Economic Transformation

Elena Sidorova, Yuri Kostyukhin, Lyudmila Korshunova, Svetlana Ulyanova, Alexey Shinkevich, Irina Ershova and Alena Dyrdonova
Additional contact information
Elena Sidorova: Faculty of Tax, Audit and Business Analysis, Financial University under the Government of the Russian Federation, Leningradsky Prospekt, 49, 125993 Moscow, Russia
Yuri Kostyukhin: College of Economics & Industrial Management, National University of Science & Technology (MISIS), Leninsky Prospekt, 4, 119049 Moscow, Russia
Lyudmila Korshunova: College of Economics & Industrial Management, National University of Science & Technology (MISIS), Leninsky Prospekt, 4, 119049 Moscow, Russia
Svetlana Ulyanova: College of Economics & Industrial Management, National University of Science & Technology (MISIS), Leninsky Prospekt, 4, 119049 Moscow, Russia
Alexey Shinkevich: Logistics and Management Department, Kazan National Research Technological University, 420015 Kazan, Russia
Irina Ershova: Departments of Finance and Credit, Southwest State University, 305040 Kursk, Russia
Alena Dyrdonova: Economics and Innovation Management, Nizhnekamsk Institute of Chemical Technology (Branch) of the Kazan National Research Technological University, Ulitsa 30 Let Pobedy, 5-a, 423578 Nizhnekamsk, Russia

Risks, 2022, vol. 10, issue 5, 1-15

Abstract: The economy is in a state of transformation into a new system, and it is quite realistic that economic entities will be under the influence of certain risky moments. The process of risk analysis and management should be considered by an enterprise as an integral part of enterprise management in extreme conditions of the economic development trajectory and be a guarantor of financial insurance. The goal of this study is the formation of a process approach in enterprise management—the creation of a universal risk management system based on the proposed risk management model to minimize the financial risks of an enterprise. We propose a risk management system that influences the forecasting of financial stability of an enterprise. To form the risk management system, we propose a model of an organisational system, the structural elements of which correspond to the principles of completeness, information capacity and consistency. We identified the diversity of direct and inverse relationships between factorial and productive characteristics, which indicates the complexity of the organisational system management process. The presence of “bottlenecks” in the implementation of expert systems tools was also noted. This was expressed in the difficulty of acquiring the knowledge necessary for the development of meaningful systems and structuring the knowledge gained in a form that is convenient for use. We used the method of qualitative modelling using the apparatus of weighted directed graphs. The study allowed us to formulate a list of factors that characterize the main activities of an enterprise in order to form a mathematical model of enterprise risk management. The developed predictive model is used to simulate extreme events and risks in the process of enterprise development, as one of the foundations of the enterprise management system in the conditions of economic transformation.

Keywords: risk analysis; risk management; finance; insurance; extreme events (search for similar items in EconPapers)
JEL-codes: C G0 G1 G2 G3 K2 M2 M4 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.mdpi.com/2227-9091/10/5/95/pdf (application/pdf)
https://www.mdpi.com/2227-9091/10/5/95/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jrisks:v:10:y:2022:i:5:p:95-:d:808121

Access Statistics for this article

Risks is currently edited by Mr. Claude Zhang

More articles in Risks from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().