Mechanism for Responding to Risks of Economic Activity in Enterprises

Yaroslav S. Potashnik (), Svetlana N. Kuznetsova (), Ekaterina P. Garina (), Elena P. Kozlova () and Natalia S. Andryashina ()
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Yaroslav S. Potashnik: Minin Nizhny Novgorod State Pedagogical University
Svetlana N. Kuznetsova: Minin Nizhny Novgorod State Pedagogical University
Ekaterina P. Garina: Minin Nizhny Novgorod State Pedagogical University
Elena P. Kozlova: Minin Nizhny Novgorod State Pedagogical University
Natalia S. Andryashina: Minin Nizhny Novgorod State Pedagogical University

A chapter in Economic Issues of Social Entrepreneurship, 2021, pp 69-76 from Springer

Abstract: Abstract Purpose: To propose a mechanism for responding to the risks of economic activity in enterprises, including identification of the main stages of the response and their content. Design/methodology/approach: In the work used such methods as a system approach, logical analysis, and synthesis, abstraction, sociological survey, expert assessment method. Findings: It has been established that the main goal of a risk response can be formulated as ensuring that the level of risks of economic activity is acceptable to the enterprise values. The characteristic of six main options for responding to risks is given: promotion, acceptance, avoidance, redistribution, reduction, and combined option. A sequence of responses to the risks of economic activity in enterprises has been developed, which includes three stages: analysis of risks on the regulatory side of the enterprise with the identification of appropriate groups, selection of response options, development, and implementation of risk response measures. Recommendations for implementation of these stages are formulated. Originality/value: When planning a response to business risks, it is necessary to take into account the manageability of the enterprise, i.e. the ability of the enterprise significantly influence the probability and consequences of risks. Also, for each risk it is required to identify the initial and acceptable levels. Depending on the controllability and relations between the initial values and acceptable levels of risk for each necessary to select one or several options for response, also develop measures to ensure consistency between the initial and acceptable levels of risk.

Keywords: Risks; Risk management; Risk response; Enterprise; G320 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-77291-8_7

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DOI: 10.1007/978-3-030-77291-8_7

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