Key steps in the risk management process

Management of risks- the process of influencing a business entity, which ensures the widest possible range of risk coverage, their reasonable acceptance and reduction of the degree of their influence to the minimum possible limits, the development of a management strategy in case of realization of specific types of risks.

Principles of risk management.

1. Scale - i.e. the most complete coverage of possible areas of risk occurrence, i.e. minimizing uncertainty.

2. Minimization of the range of possible risks and the degree of their impact on their activities.

3. Adequacy - a quick response to changes in the environment. It is necessary to use marketing and enterprise development strategy.

4. The principle of reasonable acceptance, i.e. the enterprise must know before starting its activities that the possible results will exceed the costs of obtaining them, i.e.

It is unwise to risk big for the sake of small;

It is necessary to take the risk in the amount own funds;

Predict possible consequences risk.

The following main stages of the risk management process are distinguished:

Risk analysis;

The choice of methods for influencing the risk;

Decision-making; .

Direct impact on risk;

- control and adjustment of the results of the management process (Figure 2).

Rice. 10.1. Key steps in the risk management process

Risk Analysis - the initial stage of the risk management process, aimed at obtaining necessary information about the structure, properties of the object and the risks involved. The collected information should be sufficient to make adequate decisions at subsequent stages. The constituent elements of this stage are the identification of risks and their assessment.

At risk identification(qualitative component) all risks inherent in the system under study are determined and described in detail

Grade - this is a quantitative description of the identified risks, during which their characteristics such as the likelihood and extent of possible damage are determined. At this stage, a set of scenarios for the development of adverse situations is formed, and for various risks, distribution functions for the probability of damage occurring (depending on its size) can be built.

Identification and risk assessment are closely related and it is not always possible to separate them into independent parts of the overall process. Moreover, often the analysis goes in two opposite directions - from evaluation to detection and vice versa. In the first case, there are already (fixed) losses and it is necessary to identify the reasons for their occurrence. In the second case, based on the analysis of the system, risks and possible consequences are identified.

Next stage - choice of method of influencing risks with in order to minimize potential damage in the future. As a rule, each type of risk allows two or three traditional way its reduction, therefore, the problem arises of assessing the comparative effectiveness of methods of influencing risk in order to select the best of them. The comparison can be based on various criteria, including economic ones.

After choosing the best ways to influence specific risks, it becomes possible to form a general strategy for managing the entire complex of enterprise risks. This is the stage decision making, when the required financial and labor resources, there is a setting and distribution of tasks among managers, an analysis of the market for relevant services is carried out, consultations are held with specialists.

Process direct impact on risk presented in three main ways, namely risk reduction, retention and risk transfer.

The final stage of risk management is control and correction of results implementation of the chosen strategy, taking into account new information. Control consists in obtaining information from managers about the losses incurred and the measures taken to minimize them. It can be expressed in the following: identification of new circumstances that change the level of risk; transfer of this information to the insurance company; monitoring the effectiveness of security systems, etc. Once every few years, there should be a review of data on the effectiveness of the risk management measures used, taking into account information on the losses incurred during this period.

Over the years of practice in the field of risky activities, the principles of financial precaution have been developed, the main ones are the following:

there is always an opportunity not to take risks;

wanting more means more risk;

the magnitude of the risk is reduced if the risk is under control;

one should not risk big for the sake of small;

the risk can be shared among those who wish;

you should not take risks above your own capabilities (the amount of equity capital);

the most reliable guarantee against risk is self-control and self-insurance;

the costs of risk prevention and loss reduction should not exceed the possible damage.

In recent decades, risk management has emerged as an independent discipline and a special professional field of activity. This allows you to achieve the intended results with the required quality, save money and time and reduce risk, thereby increasing the reliability of enterprises. The use of risk management techniques has already proven itself in insurance and banking. However, in trade enterprises that face a number of risks on a daily basis, risk management is hardly used or is used with great difficulty, and is not always effective. This is primarily due to the lack of knowledge among those who make risky decisions, and the lack of development of risk management methods for commercial enterprises.

Stages of the risk management process

As noted above, the goal of the risk management system at trade enterprises is to maximize the market value of the enterprise in a situation of uncertainty and risk, to maximize profit with the optimal ratio of profit and risk. Therefore, the entire risk management process should be carried out in accordance with the above goal.

The risk management process, in our opinion, can be divided into seven successive stages(Fig. 3).

Preparatory stage- coincides with the final risk assessment procedure. Each alternative is evaluated in terms of the magnitude of the risk it contains. After that, all identified alternatives for solving this problem are ranked according to the degree of acceptability of the risk contained in them and the identification of such options, the amount of risk in which is socially acceptable.

Development and adoption of laws, regulations, instructions, resolutions that ensure the implementation of the chosen risk alternative and provide for measures to reduce the risk and address the issue of the right and responsibility for the risk.

Development of specific measures aimed at neutralizing or minimizing the possible negative consequences of the risk. Choice of risk management methods and their implementation. In order to choose the most appropriate of all possible methods of management for a given situation and the problem being solved, it is necessary to introduce certain restrictions. In our opinion, such restrictions are, first of all, resource restrictions, restrictions on independence commercial enterprise, the conditions for the sustainability of the enterprise (financial stability, MTB capabilities, etc.).

Development of organizational and operational procedures of a preventive nature. These procedures should contain specific recommendations for those who make and implement risky decisions in the event of adverse consequences in the course of the implementation of specific economic, financial or commercial objectives. The development of procedures is very important, since a belated response to the emerging negative consequences of a risk almost always leads to new difficulties, complex problems, and additional losses.

Execution control risk management methods and their adjustment in the process of implementation. There is a need for constant and careful monitoring of the implementation of control methods in order to reduce unnecessary losses and, if possible, change the method that has become inappropriate for use to a method that can neutralize Negative consequences risk.

Evaluation of the results of applying risk management methods and procedures. For precise analysis and evaluation of risk management results, a well-functioning system for obtaining reliable information is needed. Only in this case it is possible to carry out with confidence the standard procedures of financial and economic analysis and comparison of the level of damage received.

Analysis of the solution of the risk problem in general and analysis of the new risk situation. A new risk situation is analyzed in which the trade enterprise found itself. It is determined whether the chosen methods and measures to reduce the risk have eliminated the main problem facing the enterprise in a risk situation. It analyzes what characteristics of the new state of the commercial enterprise require regulation. It is estimated what is the duration of the neutralization of the factors causing the problem.

One of the options for procedures and measures that allow timely response to the negative consequences of activities in a risk situation is a specially developed situational plan, which contains instructions on what the person implementing risky decisions should do in a given situation, and a description of the expected consequences. Persons become more prepared to act in unforeseen situations. Thus, the contingency plan is a means of reducing uncertainty and has a positive impact on the activities of subjects in the market.

When carrying out management, special attention should be paid to the legal aspect of management, including the development and adoption of laws that minimize or limit risk, various kinds of legal and by-laws (regulatory documents). The acts should reflect the question of when and under what conditions the risk is justified, lawful and expedient.

The effectiveness of management largely depends on the degree of involvement of a person in events, and the less he knows about the consequences of his decisions, the more he is inclined to make decisions with the risk of a negative result.

Unequal people's assessment of actual risk noted by many researchers: the probabilities of the same events are overestimated by some people, while others, on the contrary, are underestimated.

One of the most critical steps in the risk management process involves development of organizational and operational procedures of a preventive nature. Adequately (quickly, correctly) to respond to the negative consequences of activities in a risk situation can be prepared in advance by situational plans. The main purpose of developing contingency plans in case of emergencies is to ensure that operational and managerial personnel have a clear idea of ​​what needs to be done in a given situation, what consequences should be expected as a result, and how they could act in stressful situations. The advantage of such planning is that those who implement risky decisions are able to act faster in adverse situations and are better prepared for effective actions, since the latter are calculated in conditions where there was enough time for preparation.

Thus, contingency plans are a means of reducing uncertainty and have a beneficial effect on the activities of people in a risk situation.

The procedure for creating a situational plan includes:

Identification of the main factors of the external and internal environment that affect the results of activities in risk situations;

Establishing the extent of the possible impact on the process of implementing the decision and the likelihood of the impact of these factors;

Identification of potential problems and opportunities that may arise during the implementation of a risky decision, with a quantitative assessment of the likelihood of their occurrence and scale;

Definition of the most probable causes major potential challenges and opportunities;

Development of preventive and promotional measures;

Development of insuring measures;

Determining the conditions for the introduction of back-up measures.

The development of operational procedures should include not just a list of what should be done, what actions and when to take, but also a comprehensive planning process that takes into account organizational, managerial, social risk and other factors, taking into account the psychological and behavioral characteristics of people's actions under stress . Without this, any instructions will not ensure the optimal performance of the tasks facing personnel in an emergency (critical situation). In the planning process, a wide variety of issues should be resolved, including the issue of organizing rational information flows that could maintain their viability in the most critical situations.

An emergency or a critical situation for a trade enterprise may be unforeseen changes in legislation; change in the exchange rate; bankruptcy of partners; natural disaster that caused damage to it, and much more. A critical situation at a trading enterprise is, as a rule, a whole chain of disparate events that arise as a result of the action of many factors interacting with each other. Among them are erroneous decisions or actions of people (human factor). Human actions in the process of trade and economic activity, social and risk relations that arise between people can significantly affect the increase in the degree of risks.

The role, content and nature of the functions of the manager (specialist) who makes decisions in modern trade enterprises are becoming the most important elements of the overall process of economic activity, while they are constantly changing. Control over the course of the trade and technological process, making the necessary managerial decisions in the face of unforeseen situations and lack of time leads to the fact that the mistakes of specialists in the course of performing their official duties become almost inevitable.

With the optimization of the decision-making process, studies of the characteristics of human behavior and the likelihood of making erroneous decisions are most directly related. When developing trade and technological processes, administrative and managerial structures and operational procedures in case of a critical situation at the enterprise, one should take into account the psychological and other characteristics of people's behavior, the conditions in which they work and the likelihood of making wrong decisions. There must be a constant search for ways to ensure optimal conditions for human activity in terms of risk reduction. In addition, the psychological and individual perception of risky alternatives by people, the social risk relations that arise in the process of carrying out risky actions, and the attitude of public opinion towards risky decisions when preparing and choosing these alternatives, should be taken into account.

An important factor in reducing the risk level of a commercial enterprise and preventing its occurrence is the creation and reliable functioning of an effective communication system. The need to make prompt decisions and measures requires the uninterrupted circulation of a wide variety of information (economic, statistical, commercial, financial, etc.), primarily within the enterprise, as well as the transfer of information to organizations related to what is happening. Of great importance is also the correct interpretation of the transmitted information, and in addition, the reliability, reliability, timeliness and speed of its transmission. The delay in the necessary information makes it difficult to develop strategies for dealing with an emergency, which, in turn, leads to an increase in the level of risk and damage.

A specialist who makes and implements a risky decision must provide for various measures that reduce and eliminate possible negative consequences. In order to minimize the degree of probable risk and at the same time ensure the achievement of specified levels of profitability, it is necessary to use one of the risk management methods.

Risk management as a management system.

The process of risk management in the enterprise.

Risk management in an enterprise cannot be a set of momentary actions. In any case, this is a whole process of directed actions. Moreover, the risk management process should be part of general management business to achieve results.

As such, the risk management process includes a specific set of steps. It should be noted that in practice these stages are not necessarily implemented in a strict sequence, but can be performed in parallel. General scheme risk management is presented in Figure 4.1.

As you can see in this figure, there is a general sequence of actions that reflects the logic of the risk management process (bold arrows). In addition, there are feedbacks between the stages, i.e. at any of them you can return to the previous one. At the last stage, as we will see below, a general assessment and analysis of the produced process is carried out. The results of this stage will be taken into account in the further implementation of each stage of the risk management process. This is shown by the arrows on the right.

At the 3rd stage, decisions are made about the methods of risk management used, which may require clarification of information about risks (stage 1) or determine the scheme of the monitoring process (stage 5).

So, this is the logic of the sequence of implementation of the stages of risk management in the enterprise. Now let's look at each of these steps in more detail.

Stage 1. Risk identification and analysis. Under risk identification understand the identification of risks, their specificity, due to nature and other characteristic features risks, highlighting the features of their implementation, including the study of the amount of economic damage, as well as changes in risks over time, the degree of interrelation between them and the study of factors affecting them. This process involves determining next moments:

sources of uncertainty and risk;

the consequences of risk realization;

· sources of information;

· numerical definition of risk;

mutual influence of risks on each other.

At this stage, first of all, an information base is created for the implementation of the further risk management process: information about the risk and its consequences, the amount of economic damage, a quantitative assessment of risk parameters, etc. Additionally, it should be noted that risk identification and analysis is not a one-time a set of actions. Rather, it is a continuous process carried out throughout the entire risk management algorithm.

Stage 2. Analysis of risk management alternatives. There is a wide variety of methods available to reduce risk and damage. At this stage, these methods are considered and analyzed in relation to a specific situation. That is, the manager decides how to reduce the risk, losses in the event of a risky situation, looking for sources to cover this damage.

By themselves, risk management methods are quite diverse. This is due to the ambiguity of the concept of risk and the presence a large number criteria for their classification. In the next section of this chapter, we will look at the main methods in more detail, but here we will limit ourselves to a brief overview of them.

First, risk management approaches can be grouped as methods of minimizing negative impact adverse events as follows.

· Risk avoidance(Risk elimination) is a set of measures that lead to the complete avoidance of the influence of the adverse consequences of a risk situation.

· Risk reduction(Risk reduction, Risk mitigation) are actions that reduce damage. AT this case the firm assumes risks (Risk retention, Risk assumption).

· Risk transfer(Risk transfer) are measures that allow shifting responsibility and compensation for damage arising from the occurrence of a risky situation to another entity.

· From another point of view, risk management methods can be classified according to the ratio of the time of implementation of control measures and the onset of a risky situation.

· Pre-Event Risk Management Methods– measures taken in advance aimed at changing the essential risk parameters (probability of occurrence, extent of damage). This includes risk transformation methods (Risk control, Risk control to stop losses), which are mainly associated with preventing the realization of risk. Usually these methods are associated with the implementation of preventive measures.

· Post-Event Risk Management Techniques- carried out after the occurrence of damage and aimed at eliminating the consequences. These methods are aimed at the formation of financial sources used to cover the damage. Basically, these are risk financing methods (Risk financing, Risk financing to pay for losses).

Graphically, both classifications given here are presented in Figure 4.2.

Stage 3. Choice of risk management methods. Here the manager forms an anti-risk policy for the firm, as well as a policy aimed at reducing the degree of uncertainty in its work. The main issues to pay attention to are as follows:

selection of the most effective methods risk management;

· determination of the impact of the selected program on the total risk in the organization's activities.

In essence, the choice of risk management methods is reduced to the calculation of an economic-mathematical model, where the economic and probabilistic risk characteristics (determined at the first stage of the risk management process) act as criteria and restrictions. However, other parameters can be added here, for example, technical or social.

When developing a risk management system, a manager must take into account, first of all, the principle of its effectiveness. It lies in the fact that control actions should not be focused on all risks, but, first of all, on those that have greatest influence on the activities of the company. Under conditions of, say, budgetary constraints, the most insignificant risks should be discarded in order to save resources (passive strategy). At the same time, at the expense of released funds, intensive work with more serious risks is carried out (active strategy).

The result of this stage is the enterprise risk management program. She represents detailed description measures to be taken, resource and information support, criteria for determining the effectiveness of the program, distribution of responsibility, etc.

Stage 4. Execution of the selected risk management method. Here the program developed at the previous stage is directly implemented. The issues that are being resolved at this stage relate to the technical specifics of the decisions being made. The main ones are the following:

specific activities to be implemented;

the timing of the implementation of these activities;

• sources and composition of resources needed to carry out this work;

Identification of responsible persons.

Thus, contradictions and ambiguity in planning and monitoring the execution of a risk management program are eliminated.

Stage 5. Monitoring of results and improvement of the risk management system. This stage implements feedback in the risk management system. The first task of this connection is to determine the overall performance of the system as a whole. In addition, bottlenecks are highlighted and weak sides risk management in the enterprise.

The second task is to analyze the risks realized during the period. Here, the reasons for their implementation and the associated changes in the risk management program, if any, should be identified.

As the name of the stage suggests, it is aimed not only at monitoring the risk management process, but also at identifying those improvements that can improve the efficiency of this system. Thus, the following questions can be added to these tasks, which the manager concerns when implementing this stage:

the contribution of each implemented measure to the overall efficiency of the system;

possible adjustments in the composition of these activities;

· flexibility and efficiency of the decision-making system.

Among other things, at this stage, the information base on risks is being replenished. The updated information is used in the next cycle of the risk management process.

A feature of efficiency calculations at this stage is the consideration of hypothetical losses. This is due to the fact that during the analyzed period the risks could not be realized at all, and the costs for the functioning of the risk management system are incurred in any case. If only real losses are taken into account, then in some cases the ratio of losses and costs will indicate zero efficiency of the risk management system. However, the absence of losses can serve as evidence of just its high efficiency.

The main goal of evaluating the effectiveness of the implemented activities is to adapt their system to the changing external environment. Its achievement is carried out, first of all, through the following changes.

· Replacing inefficient measures with more effective ones (within existing restrictions).

· Changing the organization of execution of the risk management program.

Stages of risk management

The risk management process is a complex and multi-level procedure. Nevertheless, it can be conditionally divided into a number of stages, allocated in accordance with the peculiarities of the sequence of actions for risk management. The allocation of the relevant stages should be considered as conditional, because in practice they are often implemented simultaneously, and not sequentially, one after another.

For a more complete understanding of the specifics of this procedure, it is necessary to analyze the uniqueness of each of its stages.

Risk identification and analysis (stage 1)

it milestone, which is necessary to understand the specifics of the risk situation under study. Under risk identification and analysis it is necessary to understand the identification of risks, understanding their specifics, due to their nature and other characteristic features, highlighting the features of their implementation, including the study of the amount of economic damage, as well as the change in risks over time, the degree of interconnection between them and the study of factors affecting them. Without such a study, it is impossible to effectively and purposefully carry out the risk management process.

As part of the identification and analysis of risks, the manager must answer a number of questions, among which are, for example, the following:

• what are the sources of uncertainty and risk?
• what situations and negative consequences will be faced as a result of the realization of the risk?
• From what sources should information be obtained?
• How can risk be quantified?
• How do different risks affect each other?

The specificity of this stage is connected not only with common features risk management systems discussed earlier, but also with its value as an information basis for risk management. This stage allows obtaining qualitative information about the possibility of risk realization and its consequences, as well as giving quantitative estimates of the risk itself, its parameters, the amount of economic damage and other indicators necessary for making a decision on risk management. In fact, this stage provides the informational basis for the entire risk management procedure.

It should be borne in mind that as a result of the implementation of subsequent stages of risk management, information on risks can be replenished and refined, so that the actions within this stage represent a continuous process of collecting and processing data.

Analysis of alternative methods of risk management (stage 2)

The main goal of this stage is to study those tools that can be used to prevent the implementation of the risk and the impact of its negative consequences on the functioning of the state, the business of the company or the life of an individual. The nature of such tools may vary, but in general, the manager should answer the following questions:

• How can the risk be reduced by appropriate preventive measures?
• How can the economic damage from the realization of risk be reduced?
• What sources can cover such damage if it occurs?

When forming a set of alternative approaches to risk management, one should take into account the features of the corresponding risk situation. For different types risks will be characteristic various methods risk management.

Choice of risk management methods (stage 3)

This stage is intended to form the policy of a government agency, firm or individual in relation to risk and uncertainty. The need for such a selection procedure is related to the different effectiveness of risk management methods and the different amount of resources required for their implementation. The main questions that the manager should answer during this stage include the following:

• What risk management methods will be most effective given the budgetary and other constraints?
• how will the overall total risk change when implementing the selected set of methods for managing individual risks?

At choosing a method risk management remember:

• about its effectiveness in the face of financial constraints;
• its impact on overall risk.

The choice of risk management methods can be viewed as an optimization problem under constraints. Selection criteria can be different, including financial and economic ones, for example, ensuring economic efficiency. However, when deciding which methods to use, not everything can be reduced to economic returns. It is important to take into account other criteria, such as technical (reflecting the technological possibilities of reducing risk) or social (reducing the risk to a level acceptable to society). a brief description of restrictions on such a choice are contained in subparagraph 2.2.4.

An essential aspect of the manager's decision-making at this stage is that, according to the principle of effectiveness of the risk management system, the appropriate tools should not be used for any risks, but primarily for those whose negative consequences lead to the most noticeable impact on the activities of the body. government controlled, firm or individual. Under certain conditions, such as tight budget constraints, some of the risks that the manager assesses as insignificant will be ignored. In such a situation, they say that in relation to the risks of the first group, active strategy risk management, and in relation to the second - passive. The combination of active and passive risk management strategies is an important result of this stage, which reflects additional features of the risk management procedure.

Execution of the selected risk management method (stage 4)

The content of this stage is the implementation of the decisions taken at the previous stage on the implementation of certain risk management methods. This means that within the framework of this process, private management and technical solutions. Features of risk management procedures are manifested at this stage in the specifics of the decisions made, and not in how they are implemented.

These features lead to the fact that the questions that the risk manager must answer will primarily relate to the decision execution procedure, namely:

• what activities need to be implemented?
• when should this happen?
• what resources and to what extent can be spent on the implementation of these measures?
• who is responsible for the implementation decisions taken and supervise their implementation.

Monitoring results and improving the risk management system (stage 5)

The stage of monitoring the results and improving the risk management system provides feedback in this system. This is a very important stage, since it is it that ensures the flexibility and adaptability of risk management, as well as the dynamic nature of this process.

As part of this stage, the risk manager must answer the following questions:

• Should the risk management system be considered effective? How were its "bottlenecks" manifested?
• What factors influenced the realization of risks during the period under review? should the risk management system be amended as a result?
• Have all the activities included in the risk management program played their part in protecting against adverse events? should any measures be replaced by more effective ones?
• Was the decision-making system regarding risk management flexible enough? did it interfere with the firm's risk protection?

At this stage, first of all, information about risks is updated and replenished, which allows making more adequate and timely decisions on risk management.

Based on the monitoring data, the effectiveness of the measures taken is evaluated. The complexity of such an assessment lies in the fact that during the analyzed period the risks may not materialize, while the company still bears the costs of the risk management program. Therefore, it is often necessary to compare real costs with hypothetical losses.

The purpose of evaluating the effectiveness of the measures taken is to adapt the risk management system to changes in both the operating conditions environment, and the totality of risks affecting the firm. Adaptation occurs primarily through:

• replacing ineffective measures with more effective ones within the budget allocated to the risk management program;
• changes in the organization of the implementation of the risk management program, contributing to the growth of the effectiveness of the risk management system at the firm level.

Chapter Conclusions

Risk management (risk management) - the process of acceptance and implementation management decisions that minimize the adverse impact on an organization or individual of losses caused by random events.

Risk management is based on general, universal properties, which include:

• systemic nature of risk management;
• compliance of the risk management system with the general goals and objectives of the risk carrier;
• taking into account external and internal restrictions of the risk management system;
• maintaining the dynamic nature of the risk management system.

Risk management methods can be classified according to different criteria. These methods have their own specifics, manifested in the content and results of their application.

Risk transformation methods - a group of methods that involve influencing the conditions for the occurrence of adverse effects and possible size damage.

Risk financing methods are a group of methods aimed at covering damage that has already occurred.

In accordance with the features of the sequence of actions for risk management, the risk management process can be divided into the following stages:

• risk identification and analysis;
• analysis of alternative risk management methods;
• choice of risk management method;
• execution of the chosen risk management method;
• monitoring results and improving the risk management system.

Brief description of the stages of the risk management process.

Stage 1. Risk identification and analysis.

Under risk identification understand the identification of risks, their specifics, due to the nature and other characteristic features of risks, the allocation of features of their implementation, including the study of the amount of economic damage, as well as the change in risks over time, the degree of interconnection between them and the study of factors affecting them. This process involves determining the following points:

Sources of uncertainty and risk;

Consequences of realization of the risk;

Sources of information;

Numerical definition of risk;

Mutual influence of risks on each other.

At this stage, first of all, an information base is created for the implementation of the further risk management process: information about the risk and its consequences, the amount of economic damage, a quantitative assessment of risk parameters, etc. Additionally, it should be noted that risk identification and analysis is not a one-time a set of actions. Rather, it is a continuous process carried out throughout the entire risk management algorithm.

Stage 2. Analysis of risk management alternatives.

There is a wide variety of methods available to reduce risk and damage. At this stage, these methods are considered and analyzed in relation to a specific

situations. That is, the manager decides how to reduce the risk, losses in the event of a risky situation, looking for sources to cover this damage.

By themselves, risk management methods are quite diverse. This is due to the ambiguity of the concept of risk and the presence of a large number of criteria for their classification. In the next section of this chapter, we will look at the main methods in more detail, but here we will limit ourselves to a brief overview of them.

First, risk management approaches can be grouped as methods to minimize the negative impact of adverse events as follows.

Risk avoidance(Risk elimination) is a set of measures that lead to the complete avoidance of the influence of the adverse consequences of a risk situation.

Risk reduction(Risk reduction, Risk mitigation) are actions that reduce damage. In this case, the company assumes risks (Risk retention, Risk assumption).

Risk transfer(Risk transfer) are measures that allow shifting responsibility and compensation for damage arising from the occurrence of a risky situation to another entity.

From another point of view, risk management methods can be classified according to the ratio of the time of implementation of control measures and the onset of a risk situation.

Pre-Event Risk Management Methods– measures taken in advance aimed at changing the essential risk parameters (probability of occurrence, extent of damage). This includes risk transformation methods (Risk control, Risk control to stop losses), which are mainly associated with preventing the realization of risk.

Usually these methods are associated with the implementation of preventive measures.

Post-Event Risk Management Techniques- carried out after the occurrence of damage and aimed at eliminating the consequences. These methods are aimed at the formation of financial sources used to cover the damage. Basically, these are risk financing methods (Risk financing, Risk financing to pay for losses).

Stage 3. Choice of risk management methods.

Here the manager forms an anti-risk policy for the firm, as well as a policy aimed at reducing the degree of uncertainty in its work. The main questions to be addressed

mania, boil down to the following:

Choosing the most effective risk management methods;

Determining the impact of the selected program on the overall risk in the organization's activities.

In essence, the choice of risk management methods is reduced to the calculation of an economic-mathematical model, where the economic and probabilistic risk characteristics (determined at the first stage of the risk management process) act as criteria and restrictions. However, other parameters can be added here, for example, technical or social.

When developing a risk management system, a manager must take into account, first of all, the principle of its effectiveness. It lies in the fact that control actions should not be focused on all risks, but, first of all, on those that have the greatest impact on the company's activities. Under conditions of, say, budgetary constraints, the most insignificant risks should be discarded in order to save resources (passive strategy). At the same time, at the expense of released funds, intensive work with more serious risks is carried out (active strategy).

The result of this stage is the enterprise risk management program. It is a detailed description of the measures to be taken, resource and information support, criteria for determining the effectiveness of the program, distribution of responsibility, etc.

Stage 4. Execution of the selected risk management method. Here the program developed at the previous stage is directly implemented. The issues that are being resolved at this stage relate to the technical specifics of the decisions being made. The main ones are the following:

Specific activities to be implemented;

The timing of the implementation of these activities;

Sources and composition of resources needed to carry out this work;

Identification of responsible persons.

Thus, contradictions and ambiguity in planning and monitoring the execution of a risk management program are eliminated.

Stage 5. Monitoring results and improving the risk management system.

This stage implements feedback in the risk management system. The first task of this connection is to determine the overall performance of the system as a whole. In addition, bottlenecks and weaknesses of risk management in the enterprise are highlighted. The second task is to analyze the risks realized during the period. Here, the reasons for their implementation and the associated changes in the risk management program, if any, should be identified. As the name of the stage suggests, it is aimed not only at monitoring the risk management process, but also at identifying those improvements that can improve the efficiency of this system. Thus, the following issues can be added to these tasks, which the manager is concerned with in the implementation of this

stage:

The contribution of each implemented measure to the overall effectiveness of the system;

Possible adjustments in the composition of these activities;

Flexibility and efficiency of the decision-making system.

Among other things, at this stage, the information base on risks is being replenished. The updated information is used in the next cycle of the risk management process.

A feature of efficiency calculations at this stage is the consideration of hypothetical losses. This is due to the fact that during the analyzed period the risks could not be realized at all, and the costs for the functioning of the risk management system are incurred in any case. If only real losses are taken into account, then in some cases the ratio of losses and costs will indicate zero efficiency of the risk management system. However, the absence of losses can serve as evidence of just its high efficiency.

The main goal of evaluating the effectiveness of implemented activities is to adapt their system to a changing external environment. Its achievement is

First of all, through the following changes.

Replacing inefficient measures with more effective ones (within existing restrictions).

Change in the organization of execution of the risk management program.