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ACADEMY
OF FINANCIAL
MANAGEMENT
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№ 5/2020

№ 5/2020

Fìnansi Ukr. 2020 (5): 7–28
https://doi.org/10.33763/finukr2020.05.007

PUBLIC FINANCE MANAGEMENT

DANYLENKO Anatolij 1

1Institute for Economics and Forecasting of NAS of Ukraine
OrcID ID : https://orcid.org/0000-0002-9753-5831


Enhancing the state’s role in managing financial risks


This year, the pages of the magazine “Finance of Ukraine” have already pub­lished the author’s vision of the essence of modern financial risks and ways to combat their negative impact on sustainable business development. The current approach to state governance does not address comprehensively the issue of identification, assessment and mitigation of risks in Ukrainian economy. While the National Bank of Ukraine (the NBU) successfully deals with these issues in the financial sector, the real sector continues to experience substantial problems in risk management as there is no national concept for risk mitigation. The article looks into some of those issues. In particular, the article analyses the NBU experience, which focused several departments on addressing risk and guided banks on risk mitigation in order to allow the banking system to meet its obligations to depositors, creditors, and shareholders. The insurers, now supervised by the NBU, will also have to resolve those issues while providing financial services and to enhance risk management. The state faces significantly more issues in risk mitigation in the real sector, inter alia: designing a national concept for risk mitigation; promoting implementation of the concept’s provisions at enterprises (especially small and medium ones); designating authorities to monitor the implementation; enhancing the efficiency of banks in considering loan applications, especially from SMEs. Special attention was paid to the Customs Service pf Ukraine, which has an impact on enterprises’ risks in reviewing exported products. The article takes stock of the international best experience in addressing the issues.

Keywords:financial risk, economic management, investments, legislation, large, small and medium-sized enterprises, National Bank of Ukraine, insurance company, сustoms

JEL: G32, H12, O32


Danylenko A. . Enhancing the state’s role in managing financial risks / A. . Danylenko // Фінанси України. - 2020. - № 5. - C. 7-28.

Article original in Ukrainian (pp. 7 - 28) DownloadDownloads :161
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