№ 12/2023

Fìnansi Ukr. 2023 (12): 27–44https://doi.org/10.33763/finukr2023.12.027

PUBLIC FINANCE MANAGEMENT

RADIONOV Yurii ¹

¹Accounting Chamber of Ukraine
OrcID ID : https://orcid.org/0000-0002-1691-1090

Methodological principles of risk management research

Introduction. In today's world, it is quite difficult to ensure stable dynamics of socio-economic development, high-quality performance of functions/tasks, movement in the direction of achieving the set goal due to the presence of various obstacles, including risks that divert resources (financial, material, technical, human), reduce the resource potential of the organization/institution, etc.
Problem Statement. The diversity of permanent risks and trends related to them can be seen on the example of Ukraine, whose economy has been operating under martial law for the second year. The national economic complex of the country overcomes problems of a complex nature, which concern both the risks of peacetime and their features of the wartime. This problem needs in-depth research.
The purpose is to study the essence of the concept of “risk”, generalize international experience, available tools, theoretical knowledge, practical skills of risk management and develop methodological approaches to improving the risk management system.
Methods. General scientific and special methods are used: analysis, synthesis, grouping, description, comparison, theoretical generalization and abstract-logical.
Results. It has been established that in the leading EU countries considerable attention is paid to the application of preventive risk management methods. The causes and interrelationships of strategic and operational risks are analyzed. Methodological approaches to risk identification and methods of effective risk management are considered. Attention is focused on the need to rationally use the potential of the institution/organization: institutional, organizational, professional. The ability to mobilize this potential, to effectively allocate resources in order to reduce the impact of risks on the course of events, the work process makes it possible to achieve better planned indicators/general results/consequences.
Conclusions. Risks are an integral part of social life, economic activity of all economic entities. Due to the change in the situation, in addition to classic risks, new ones arise due to new circumstances and challenges. Therefore, the process of risk management should never stop, which requires monitoring, improvement of the management system methodology and effective response. In a state of war, the burden of risk is doubled, as wartime risks are added to peacetime risks. This requires the development and implementation of adequate methodological approaches to reduce the impact of risks on the results/consequences of activity. It is appropriate to form the concept of effective management of resources (financial, time, material) in the context of the risk management system to increase the potential of the institution/organization.

Keywords:management, risk, methodological approaches, efficiency, resources, potential, strategy

JEL: Н50, Н61

RADIONOV Y. . Methodological principles of risk management research / Y. . RADIONOV // Фінанси України. - 2023. - № 12. - C. 27-44.

Article original in Ukrainian (pp. 27 - 44)

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