ORGANIZATIONAL ASPECTS OF RISK MANAGEMENT IN ENSURING ECONOMIC SECURITY OF THE ECONOMIC SUBJECT
The risk management system is the basis for planning and monitoring the continuous operation of the economic entity, to ensure its economic security. A characteristic feature of the activity of the economic entity in modern geopolitical conditions is the constant real-time monitoring of risks and threats arising from the uncertainty of the external environment, in particular risks associated with the environmental and social threats to the company`s economic security. The creation of the effective system of identification and risk management in the economic security implies the solution of a number of organizational and methodological issues discussed in this article. The objectives of the study are to systematize the approaches to the formation of the environmental, social, and managerial risk management system within the framework of ensuring the economic security of the economic entity and developing the organizational structure of the environmental and social risk management system. In the present work, general scientific methods of cognition were used: a systematic approach, a logical generalization, analysis, synthesis, and a hypothesis. As a result, problems of formation of the environmental, social and management risks of the economic entity are identified. It is proved that the disclosure of information about environmental and social risks in corporate reporting affects in the long term the decisions of investors. An approach aimed at integrating the management of risks into the corporate risk management system of the economic entity is proposed. Environmental, social and management risks are an important factor in business development, giving the company great opportunities to increase the efficiency of its operations. Managing risks helps companies in all stages of the value chain from reducing costs to gaining competitive advantage in the market. The task of managing environmental, social and managerial risks is becoming increasingly important for economic actors in the light of rising expectations from shareholders, regulators, local communities and other stakeholders. To optimize the process of implementing the environmental, social and management risk management system, it is advisable to use the proposed organizational structure, processes and tools for monitoring the management of these risks.
Keywords: risk, risk appetite, risk management policy, economic security.
Highlights:
the authors systematize the approaches and conditions for the formation of the environmental, social and management risks management system in the contour of ensuring the economic security of the economic entity;
it was proved that the disclosure of information on environmental and social risks in corporate reporting affects the decisions of investors in the long term, identifies key characteristics of the risks disclosed in integrated corporate reporting;
the authors identify and systematize groups of social and environmental risks that have a significant impact on the strategy of the company, as well as measures taken to manage these risks in the contour of economic security;
the organizational structure of the environmental and social risk management system is justified and the processes for risk management are highlighted; the authors propose a tool for monitoring the implementation of the risk management system;
the authors propose an approach aimed at integrating the management of risks in the corporate risk management system.
Tatyana A. Korneeva, Doctor of Economics, Professor; Irina A. Svetkina, Candidate of Economics, Associate Professor; Elena S. Morozova, Candidate of Economics, Associate Professor; Vladimir A. Piskunov, Doctor of Economics, Professor, Head of the Department of Accounting, Analysis and Auditing - Samara State University of Economics.