COST OF IMPLEMENTING A RISK MANAGEMENT SYSTEM IN THE COMPANY
The purpose of this study is to identify the problems of building and implementation of an effective risk management system in the organization. Currently, there is a high level of volatility of business environment factors caused by economic and political circumstances. Despite the fact that the theoretical aspects of risk management are becoming more and more popular, practice shows that companies implementing a risk management system are quite rare, in particular in the construction industry. The study demonstrates the methodological aspects of implementing a risk management system in the context of a construction company. The authors of the article argue the need to implement risk management mechanisms in the company’s management by the fact that the presence of risk management today is an absolute competitive advantage of the organization, ensuring its sustainable development.
Keywords: risk management system, identification of risks in the construction industry, risk analysis, risk assessment, risk map, risk processing, cost of implementing risk management.
Highlights:
♦ the factors of the business environment that influence the choice of optimal risk management methods in the organization are considered;
♦ the need to implement a risk management system has been identified, which will contribute to full control over the company’s future results;
♦ the risk management processes are analyzed and tested on a practical example;
♦ the conclusion is made about the ways to implement the procedural aspects of risk management in the organization.
Anastasia E. Vissarionova, Kazan Federal University; Albina D. Khairullina, Candidate of Economics, Associate Professor of Kazan Federal University; Oksana L. Mikhaleva, Candidate of Economics, Associate Professor of Samara State University of Economics.