Improving the methodology for assessing the risk tolerance of business entities in the digital economy
Abstract. A substantial analysis of the main scientific approaches to risk management in the activities of business entities in the digital economy is presented. The key categories and methodological foundations of risk tolerance of organizations are considered, the author`s approach to the assessment and analysis of the stability of companies in the conditions of uncertainty of the entrepreneurial activity is proposed. The concept of "economic risk" is clarified, which is presented in the form of a structural and functional system reflecting the ratio of the cost components of the risk price and the corresponding costs. The aim of the work is to develop methodological approaches to assessing the risk tolerance of entrepreneurial companies at all stages of the development and commercialization of new products, works, services in the digital economy. As a result of applying an integrated approach to the level of risk tolerance, an individual algorithm for assessing the degree of the company`s resistance to external and internal factors, in the ratio of acceptable cost expressions of risk and financial risks, has been developed. The method of ensuring the assessment of the effectiveness of organizational decision-making in the conditions of ensuring the risk tolerance is presented, which is based on the integration of the main activities of the company with their constant analysis and control. A proprietary algorithm for analyzing the risk tolerance of business entities within the framework of the current control of the marginal cost indicators of their activities is proposed.
Keywords: risk, methodology, risk tolerance, entrepreneurship, economics, cost of risk
Highlights:
♦ the substantial argumentation of the financial and economic justification of entrepreneurial risks from multidirectional positions is carried out reflecting possibilities of determining the limiting values of the enterprise`s risk tolerance and the principles of its formation;
♦ the methodological approach to the formation of risk level categories and risk tolerance management of the enterprise from the position of identifying the maximum permissible and maximum possible conditions of their existence in the current economic situation is presented;
♦ a method of complex assessment of the cost indicators of the resilience of entrepreneurial companies to external and internal threats is proposed, which can serve as a basis for building strategies for the development of companies in various industries for risk management.
Gennady I. Yakovlev, Daria G. Terekhina - Samara State University of Economics, Samara, Russia