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March 2024 (published: 04.03.2024)
Number 1(56)
Home > Issue > Risk management of business processes of industrial enterprises:
analytical and applied aspects
Vasiltsov V.S. , Sushinskaya A.V. , Shadrina E.V. , Vyacheslavova V.V.
The unprecedented challenges faced by enterprises of the metallurgical complex of the Russian Federation, caused by geopolitical factors and sanction pressure, have actualized the problem of risk management in new conditions. Domestic metallurgical companies require a new adaptive risk management model. The purpose of the article is to systematize foreign and domestic experience in risk management of business processes in the metallurgical sector in the context of geopolitical sanctions. The object of the study is the risk management system, and the subject is the risk management system of business processes of metallurgical enterprises. The article highlights the problem of growing risks in the metallurgical industry against the backdrop of falling demand and prices for products, changes in supply chains and export geography. It has been established that government support measures have been developed for the industry, and a number of fiscal restrictions have been introduced. An analysis of foreign risk management experience using the example of metallurgical companies from countries under sanctions, such as South Africa, Iran and Venezuela, made it possible to identify common features and differences in risk management systems. The presented domestic experience using the example of the company PJSC Severstal showed that the risk management system covers business processes of management and development, as well as basic and supporting business processes, the company has an effective business system and is actively introducing digital technologies. The article notes certain successes in the direction of adaptation to new economic conditions, while the transformation of the financial vector of development leaves the problem of modernizing the risk management policy relevant. Since, in conditions of rising costs of long-term loans and lack of access to international investments, the process of technical re-equipment can be significantly limited.
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Keywords: risk management, business system, business process risks, metallurgical companies, sanctions.
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
UDC 338.4
Risk management of business processes of industrial enterprises:
analytical and applied aspects
The unprecedented challenges faced by enterprises of the metallurgical complex of the Russian Federation, caused by geopolitical factors and sanction pressure, have actualized the problem of risk management in new conditions. Domestic metallurgical companies require a new adaptive risk management model. The purpose of the article is to systematize foreign and domestic experience in risk management of business processes in the metallurgical sector in the context of geopolitical sanctions. The object of the study is the risk management system, and the subject is the risk management system of business processes of metallurgical enterprises. The article highlights the problem of growing risks in the metallurgical industry against the backdrop of falling demand and prices for products, changes in supply chains and export geography. It has been established that government support measures have been developed for the industry, and a number of fiscal restrictions have been introduced. An analysis of foreign risk management experience using the example of metallurgical companies from countries under sanctions, such as South Africa, Iran and Venezuela, made it possible to identify common features and differences in risk management systems. The presented domestic experience using the example of the company PJSC Severstal showed that the risk management system covers business processes of management and development, as well as basic and supporting business processes, the company has an effective business system and is actively introducing digital technologies. The article notes certain successes in the direction of adaptation to new economic conditions, while the transformation of the financial vector of development leaves the problem of modernizing the risk management policy relevant. Since, in conditions of rising costs of long-term loans and lack of access to international investments, the process of technical re-equipment can be significantly limited.
Read the full article
Keywords: risk management, business system, business process risks, metallurgical companies, sanctions.
DOI 10.17586/2310-1172-2024-17-1-51-59