About the issue
Publications
Partners
June 2023 (published: 31.05.2023)
Number 2(53)
Home > Issue > Analysis of risk management systems of innovative companies
Gorovoy A.A.
, Grigoriev I.V.
This article provides an overview of current corporate risk management systems. Based on the analysis, the main distinguishing features of advanced systems are highlighted and recommendations are given that can be used to build an effective risk management system. The evolution of corporate risk management systems leads the company to the phased introduction of the following elements: application of corporate methods and regulations; approval of the corporate policy and risk management strategy; application of international standards; introduction into daily work of such indicators as: risk tolerance, risk appetite; development of internal control, automation of risk management procedures. The presence of these indicators allows researchers to divide the existing risk management systems into levels: basic, developing, established, advanced, mature. A significant role in the development of risk management systems is played by the introduction of generally accepted standards. The article provides an overview of the main risk management standards. The paper provides an overview of existing corporate policies and strategies for risk management, analyzes the existing subsystems of internal control and risk management audit. The study highlights the basic principles of building a modern risk management system and offers them as recommendations for innovative companies to improve the efficiency of corporate governance.
Read the full article
Keywords: risk, corporate risk management, enterprise risk management (ERM), risk management system, innovative companies.
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
UDC 338.242.2
Analysis of risk management systems of innovative companies
This article provides an overview of current corporate risk management systems. Based on the analysis, the main distinguishing features of advanced systems are highlighted and recommendations are given that can be used to build an effective risk management system. The evolution of corporate risk management systems leads the company to the phased introduction of the following elements: application of corporate methods and regulations; approval of the corporate policy and risk management strategy; application of international standards; introduction into daily work of such indicators as: risk tolerance, risk appetite; development of internal control, automation of risk management procedures. The presence of these indicators allows researchers to divide the existing risk management systems into levels: basic, developing, established, advanced, mature. A significant role in the development of risk management systems is played by the introduction of generally accepted standards. The article provides an overview of the main risk management standards. The paper provides an overview of existing corporate policies and strategies for risk management, analyzes the existing subsystems of internal control and risk management audit. The study highlights the basic principles of building a modern risk management system and offers them as recommendations for innovative companies to improve the efficiency of corporate governance.
Read the full article
Keywords: risk, corporate risk management, enterprise risk management (ERM), risk management system, innovative companies.
DOI 10.17586/2310-1172-2023-16-2-55-63