scholarly journals The risk-management theory in modern economic conditions

2019 ◽  
Vol 110 ◽  
pp. 02040 ◽  
Author(s):  
Ajdar Ajupov ◽  
Anna Sherstobitova ◽  
Svetlana Syrotiuk ◽  
Alexey Karataev
Keyword(s):  
Risk Management ◽  
Financial Risk ◽  
Enterprise Risk Management ◽  
Management Theory ◽  
Economic Conditions ◽  
Economic Relations ◽  
Risky Investment ◽  
Enterprise Risk ◽  
Modern Economic ◽  
The Subject

The article reveals features of risk-management theory in environmental enterprise. Risk management is considered according to the system approach. The interaction of the managed and managing subsystems and their cooperation with the external environment are being studied and analyzed. The object of management is a risky investment in the implementation of economic relations between economic entities. The subject of management is a team of specialists. They provide purposeful action on the controlled objects through various techniques and methods of financial risk management.

Enterprise Risk Management from the General Insurance Actuarial Perspective

2008 ◽  
Vol 14 (3) ◽  
pp. 433-525 ◽  
Author(s):  
M. H. Tripp ◽  
C. Chan ◽  
S. Haria ◽  
N. Hilary ◽  
K. Morgan ◽  
...  
Keyword(s):  
Risk Management ◽  
Best Practice ◽  
Corporate Strategy ◽  
Enterprise Risk Management ◽  
The United Kingdom ◽  
General Insurance ◽  
Enterprise Risk ◽  
On Line ◽  
The Subject ◽  
Future Work

ABSTRACTThe authors have reviewed over 60 texts on the subject of Enterprise Risk Management (ERM). In this paper they set out a summary of ERM based on three of those sources, selected for their relevance and breadth of view. The paper observes that the approaches described vary widely in nature. A separate ‘on-line” source is provided, which summarises key readings from the 60 texts. Combining findings from these texts with the authors' own experiences, the paper suggests some best practice checklists, designed to enable organisations to take stock of their current ERM frameworks. It discusses other aspects of ERM for practitioners, including extreme events, opportunity management and the link with corporate strategy. The paper looks at immediate and longer-term implications for actuaries in the United Kingdom, and then poses questions about future professional development and education. It suggests an emerging role for the ‘ERM actuary’, and, finally, it suggests future work to progress the development of ERM and the actuaries' role.

scholarly journals Does Audit Committee Characteristics Promote Risk Management Practices in Nigerian Listed Firms?

2021 ◽  
Vol 10 (2) ◽  
pp. 70
Author(s):  
Stephen A. Ojeka ◽  
Alex Adeboye ◽  
Olajide Dahunsi
Keyword(s):  
Risk Management ◽  
Board Of Directors ◽  
Audit Committee ◽  
Financial Risk ◽  
Enterprise Risk Management ◽  
Audit Committees ◽  
Listed Firms ◽  
Enterprise Risk ◽  
The Board Of Directors ◽  
Accounting Expertise

There has been a huge and deluge of risk threatening industries at an unequalled magnitude in recent times. As such, the board of directors and senior executives are increasingly expected to manage their various organizations' risk portfolios, affecting their financial performance. This has led to the assigning of the risk assessment role to the audit committee. The board of directors and its audit committee play an essential function in Enterprise Risk Management (ERM) by building up the right condition or tone-at-the-top. Given the board's responsibilities for representing the interests of shareholders, it plays a vital role in overseeing management's approach to ERM. This study examined the relationship between audit committee characteristics and risk management of some selected listed firms in a developing country like Nigeria. The study used secondary data to describe the dependent variable (financial risk decomposed into credit risk and liquidity risk) and the explanatory variables (decomposed into audit committee accounting expertise, audit committee meetings, audit committee independence and audit committee gender). The study used pair sample t-test, student t-test, Pearson Moment Correlation and random panel data estimator for twenty (20) selected listed firms for 2012-2016. Findings indicate that there is a negative between audit committee accounting expertise and financial risk. This revealed that Accounting Expertise in Audit Committees are likely to involve in activities and practices to curb financial risk. In addition, the Audit committee meeting indicates a negative relationship with credit risk. Audit committee gender and audit committee independence have a negative effect on liquidity risk. Therefore, this study recommends that Audit committees embrace Enterprise Risk Management (ERM) to manage risks effectively across the organization. Risk management processes should be one of the major points of discussion during audit committee meetings.

scholarly journals Financial Risk Assessment Using Enterprise Risk Management Concept

2020 ◽  
Vol 1 (1) ◽  
pp. 1-14
Author(s):  
Anastasia Filiana Ismawati
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Financial Management ◽  
Financial Risk ◽  
Enterprise Risk Management ◽  
Financial Risks ◽  
Enterprise Risk ◽  
Management Concept ◽  
Risk Contribution ◽  
Management Report

Risk management by using risk mapping can help X Hospital located in Yogyakarta in financial management towards operating as an objective company. Enterprise Risk Management (ERM) helps organizations manage all the risks precisely and in a more integrated way. This research focuses on the risk assessment in X hospital that has not applied ERM, to analyse its financial risks. From this test, X Hospital is expected to manage its risks by using the ERM methods more, in order than the sustainability of the business can be maintained over a longer period, and thus, being able to compete with the competitors. Based on the results of risk the assessment, out of the 15 risks identified. There are top three risks that cannot be acceptable. They are: financial management report risk, contribution risk and multiple jobs risk of X Hospital. The three risks need to get response and allocations of good funds and attention from the management.

scholarly journals Features of enterprise risk management associated with operational risks

2021 ◽  
Vol 10 (46) ◽  
pp. 9-19
Author(s):  
Andrey S. Boyar-Sozonovitch ◽  
Alexey Yu. Buikin ◽  
Kirill V. Pitelinskiy
Keyword(s):  
Risk Management ◽  
Business Processes ◽  
Enterprise Risk Management ◽  
Classification Systems ◽  
Corporate Risk Management ◽  
Economic Relations ◽  
Operational Risks ◽  
Sufficient Detail ◽  
Enterprise Risk ◽  
Corporate Risk

Purpose of the work: within the framework of the concept of corporate risk management Enterprise Risk Management (ERM) to study the basic types of risks, assess their role in the modern economy, analyze external and internal operational risks and propose approaches to their quantitative assessment. As a research methodology, it is proposed to use the developed tools of mathematical and numerical modeling, which allows one to obtain, in the key of interest to the decision maker, qualitative and quantitative characteristics of the dynamics of business processes. The operational and economic risks (as very often occurring in the activities of subjects of economic relations) and directly affecting their economic and information security are considered in sufficient detail. It is noted that the risks associated with disruption of business continuity (which enterprises face in their activities) can be included in various classification systems of risks, grouped according to various criteria. The need to identify the mismatch between the design and actual metrics of the organizational structure (establishment of its structure and operating schemes based on the needs of the enterprise/organization) is indicated for solving the optimization problem.

scholarly journals A Transdisciplinary Understanding for Economic Rrisk Management

2011 ◽  
Vol 2 ◽  
Author(s):  
Marius Motocu
Keyword(s):  
Risk Management ◽  
Conceptual Framework ◽  
Research Method ◽  
Financial Risk ◽  
Enterprise Risk Management ◽  
Human Being ◽  
Academic Literature ◽  
Enterprise Risk ◽  
Critical Approaches ◽  
And Behavior

Starting from the assumption that transdisciplinary is becoming a fourth research method (alongside the empirical, interpretive and critical approaches), we believe it is the favorable context for analysis as well as for sustained attempts to understand the sophisticated economy in a new conceptual framework placed at the forefront of knowledge. As a matter of fact, in accordance with the “Charter of Transdisciplinary” (Freitas & Morin & Nicolescu, Convento da Arrbida, [1]), from which we quote Article 12: “The development of a transdisciplinary economy is based on the postulate that the economy must serve the human being and not the reverse”, we will focus on several categories specifically for the economic risk, such as enterprise risk management, financial risk. In an attempt to systematize this approach, we searched to identify in the academic literature similar concerns and formulate some theoretical pillars on which to establish the transdisciplinary understanding and behavior concerning the existence of risks with economic particularity.

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