ECONOMIC RISK AS A SCIENTIFIC CATEGORY AND MANAGEMENT OBJECTIVE IN THE RISK-MANAGEMENT PROCESS
Main Article Content
Abstract
Introduction. In the conditions of the development of a market economy, the task of managing economic risks is transformed and expanded significantly, as competition stimulates economic agents to actively study information in order to prevent possible mistakes in the implementation of risky operations in economic systems of different levels of functional organization. In order to use the laws of the market rather than be a victim of it, to improve its own financial and economic activities in a market system, taking advantage of its advantages, it is necessary to improve traditional forms and develop new methods and techniques for managing economic risks and their consequences. One of these forms is modern risk management. Within its limits, economic risk is considered not only in the narrow-categorical meaning of this phenomenon, but also as a category that combines the economic risks, formed by all, without excluding the components of the process of economic reproduction.
Purpose. The purpose of the paper is to study the concept of economic risk as a theoretical category, which has certain features and features in the conceptual apparatus of risk management, and in determining the specific types of risks that should become the primary objects of management at the application level in the process of risk management in practice of domestic enterprises.
Methods. The method of theoretical analysis, the method of generalization, comparison ae used.
Results. Economic risk is not a scientific category that has only a negative impact on modern business. Economic risk also means a situation that can provide additional opportunities for enterprises in the process of their financial and economic activity. But the use of positive opportunities for the existence of economic risks can only be provided if the company has an effectively organized and constantly operating risk management mechanism.
The most significant economic risks for modern business in 2018 were as follows: limiting globalization / increasing protectionism, leaps in oil prices, sharp drop in asset prices, the emergence of a subversive business model, international terrorism, sudden changes in legislation, the global recession, an unstable situation on The Middle East, increased competition from emerging market companies, shortages of skilled personnel, climate change, increased levels of industrial pollution.
Originality. The necessity of taking into account economic risks in the process of realization of the enterprise financial and economic activity is substantiated. Lists of traditional and contemporary economic risks are recognized as reputable experts at the supranational level. The steps to form a modern economic risk management strategy are identified.
Conclusion. In the conditions of the domestic mixed economy, the economic risk is of a specific nature, due to the immutability of market relations, the preservation of certain elements of the command and administrative system, the growth of the consequences of economic, financial, transformational crisis. These circumstances complicate the functioning of domestic business and make virtually any positive action related to the target concentration of resources for the creation of competing productions. In the process of economic activity, economic risk is perceived as a combination of certain adverse and positive effects that may occur after the implementation of the chosen decisions. In this regard, it becomes apparent that in order to obtain the expected results, the economic risk should be managed.
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