APPROACH TO DEVELOPMENT THE PROGRAM OF RISK MANAGEMENT ON THE ENTERPRISE
Journal Title: Проблеми і перспективи розвитку підприємництва - Year 2015, Vol 2, Issue 1
Abstract
The subject of this paper is theoretical, methodological and applied principles of business risk management and its documentary support at industrial enterprises. The purpose of this paper is the development of recommendations concerning the formation of an effective risk management program for enterprises which would allow to reduce negative influence of certain events. To achieve this purpose, methods of comparison, analysis and synthesis, dialectical, abstract and logical, system analysis, graphical and expert methods are used. The program of risk management for oil refineries is suggested, the main stages of which are business description, setting mission and objectives, the description of business losses and their amount, risk factors definition, risk estimate, the development of signal map, the selection of methods of influence on risk and the estimate of the program’s effectiveness. On the basis of important factors, the major risks are identified, and the probability of their occurrence is estimated, as well as their consequences and quality of their management and the importance of the group of factors are taken into account. For the display on the signal map, the risks with the biggest final estimate are selected, among which there are the risk of income reduction because of the breach of contract by partners, the risk of the increase of raw materials price, the risk of raw materials undersupply, the risk of equipment under-load, the risk of decrease in investments, the risk of financial stability decrease; and methods of risk management are suggested. The effectiveness of the suggested program is advisable to be calculated under the conditions of optimistic and pessimistic scenarios. This management program is an important instrument which describes risks and methods of influence, and may be developed and implemented in the performance of industrial enterprises of different branches of industry.
Authors and Affiliations
Liliya Rishchuk, Oksana Kushlyk
Keywords
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