THEORETICAL ASPECTS OF RISK MANAGEMENT MODELS IN ECONOMICS, MARKETING, FINANCE AND ACCOUNTING

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DOI:

https://doi.org/10.18371/fcaptp.v3i38.237474

Abstract

Abstract. The relevance of the study is determined by the objective need to model the processes and results of business entities in conditions of the internal and external environment uncertainty in order to identify and reduce risks. The aim of the research is to make systematization of the risk sources and its main types inherent in Economics, Marketing, Finance and Accounting, as well as to develop recommendations for the use of Risk Management Models. The source of information was the International Organization for Standardization Guidelines, International Financial Reporting Standards, Directives of the European Parliament and the Council, scientific articles. Research methods are: system approach, formalization, theory of risk and modeling, analysis and synthesis. The main scientific result is to generalize the principles, structure, processes, sources of risks, approaches to its modelling, monitoring, quantification, reflection in accounting and reporting. The content and purpose of Risk Management Models, requirements to the information base and methods of their construction, approaches to description, practical application and validation were formalized. Such Risk Management Models as: reflexive, simulation, scenario, Value-at-Risk (VAR), Expected Shortfall (ES), SWOT-analysis, gap-management were considered in details. Authors’ contribution is mainly focused on the improvement of the modelling process based on the recommendation to apply an additional stage-model risk assessment, which will improve the quality of Risk Management Models and their further application. The practical significance of the obtained results is to increase the efficiency of economic, marketing, financial decision-making on the basis of Risk Management Models in conditions of uncertainty.

Keywords: risk, management, model, economics, marketing, finance, accounting.

JEL Classifications C50, D81, G32, M00, O21

Formulas: 0; fig.: 1; tabl.: 0; bibl.: 15.

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Published

2021-06-30

How to Cite

Kosova Т., Smerichevskyi, S., Ivashchenko А., & Radchenko, H. (2021). THEORETICAL ASPECTS OF RISK MANAGEMENT MODELS IN ECONOMICS, MARKETING, FINANCE AND ACCOUNTING. Financial and Credit Activity: Problems of Theory and Practice, 3(38), 409–418. https://doi.org/10.18371/fcaptp.v3i38.237474

Issue

Section

Economic-theoretical aspect of Financial Credit System's development