FEDERAL STATE BUDGET EDUCATIONAL INSTITUTION OF HIGHER PROFESSIONAL EDUCATION

"Togliatti State University"

Institute of Finance, Economics and Management

Department of accounting, analysis and audit

Course work

discipline: "Comprehensive economic analysis of economic activity"

on the topic: Analysis of risks in the activities of the enterprise on the example of JSC "Galantus"

Performed:

Tolkacheva N.

Group Ekb-0901

Scientific adviser:

O.V. Schneider

Tolyatti-2012

Introduction

The essence of the occurrence of risks in the activities of the enterprise

1 The role and economic content of risks in the financial and economic activities of the enterprise

2. Classification and methods for assessing risks in the activities of the enterprise

3 Risk management

Analysis of risks in the activities of the enterprise JSC "Galantus"

1 Technical and economic characteristics of OJSC Galantus

2 Risk assessment in the activities of OJSC Galantus

Ways to reduce and manage risks in OJSC Galantus

Conclusion

List of used literature

Application

business risk assessment economic activity

Introduction

The changes that have taken place in the Russian economy in recent years have revealed a number of debatable and topical problems that are of a theoretical and applied nature and are extremely important for the sustainable functioning and development of the economy. Priority issues include issues of theory, methodology and practice of making managerial decisions under conditions of risk and uncertainty.

Risk is danger! Risk is a possible qualitative or quantitative deterioration in the state of an object in the future. In the economic literature, it is usually from these concepts that they start. At the same time, threats of manifestation of damage are characterized by the optional negative impact, the uncertainty of parameters and consequences, such as time, strength of manifestation, and the amount of damage. These uncertainties are due to ignorance of the law, lack of information and lack of skills in managing economic risks (insufficient qualifications of management personnel).

Any business is associated with risks. Any successful business is associated with great risks, and the success of the enterprise depends on how businessmen, managers, managers deal with these risks. Someone manages risks intuitively, someone consciously, but any activity requires analysis and further risk management for the successful and full development of the enterprise. The most important feature of entrepreneurship is the presence of risk both at the stage of creation of the organization and during its further functioning. Any enterprise is at risk of losing property, valuables, money, that is, any type of economic resources, including labor and time, because labor losses and loss of time cause serious damage to business results. It is possible to formulate the main tasks of the risk management system: increasing financial stability, improving risk management mechanisms. The purpose of this course work is to analyze the adoption of the optimal management decision, taking into account the factor of uncertainty and risk, using the example of a specific organization, JSC Galantus.

The goal set determined the main objectives of the study, which are as follows:

Consider the concepts of uncertainty and risk;

Consider the process of influence of uncertainty and risk on the activities of the organization;

· to consider the scientific methods of decision-making recommended in the conditions of uncertainty and risk;

· put into practice the development of managerial decisions under conditions of uncertainty and risk on the example of the organization OJSC "Galantus".

The object of the study is the uncertainties and risks related to the activities of organizations in any industry, and the subject of the study is the adoption of managerial decisions aimed at obtaining the least losses in the face of uncertainty and risk.

1. The essence of the occurrence of risks in the activities of the enterprise

1.1 The role and economic content of risks in the financial and economic activities of the enterprise

As is known, the condition for the effectiveness of any market activity is considered to be economic freedom, which implies that an economic agent (producer, consumer) has a certain set of rights that guarantee him autonomous, independent decision-making. However, economic freedom is also a source of taffy uncertainty, since the freedom of one economic agent is accompanied simultaneously by the freedom of others.

Risks are a formalization of uncertainty, and the definition of risks is a way to measure it. After all, despite the fact that the feeling of uncertainty is almost always unpleasant, in some cases it delivers more inconvenience, in some - less. To reduce uncertainty means to reduce the number of risks, where everything is clear and transparent, there are no risks and there cannot be. But the situation of "total uncertainty" is very rare in our world. Perhaps, due to the fact that risks are closely related to uncertainty, there are a lot of interpretations of the concept of "risk". According to some definitions, risk is the danger of a negative event occurring, according to others, damage due to negative events, and third interpretations call risk the likelihood of something both negative and positive, etc. Especially a lot of discussion is connected with the definition of risk as a necessarily negative event. After all, positive, but unplanned events are usually not considered risks.

Indeed, risk is characterized by the probability of an event occurring and implies, if not danger, then at least the impact of this event on business, life, project, etc. In domestic, economic science, there are essentially no generally recognized theoretical provisions on entrepreneurial risk, in fact, risk assessment methods have not been developed in relation to certain production situations and types of entrepreneurial activity, there are no recommendations on ways and means to reduce and prevent risk.

Of particular interest is a comparative consideration of the classical and neoclassical theory of entrepreneurial risk and their economic application. In the study of entrepreneurial profit, such representatives of the classical theory as J. Mill, I.U. Senior distinguished in the structure of entrepreneurial income a percentage (as a share of invested capital), an entrepreneur's wages and a risk payment (as a compensation for a possible risk associated with entrepreneurial activity). In the classical theory of entrepreneurial risk, the latter is identified with the mathematical expectation of losses that may occur as a result of the chosen decision. The risk here is nothing but the damage that is caused by the implementation of this decision.

Such a one-sided interpretation of the essence of risk caused a sharp objection from some foreign economists, which led to the development of a different understanding of the content of entrepreneurial risk.

In the 30s of our century, economists A. Marshall and A. Pigou developed the foundations of the neoclassical theory of entrepreneurial risk. The foundations of this theory are as follows: an entrepreneur operating under conditions of uncertainty and whose profit is a random variable, when concluding a transaction, is guided by two criteria:

The size of the expected profit;

The magnitude of its possible fluctuations.

The behavior of an entrepreneur, according to the neoclassical theory of risk, is due to the concept of marginal utility. This means that if there are two options, for example, capital investments that give the same expected return, the entrepreneur chooses the option in which the expected return fluctuations are smaller. According to neoclassical theory, for the entrepreneur, the true profit of the same expected size, but associated with possible fluctuations, is less interesting. The problem of risk in our country is quite "ripe". The formation of market relations in Russia was a prerequisite for a deeper development of risk theory in the domestic economic literature. Fundamental for all modern definitions of risk in Russian science is the interpretation in the famous dictionary of S.I. Ozhegov. So, risk, according to Ozhegov's dictionary, is "an act of failure, in the hope of a happy outcome ...". More specifically, these are:

action, activity as a condition for the emergence of risk;

action at random, in other words, it is an activity without preliminary calculation, with the hope of a favorable event, or goal-setting, goal-fulfilling activity;

activity “in the hope of a happy outcome” - this is not about any activity, but about one that satisfies needs; based on them, setting goals and predicting a successful result.

In fact, the definition of risk in Russian and foreign literature can be combined into the following groups. The first group includes such definitions in which the risk is understood as a probability, deviating from the planned results. In the second group, the emphasis is on the possibility of quantitative or qualitative risk assessment.

In the third group, the concept of "risk" is revealed through the activity of the subject: the action "at random" in the hope of a happy outcome: the mode of action in an unclear, uncertain environment; the choice of alternatives in a situation of uncertainty, the realization of the ability to creatively use the element of uncertainty. From the above, it should be concluded that risk is primarily a set of events, and it has a set (discrete or continuous) of its implementation, each of which has its own probability and amount of damage. A chain of successive steps leading to the final, main event is a scenario. Risk situations themselves are generally characterized by such features as rarity; uniqueness; continuity; repeatability. A risky situation can have different consequences, i.e. not only losses, but also incomes, benefits. Therefore, the following risk functions are distinguished:

Regulatory (stimulating): has a contradictory character and acts in two forms: constructive and destructive. The risk is aimed at obtaining results in an unconventional way. Risk plays the role of a catalyst, for example, in solving innovative, investment problems, which means that the stimulating aspect of risk acts.

The protective function is manifested in the fact that, since risk is a stable state of the economic system, social protection, legal, political and economic guarantees are needed that exclude punishment in case of failure and stimulate acquittal risk.

Risk performs an innovative function by stimulating the search for non-traditional solutions to the problems facing the economic entity.

The analytical function of risk is related to the fact that the presence of risk implies the need to choose one of the possible solutions, in connection with which the economic entity analyzes all possible alternatives in the decision-making process.

Thus, risks are a complex dynamic category, and therefore they need to be assessed in all activities.

1.2 Classification and methods for assessing risks in the activities of the enterprise

The composition of the risks considered in economic studies is closely related to the characteristics of entrepreneurial activity and the environment in which it is carried out.

There are a number of well-defined principles used in the scientific literature that can be used as the basis for classifying risks and, accordingly, used in the development of strategies for protecting against them.

Various methods and tools are used in risk management, therefore, a scientifically based classification is needed, which will allow systematizing risks and identifying specific areas for their reduction or optimization.

Under the classification of risks understand the distribution of risks into specific groups in accordance with certain common features and to achieve the goals. Science-based risk classification contributes to a clear definition of the place of each risk in the system and creates potential opportunities for the effective application of appropriate methods, risk management techniques.

In the economic literature that studies risks and related problems, there is no single coherent system for their classification. In different classifications, risks are detailed in different ways, divided into groups, etc. We can safely say that there are even more risk classifications than risk definitions. In a number of works by domestic authors, such as V. Abchuk, A. Algin, G. Kleiner, V. Severuk, B. Raizberg, V. Rotar, I. Shumperi, etc., there are radically different approaches to risk classification. Some distinguish two types of risks: the risk associated with the possible technical failure of production, and the risk caused by commercial success. Yu.Osipov considers three types of entrepreneurial risk: inflationary, financial and operational.

The most important features underlying the risk classification are the following:

time of occurrence;

main factors of occurrence;

nature of accounting and consequences;

sphere of occurrence.

In the work of I.T. Balabanva "Risk Management" proposes a hierarchical system for classifying economic risks, schematically shown in Figure 1.1, the structure of which includes groups, categories, types, subspecies and varieties of risks. In accordance with the presented hierarchy, depending on the possible result, risks are pure and speculative .. and if pure risks lead to the possibility of obtaining a negative or zero result, then speculative risks are expressed by the possibility of obtaining both a positive and a negative result.

Rice. 1.1 Hierarchical risk classification system

As for foreign practice, one of the first to propose a classification of risks was the well-known economist John Keynes, who considered three categories of risks and, most likely, did this as part of a global study of the general theory of employment, interest and money:

· Entrepreneurial risk - the risk of not receiving the expected return on investment;

· "Lender" risk - the risk of non-repayment of the loan, including legal (avoidance of repayment of the loan) and credit risk (insufficiency of collateral);

· The risk of change in the value of the monetary unit - the probability of loss of funds as a result of changes in the exchange rate of the national currency.

Credit and legal risk are present in all classifications.

Consider the main types of risks according to various classification criteria.

Commercial risk is associated with the risk of losses in the process of financial and economic activity. On a structural basis, commercial risks are divided into:

A) property risks associated with the probability of loss of property of a citizen, entrepreneur due to collapse, sabotage, negligence, overvoltage of technical and technological load on equipment;

B) production risks associated with a loss from stopping the enterprise as a result of various factors, and primarily with damage or disposal of fixed and working capital;

C) trading risks associated with loss due to delayed payments for goods and services, non-delivery of goods, refusal to pay during the period of transportation of goods, etc.;

D) financial risks associated with the purchasing power of money, capital investment, the probability of loss of financial resources.

Financial risks include:

· Inflationary risk is an increase in the price level as a result of overfulfillment of money circulation channels with excess money supply in excess of the need for trade, as a result of which money incomes depreciate in terms of purchasing power faster than they grow;

· Deflationary risk is the risk that with an increase in the purchasing power of money, the price level will fall, the economic conditions of business will worsen and incomes will decrease;

· Currency risk - the risk caused by the danger of losses associated with changes in the exchange rate of foreign currencies against the national currency, when conducting foreign trade, credit, foreign exchange transactions on stock and commodity exchanges. Currency risk includes operational risks (the risk of loss of profit caused by adverse changes in the exchange rate) and translational risks (associated with changes in the price of assets and liabilities in foreign currency caused by exchange rate fluctuations.)

· Liquidity risk - associated with the possibility of losses in the sale of securities or other goods due to changes in the quality assessment;

· Investment risk - associated with lost profits, as well as a decrease in profitability, the danger of non-payment of debt.

Yield reduction risk is a type of investment risk that may arise as a result of a decrease in the amount of interest and dividends on portfolio investments, on deposits and loans. It includes the following types of risks:

· interest rate risk - the danger of losses by commercial banks, credit institutions, investment institutions, companies as a result of the excess of interest rates paid by them on attracted funds over the rate on loans granted.

price risk - the risk of changes in the price of a debt obligation due to an increase or decrease in interest rates;

· credit risk - the risk associated with the danger of non-payment by the borrower of principal and interest due to the creditor. Property risk is associated with credit - this is the risk in a credit transaction associated with the condition or quality of the lender's property.

The risk of direct financial loss includes:

exchange risk;

Selective risk

the risk of bankruptcy.

However, there are other types of risks.

The risk of contagion is the risk that the problems of subsidiaries and associated companies will spread to the parent company, and vice versa.

Non-insurable risks - risks, the probability of which is difficult to calculate even in the most general form and in which they are considered too large for insurance.

As well as tax risk, organizational, innovative, industry, external and internal, regional risks.

With this variety of risks, assessing the damage to an object from the manifestation of an adverse event is the most difficult problem, since in practice it is usually not possible to obtain an unambiguous and universally recognized value. Moreover, the theory of risk, as a rule, deals with the expected damage under the assumed known strength, nature of the event and the degree of protection of the object. From this remark, an important conclusion for the theory and practice of risk analysis follows: "absolutely objective and unambiguous assessments of damage in the vast majority of situations cannot be obtained." Often, damage indicators used outside the framework of economic and legal risk-analysis relations in a particular area of ​​activity can be considered economically meaningless.

Usually, when developing a method for calculating damage, which is supposed to be widely used in practice, they try to take into account a certain set of minimum requirements. These include:

Simplicity in terms of application.

2. Orientation to the minimum amount of initial information.

Accounting for the features of the object.

Accounting for as many losses as possible without significantly complicating the calculations.

Accounting for patterns of change in the nature and extent of damage over time, taking into account the changing strength of the impact

Compliance of damage assessments with economic and legal relations in force in the state and regions, and a number of others.

In order to bring the positions of different subjects closer together, they usually try to structure its total value by dividing it into relatively independent elements, for each of which assessment methods adequate to their content can be used. For example, it is advisable to divide damages by recipients (objects of influence): by regions, enterprises, buildings, structures, equipment. The total amount of damage in such a situation can be obtained by summing up the damages of individual independent groups of recipients, which, in turn, can be divided according to the signs of the place and time of manifestation of events into direct and indirect.

Direct damage is usually understood as losses directly caused by the manifestation of events. Their examples are the loss of wealth during an earthquake, the decline in the value of shares due to the crisis, the loss of capital due to the default of borrowers.

Indirect damage characterizes losses caused by adverse changes in the external and internal environment.

In general, the entire set of methods for assessing the economic damage of an object can be divided into three main groups: direct counting method (reflects all elements in the chain of causal relationships. It is supposed to evaluate the effects that arise between all the information in this chain and calculate the various components of the loss items of the object) ; methods of indirect assessment (based on some assumptions regarding the patterns of damage formation.); combined methods (various combinations, combinations of methods that complement each other in solving individual problems of risk damage assessment).

1.3 Risk management

In the risk management system, an important role belongs to the correct choice of risk prevention and minimization measures, which largely determine its effectiveness. The risk reduction system includes certain methods and ways:

Obtaining comprehensive information about the upcoming choice and result.

2. Risk avoidance.

Diversification.

Reservation of funds to cover unforeseen expenses.

Limiting.

Hedging.

Risk insurance, self-insurance.

Checking business partners and terms of the deal. Business planning.

Selection of personnel for an entrepreneurial organization.

10. Transfer of risk.

11. Other methods.

The choice of a particular method of minimizing the risk depends on the experience and capabilities of the entrepreneur and any other manager. For a more effective result, as a rule, a combination of methods is used.

In his activities, the manager encounters many risks, therefore, in addition to the main methods of minimizing them, he uses specific methods that are used only in this case. Ways to minimize the most common risks are shown in Table 1.2. (Annex 2)

Indeed, actions aimed at mitigating risk can be very different. People sign up for extreme driving courses to reduce the likelihood of having an accident in difficult conditions - this is also a strategy to mitigate, minimize, eliminate risk. The choice of one or another method depends on the specific situation, the degree of risk and the capabilities of the enterprise. This is what determines the fundamental decision: to accept the risk, reducing its negative consequences by various methods, or avoid it.

The firm in the course of economic activity may refuse to perform financial transactions or from the type of activity associated with a high level of risk. This direction of risk neutralization is the simplest and most radical, it will allow you to completely avoid potential losses, but does not at all contribute to making profit associated with risky activities.

When concluding any transaction, in order to reduce the risk under economic contracts, the entrepreneur needs to check the prospective partner. The basic rule of business: "trust, but verify." A possible way to avoid mistakes when choosing a partner is to create your own system for collecting and analyzing information about potential or existing counterparties. As a model, in this case, you can use the Due Diligence system - "due attention", practiced by Western banks in relation to their clients. This system provides protection against all kinds of fraud. One of the main tools of such a system is a questionnaire, which includes questions about the name of the counterparty company and the addresses of its offices over the past two or three years; about the types of business it carries out. The questionnaire may contain questions about the company's partners and their addresses, it includes questions about the financial condition of the company and the estimated turnover or future average account balance. The most difficult questions of the questionnaire are related to the origin of the capital of the company. Such a questionnaire provides preliminary information about the client, and if something in his answers is alarming, additional research should be carried out, including the search for confirmations (or refutations) of the data received, the search for facts that the partner has kept silent about, and also verification of information through others. counterparties.

Risk diversification is perhaps the most complex and interesting method of risk management that requires high professionalism. It represents the use of the economic and mathematical concept of "negative correlation" in economic practice. The invested funds are directed to completely independent, unrelated transactions and projects. In this case, when a risk event occurs and losses appear on one transaction, you can count on a successful and profitable outcome of another. Moreover, it is advisable to focus on negatively correlated outcomes, that is, to choose investment values ​​(objects) with directly opposite profitability vectors. Then the profits on one transaction will be able to compensate for possible losses on the other.

When forming a portfolio of securities, the problem of risk diversification is given particularly serious attention. First of all, the "rule of a dozen" applies. It is necessary to provide a sufficient variety of securities. Therefore, generally accepted practice suggests that a bank's portfolio should contain at least twelve blocks of shares in a wide variety of companies. Further, attention is paid to the level of profitability and the degree of risk of securities. High-yield securities usually carry a significant degree of risk. Securities with acceptable risk bring, accordingly, a very moderate return. And low-risk securities are ineffective and not interesting for the bank. A way out of this situation is offered by the “rule of five fingers”. It follows from it that in order to form an optimal portfolio, out of every five stocks, one must be low-risk, three with normal, acceptable risk, and one more high-risk, but also high-yield.

In the financial sector of the economy, in addition, a method of risk diversification, called "risk hedging", is often used. Risk hedging involves limiting the size of losses by financial instruments, but as a result, profits too. It is carried out in the form of concluding parallel financial compensation transactions, when the possible loss on one transaction is compensated by the possible profit of a friend. There are many ways to hedge risks, but the main, most used and frequently encountered are options, futures and swap transactions.

The next step in solving the problem of risk management is to study the possibility of full or partial self-insurance of the transaction. Self-insurance is nothing more than taking risks on oneself and, undoubtedly, is the cheapest (except perhaps for the refusal of risks) way to deal with risks. It is assumed that possible damage will be covered by current funds or with the help of a reserve fund. Therefore, it is obvious that the use of self-insurance opportunities is very limited. Basically, this method justifies itself if the probability of a negative outcome and the amount of possible loss are not large.

When using self-insurance, you need to be aware that the cost-effectiveness of this method turns into some negative aspects. First of all, it is the "death" of working capital. The company is forced to keep considerable funds in reserve, they cannot be counted on when concluding new, often interesting and effective contracts, they are impossible and dangerous to put into circulation. However, there is still a danger that a "streak of failures" will go: against the backdrop of low financial income, losses will overtake one after another in a short period of time, and any reserve funds will still not be enough. All this causes uncertainty and nervousness among the management, which will certainly be transferred to all the staff of the company. If loss prevention and self-insurance do not provide the desired protection against risk and only slightly reduce it, which is quite likely in modern business, one can apply the most common and widely used, already traditional method of risk management, which is insurance. The essence of this method is that the entrepreneur takes an insurance company as a partner in the transaction and assigns to it, after the conclusion of the relevant contract and the payment of insurance premiums, a significant part of the expected risks. Unlike all sectors and sectors of the economy, where the risk for an entrepreneur is an undesirable side effect, in the insurance business, risks are the main field of activity. That is, the risks of the entrepreneur are assumed by the professional.

When deciding on the use of insurance, you need to keep in mind that, firstly, the risk must be of a random nature, a negative outcome must not be pre-programmed and included in the deal. Secondly, only losses that can be measured and evaluated using natural and monetary indicators are insured. And, finally, the risk itself cannot be an object of insurance. Such an object is the inventory and cash of the company [21, p.65].

Note that economic risks are an inevitable part of entrepreneurial activity, since they are immanent in the market. Risks cannot be eliminated, but it is quite possible to reduce a possible loss. This can be achieved through the application of risk management techniques. Of course, risk management is associated with certain costs for the company, but its implementation is necessary and justified. By managing risk, a firm sacrifices less in order to retain more. It replaces the possible occurrence of significant losses with relatively small, well-defined costs of risk management.

2. Analysis of risks in the activities of the enterprise JSC "Galantus"

2.1 Technical and economic characteristics of JSC "Galantus"

OJSC "Galantus" dates back to January 7, 1979, when the state farm "Decorative Cultures" began its activities on the basis of "Zelenstroy". The main industrial crops were roses, carnations, seedlings for landscaping, potted crops. The bulk of the protected ground area was made up of glass greenhouses with a total area of ​​about 3,000 square meters. m.

August 1994, the state farm was reorganized into a joint-stock company "Galantus". Translated into Russian, "galanthus" means "snowdrop".

Today, the company's activities are well known to flower growers in Russia and abroad. OJSC "Galantus" is a farm that meets the world standards of floriculture, using modern technology and equipment. The total area of ​​protected ground is 4.2 ha. More than 5 million cut flowers are grown annually on this area.

A professional flower grower today is interested in new crops and varieties that are highly rated in Europe, adapted to Russian conditions and provide good business in the flower market.

Accounting in OAO "Galantus" is carried out in accordance with the standard chart of accounts for accounting of financial and economic activities of enterprises; standard forms of financial statements and instructions for their application and completion; other regulatory legal acts regulating the accounting of operations. When carrying out activities, the forms of documents are used, determined by the albums of unified forms of primary accounting documentation, developed by the republican governing bodies. Documents, the forms of which are not provided for in these albums, contain mandatory details in accordance with the current legislation. The specifics of accounting in OAO Galantus are summarized in the Order on Accounting Policy, which is annually approved by the General Director of OAO Galantus. The accounting policy determines the organization of workflow, the procedure for processing information (using accounting registers), the procedure for conducting an inventory, etc. The balance sheet of the enterprise is presented in Appendix 1. Open Joint Stock Company Galantus, in accordance with current legislation, is recognized as a limited liability company, which operates on the basis of charter and legislation of the Russian Federation.

Table 2.1 Main economic indicators of JSC Galantus

After analyzing the obtained indicators, we can draw conclusions and build diagrams for the most significant indicators.

In Diagram 2.1, we can clearly see the difference in sales revenue for 2010 and 2011. Sales revenue is a regular source of income for the organization from all possible receipts of funds, serves as the main performance indicator of the enterprise, by its receipt it can be judged that the products sold in terms of volume, quality and do not meet market demand, since for the period under review it has drastically declined.

Diagram 2.1. Sales proceeds

Having considered the next indicator - the cost of goods sold (diagram 2.2), we see that the sales revenue at Galantus OJSC fell not due to quality or lack of demand, but due to a sharp reduction in production capacity and output of goods.

Diagram 2.2. Cost of goods sold

When considering the profit from sale indicator (diagram 2.3), one can notice a significant increase in this indicator in 2011.

Diagram 2.3. Profit from sale

Also, according to the balance sheet data, it can be seen that in 2011, the company OJSC "Galantus" significantly increased the amount of borrowed funds compared to the previous year. (Diagram 2.4)

Diagram 2.4 Borrowed capital

The company JSC "Galantus" has reduced the volume of sales and reduced the cost of production by purchasing cheap quality resources, thereby increasing the profit from the sale, as well as the company has taken a large loan, we can conclude that the company is going to invest all its funds in any profitable project (any change in the structure of production) expand your production, or change the specification

2.2 Risk assessment in the activities of OJSC Galantus

The main objective of the methodology for determining the degree of risk is to systematize and develop an integrated approach to determining the degree of risk that affects the financial and economic activities of the enterprise.

The accounting statements of the enterprise are used as initial information when assessing financial risks: the balance sheet, which fixes the property and financial position of the organization as of the reporting date; profit and loss statement presenting the results of operations for the reporting period.

The central place in the assessment of entrepreneurial risk is occupied by the analysis and forecasting of possible losses of resources in the course of entrepreneurial activity.

Quantitative risk assessment, in this paper we will consider an investment project related to the numerical determination of cured individual risks and the risk of the project as a whole. The task of quantitative analysis is to numerically measure the degree of influence of changes in project risk factors, tested for risk, on the behavior of project performance criteria.

JSC Galantus has been conducting investment activities for many years. And for 2013 the company has two investment options. It has been established that when investing capital in enterprise A, making a profit in the amount of 250 thousand rubles has a probability of 0.6, and in event B - making a profit in the amount of 300 thousand rubles. - probability 0.4. then the expected profit from capital investment (expectation) will be6

for event A - 150 thousand rubles (250 * 0.6);

for event B - 120 thousand rubles (300 * 0.4);

The probability of an event occurring can be determined by an objective or subjective method. Using the objective method, we will obtain a definition of probability based on the calculation of the frequency with which a given event occurs. Capital investment in event A profit in the amount of 250 thousand rubles. was obtained in 120 cases out of 200, the probability of such a profit will be 0.6 (120:200).

An important place in this case is occupied by an expert assessment, i.e., an examination, processing and use of its results in substantiating the value of the probability. Here the degree of risk is measured by two criteria:

mean expected value (MAV) is the value of the magnitude of the event. Is a weighted average of all possible outcomes;

fluctuations in the possible outcome.

Thanks to the data provided by the statistical department, we know that when investing in activity A out of 120 cases, the profit is 250 thousand rubles. was obtained in 48 cases (probability 0.4), profit 200 thousand. rub. was obtained in 36 cases (probability 0.3) and a profit of 300 thousand rubles. was obtained in 36 cases (probability 0.3), then:

POPs = (250*0.4+200*0.3+300*0.3) = 250k rub.

Similarly, it was found that when investing in activity B, the average profit was:

POPs \u003d (400 * 0.3 + 300 * 0.5 + 150 * 0.2) \u003d 300 thousand rubles.

Comparing the two amounts of expected profit when investing in event A and B, we can conclude that when investing in event A, the amount of profit received ranges from 200 to 300 thousand rubles. and the average value is 250 thousand rubles; when investing capital in event B, the amount of profit received ranges from 150 to 400 and the average value is 300 thousand rubles. But we know that the average value is a generalized quantitative characteristic and will not allow us to make a decision in favor of any result. For the final decision-making, it is necessary to measure the variability of indicators (IC), i.e. determine the degree of variability in a possible outcome.

To do this, we use two closely related values:

· Dispersion (formula 2.1) - the weighted average of the squared deviations of the actual results from the average expected.

formula 2.1

where s is the dispersion;

C- average expected value; - number of cases of observation (frequency).

Calculation of variances for activities A and B is presented in Table 2.1.

Table 2.1. Calculation of variances when investing in activity A and B

For analysis, the coefficient of variation (V) is usually used. It is the ratio of the standard deviation to the arithmetic mean and shows the degree of deviation of the obtained values. CV can vary from 0 to 100%. The larger the CV, the stronger the oscillation. The following qualitative assessment of different CVs has been established:

lo 10% - weak fluctuation;

10-25: - moderate;

over 25% - high.

Calculate the standard deviation when investing in activity A. It will be:

d = Ö180000/120 = ±38.7;

For activity B:

d = Ö750000/100= ±86.6;

Calculate the coefficient of variation for event A:

V \u003d 38.7 / 250 * 100 \u003d 15.5%;

Coefficient of variation for event B:

V=86.6/300*100=29.8%

According to the calculation data, we can see that the coefficient of variation when investing in event A is less than when investing in event B, which allows us to conclude that the decision is in favor of investing in event A.

3. Ways to reduce and manage risks in OJSC Galantus

Having considered the main technical and economic indicators of OAO Galantus, we found that the sales revenue in 2011 compared to 2010 decreased by 93% as a result of rising product prices; despite the fact that the cost of goods sold decreased by 87.7%, this growth does not have a significant impact on net profit, but in general, such indicators are a negative trend in the work of the enterprise.

In 2011, the increase in current assets by 124% was due to an increase in accounts receivable by almost six times.

The amount of equity capital in 2011 increased by 108%, respectively, as a result of an increase in retained earnings.

The decrease in borrowed capital in 2010 is associated with a decrease in short-term loans and borrowings and the share of accounts payable, and the increase in 2011 is due to an increase in short-term loans and borrowings by 207%.

After analyzing the absolute indicators of financial stability, we conclude that in 2009 and 2010 the enterprise belonged to the fourth type of financial stability, i.e. it was in a financial crisis, in which it was threatened with bankruptcy, and in 2011 the enterprise was in an unstable financial situation, which is characterized by insolvency, but it already belonged to the third type of financial stability.

After analyzing the solvency, it was revealed that the company does not have absolute liquidity, which indicates that the solvency of the organization is at a low level. After the analysis of the financial condition and risks, it was revealed that OJSC Galantus has a high risk of bankruptcy, as it is in an unstable financial position.

Therefore, the measures we have analyzed for investing assets can improve the financial condition.

Financial stabilization at the enterprise in a crisis situation is consistently carried out in two stages:

) elimination of insolvency;

) restoration of financial stability.

The essence of the restoration of solvency lies in the maneuver of cash flows to restore the balance between their spending and receipt.

The essence of restoring financial stability is the most rapid and radical reduction of inefficient expenses. Stopping unprofitable industries is the first step that needs to be taken. If unprofitable production is impractical or impossible to sell, then it must be stopped in order to immediately eliminate further losses.

Conclusion

Man is constantly faced with risk. Often, without having complete information, we have to make a choice, which, unfortunately, is not always the right one. Any entrepreneur always acts at his own peril and risk, the further activities of the organization will depend on this person, on his foresight and knowledge. One of his main tasks is to assess the risk and minimize it in order to get the maximum profit in the event of a successful transaction and incur minimal losses in the event of an unsuccessful transaction. By incorrectly determining the influence of some factors, a manager can lead the company to collapse. Therefore, the importance of such qualities as experience, qualifications, and, of course, intuition, increases dramatically. It is necessary to constantly analyze the existing situation, it is very important to use the experience of other organizations (the opportunity to learn from the mistakes of others).

At the same time, all approaches are characterized by a common goal: it is necessary to assess the levels of risks inherent in certain types of activities and develop effective measures that can reduce these levels to acceptable values. The similarity of goals in this case predetermines a single methodology for solving these problems - the methodology of risk analysis.

Risk management, in general, should be considered as one of the activities aimed at improving the stability and safety of the facility, the efficiency of its operation and development.

The main difficulty of risk management lies in the fact that there are no "ready-made" recipes. Each issue that needs to be considered in the enterprise needs its own unique approach.

Bibliography

Constitution of the Russian Federation dated 12.12.93. Official publication M.; 2012

Tax Code of the Russian Federation dated July 19, 2000. Official publication M .: M 2012.

Civil Code of the Russian Federation of December 18, 2006 N 230-FZ

Federal Law No. 14 of February 8, 1998 “On Limited Liability Companies

Balabanov I.T. Risk management. -M.: Finance and statistics. 2006.

Blank I.A. Financial Risk Management: Proc. well. - K .: Nika-Center, 2006.

Brolio E. The system for assessing the risks of an organization's innovative activities / E. Brolio. Problems of the theory and practice of management, 2008. No. 4

Vasin S.M. Enterprise risk management: textbook - M.: KNORUS, 2012

Vishnyakov Ya.D. General risk theory. M.: "Academy", 2007

Granaturov V.M. Economic risk. Essence, methods of measurement, ways of reduction. - 2011

Delyagin M. How to overcome the crisis yourself. The science of saving, the science of taking risks. Simple tips. - 2009

Kudryavtsev A. A. Integrated Risk Management - 2010

Lapchenko D.A. Evaluation and management of economic risk: theory and practice. Minsk: Amalfeya, 2007.

Lobanova A.A. Encyclopedia of financial risk management. Moscow: Alpina, 2005

Nikonov V. Risk management: How to earn more and spend less. - M.: Alpina Publishers, 2009

Polovinkin L., Zozulyuk A. Entrepreneurial risks and their management // Russian Economic Journal. - 2004. - No. 9.

Financial decision making: theory and practice / ed. A.O. Levkovich. - Minsk: Grevtsov Publishing House, 2007.

Serebryakova T. Yu. Organizational risks and internal economic control. - 2011

Tikhomirov N.P. Risk analysis in economics. - M.: CJSC "Economics", 2010

Uspensky V.A. risk management methods / Nota Bene - Economic Online Journal - Articles Archive

Fomichev A.N. "Risk management" M.: Dashkov i K 2004.

Tsvetkova E. V., I. O. Arlyukova. Risks in economic activity. Study guide. - 2005

Chetyrkin E.M. Financial Mathematics: Textbook. - 6th ed., Rev. - M.: Delo, 2006.

Shapkin A. S., Shapkin V. A. Economic and financial risks. Valuation, management, investment portfolio - 2010.

Shvandar V.A. Risks in the economy: Proc. manual for universities / Ed. prof. V.A. Shvandar. - M.: UNITY-DANA, 2007

Annex 1

Annex 2

Table 1.2. Ways to minimize risks

LLC "Liask-T"

Annotation:

This article presents the process of risk analysis, as well as considers logistical risks and suggests possible options for their elimination on the example of a real-life company "LIASK-T" - an official dealer of leading manufacturers of equipment for heat and water supply and sanitation.

This article presents a risk analysis process, and considers the logistics risks and proposes options for an exemption to real companies "LIASK-T" - the official dealer of leading manufacturers of equipment for heat, water supply and drainage.

Keywords:

Logistic risks, dealer, stages of risk analysis, probability assessment, logistics system.

The logistical risks, dealer, the stages of the risk analysis, estimation of probability, the logistics system.

UDC 656.073
Introduction.
Minimizing logistical risks in the enterprise is one of the most important tasks facing any company that focuses on success. The ability to quickly respond to changes in the environment, the ability to conduct a competent analysis of the current situation and find leverage for the emergence of a problem - this is what is most in demand in today's business environment. This issue is very interesting for research and attracts many theorists and practitioners of economic science, such as Sergeev V.I., Ayupov R.K., Moiseeva N.K., as well as foreign scientists.
This article analyzes logistical risks on the example of a particular enterprise and suggests ways to solve emerging problems.
Liask-T LLC is an official dealer of leading manufacturers: Danfoss, Grundfos, Ridan. DANFOSS - automation for heat supply systems, pipeline fittings, thermostats. GRUNDFOS - pumping equipment. RIDAN - plate heat exchangers.

Liask-t LLC is a dealer, namely a market participant, carrying out trading activities on its own behalf and at its own expense. The most important feature of a trading and intermediary enterprise is a high degree of turnover, that is, the movement of goods in the sphere of circulation and sale.

Risk is the possibility of the occurrence of an event that, if realized, would have a negative impact on the company's achievement of its long-term and short-term goals. Risk is measured by evaluating the consequences and likelihood of events occurring.

Risk assessment is a process of systematic study and generalization of professional judgments about the likelihood of adverse conditions and (or) events.

Uncertainty can be considered as a set of situations that can be foreseen in advance, but it is impossible to determine how much they will affect the result of logistics activities. Counteraction is the intentional resistance of the participants in the logistics process to the prevailing circumstances.

A successful risk assessment very often relies on the professional judgment and experience of internal auditors and the head of internal audit.

At the Liask-T LLC enterprise, the logistics risks are assessed by the head of the logistics department.

The main goal of the head of the logistics department is to combat the negative consequences of risks, that is, to reduce losses from logistics activities at the Liask-T LLC enterprise and, if possible, increase the positive risk, that is, profit. Decisions on specific actions to protect and reduce (increase) the risk can be detailed only with a thorough study and analysis of risk situations that are possible in the future and the present.

The whole process of risk analysis can be divided into eight stages that help manage the risk (reduce its negative consequences).

Consider the content of all stages.

1. Risk identification

This stage of the analysis of logistical risks consists in the formation of a complete list of adverse events.

When identifying risks, both qualitative and quantitative risk assessment can be obtained.

To perform these tasks at the first stage of the analysis, it is necessary to use all types of risks. Since they all have a certain degree of influence on each other.

At the enterprise Liask-T LLC, the risks can be presented in the form of Table 1.

Table 1.

Figure 1. Morphological chain of risks at the LLC "Liask-T" enterprise.

The morphological chain presented above shows the influence of risks on each other. By identifying one risk, it is easier to identify other risks that result from it.

For example, if we consider the morphological chain, we can see that “the risk of fires, accidents and breakdowns, network interruption” leads to the emergence of such risks as:

− risk associated with acceptance;

− risk associated with the sale of goods;

− the risk associated with the transportation of goods;

− risks associated with supplier errors, errors of the logistics manager of Liask-T LLC, as well as errors of employees of outsourcing firms.

Next, we highlight the logistical risks. Logistics risks are the risks of performing logistics operations of transportation, warehousing, cargo handling and inventory management and the risks of logistics management at all levels, including management risks arising from the performance of logistics functions and operations.

In order to identify all logistical risks, it is necessary for the logistician of the Liask-T LLC to designate official risks. They include:

− ordering equipment;

− planning and coordinating the schedule of shipments from suppliers optimization of schemes;

− calculation of terms and cost of delivery;

− choice of carrier and optimal vehicle;

− search for new carriers, preparation and conclusion of contracts, execution of accompanying documents, transportation insurance;

− preparation of documentation for the production of certificates;

− settlement of disputes, work with claims;

− warehouse operation control;

− inventory optimization;

− control of completeness and readiness of orders for shipment;

− conducting inventories.

2. Assessment of the likelihood of adverse events

3. Determination of the structure of the alleged damage

4. Construction of damage distribution laws.

5. Risk assessment

6. Identifying and evaluating the effectiveness of possible risk mitigation methods

Such methods are divided into groups:

1. methods that help avoid risk;
2. methods that reduce the likelihood of an adverse event;
3. methods that reduce possible damage;
4. methods, the essence of which is to transfer the risk to other objects;
5. methods that are based on compensation for the damage received or caused.

7. Deciding on the definition of a list of risk management actions

8. Monitoring the effectiveness and results of the implementation of risk mitigation measures.

So, in each logistics subsystem of Liask-T LLC, you can identify your own risks, examples of which we will consider in the table below.

Table 2 . Morphological table of logistical risks of the enterprise LLC "Liask-T"

Let's consider each of these subsystems.

Based on the invoices issued by the supplier, the responsible logistician checks the correctness of the supplier's invoice, as well as the compliance of the supplier's invoice with the organization's pricing policy. It is important to check the discounts provided.

LLC "Liask-T" is an intermediary, which means shortage, regrading, goods of inadequate quality - something that a company may encounter when working with a supplier. In the event of such situations, the company's logisticians should write official letters asking for an inventory at the supplier's warehouse, as well as delivery of goods as soon as possible and at the expense of the supplier. In the event that clients impose penalties on Liask-T LLC for failure to meet delivery deadlines, the enterprise has the right to apply in writing to the supplier company with a claim for damages.

Storage:

Warehouse complex of the company "Liask-T" LLC allows you to place the goods for both short-term and long-term storage.

For such a retail warehouse, goods are placed in accordance with the size grouping on the racks. The warehouse of Liask-T LLC has sections for large and small goods. For different products, different ratios of the quantities of small, medium and large cells in the warehouse, different cell sizes in depth are needed.

Since 2013, a new system of targeted placement of goods has been introduced into the warehouse, which will help to avoid the loss of goods, regrading and losses. This is important to ensure an increase in turnover, avoid errors in the placement of goods and quickly find them even for new employees after a short briefing. Each storage location will be assigned a code (address) indicating the number of the rack (stack), the number of the vertical section and the number of the shelf. When issuing documents for the shipment or acceptance of goods, the invoice will indicate the place where this goods should be placed.

In order for all the goods to reach the address safe and sound, you should carefully consider the choice of packaging. Packaging materials can be represented by a variety of types: wooden boxes and pallets, plastic containers, rag bags, polyethylene rolls and much more. In each case, you should choose the appropriate packaging, based on the characteristics of the cargo itself and the type of its transportation.

The most important need is inventory in the warehouse:
The main tasks of the inventory are:

1. identification of the actual presence of property;
2. control over the safety of goods and materials, by comparing the actual availability with accounting data;
3. identification of goods and materials that have lost their original qualities, stale and not needed by the organization;
4. verification of compliance with the rules and conditions of storage of goods and materials.

Transportation:

The company "Liask-T" LLC often uses the services of third-party organizations, namely, the transportation of goods from Omsk to other cities of Russia shifts to the shoulders of transport companies. Using outsourcing services, you may face the risk of delayed delivery, loss of goods in transit, as well as damage during transportation or reloading. In order to avoid the above consequences, it is necessary to use the services of goods insurance against damage, loss and damage. So, for example, when compiling rational routes, not only the location of loading and unloading points in the transportation area is taken into account, but also the type of goods transported, the type of transport used for transportation, shift work, and the remoteness of motor transport enterprises. Therefore, Liask-T LLC has preferences in using the services of transport companies. So, each TC has its pros and cons.

Conditions for choosing a TC:

1. Geography of presence;
2. Cost and terms of cargo delivery
3. Optimization by terms-rates and service
4. Collection of cargo on time;
5. Collection of cargo on the day of treatment;
6. Daily shipments to any destination;
7. Intra-container recalculation of cargo;
8. Round-the-clock tracking of cargo in transit.
9. The possibility of "SMS" notification of the location of the cargo;
10. Possibility of delivery and receipt of goods on weekends;
11. Suspension of the execution of the delivery service, change of direction of movement, return;
12. Availability of official state registration;
13. Availability of a license for the implementation of transport services, in accordance with the legislation of the Russian Federation;
14. Experience in the field of cargo transportation;
15. Availability of a standard contract, the possibility of drawing up additional agreements;
16. Availability of an insurance policy of a transport company;
17. Good dispatch service;
18. Availability of an official website;
19. Regularity of flights, etc.;

Each of these conditions must be taken into account in order to nullify all logistical and other risks arising from them.

Calculating the terms and cost of equipment delivery, the logistician of Liask-T LLC must take into account all the conditions. For example, not knowing the delivery time of equipment, the logistician can indicate the delivery amount of 1000 USD, counting on one delivery, in fact, the equipment can arrive in several stages and the cost of its delivery will be much more than the pledged amount.

Logistics:

For the successful implementation of economic activities, the enterprise must have a sufficient minimum of its own working capital. The financial position of enterprises largely depends on the state of their own working capital, their safety and proper use.

Inventory management risks in this enterprise are quite high, since it is the level of inventory that is the main reason for satisfying customer demand. If the enterprise, without predicting demand, replenishes the warehouse stock, then it will face the fact that it will spend money on unsold goods, which in the future will be able to move into the group of illiquid assets. When an enterprise reduces the risk of a shortage of material resources, it tries to increase the level of stocks, but stocks can play a negative role in the enterprise, freezing the financial resources of business organizations in large volumes of inventory.

The lack of funds is fraught with a decrease in trade, the emergence of debts to suppliers and banks for loans. As a consequence, these debts lead to the risk of delayed shipments, increased delivery times, and further along the chain the same penalties for late delivery of goods to the client.

In order to replenish commodity stocks, a trading enterprise resorts to loans, which means that it increases its overall risk. Indeed, many large client companies purchase goods under a contract based on payment after delivery. This means that the company "Liask-T" LLC is forced to take out a loan in case of a lack of its own financial resources to purchase the necessary consignment of goods.

As a result, an increase in accounts payable leads to the fact that the company will constantly divert funds from the turnover to pay interest on the loan, fines. The enterprise may not have sufficient funds to purchase the quantity of goods corresponding to demand. And this leads to a decrease in turnover, and, hence, profits, and so on along the chain. The absence of the necessary goods in the warehouse provokes lost profits.

In order to maintain the company's own working capital, the logistician needs to predict the stock, using, for example, economic and mathematical methods and models.

When forecasting the demand for durable goods, one cannot do without data on their actual consumption during the analyzed period and without the actual availability of these goods among the population, as well as the patterns of their obsolescence.

So, for example, at the supplier of Liask-T LLC, one pumping equipment can be replaced by another more energy-saving one, the price of which is lower than that of the first one.

Exploring all the logistical risks inherent in this type of enterprise, Liask-T LLC has the opportunity to warn itself against negative consequences at all stages, namely at the stage of supply, transportation and marketing.

Bibliographic list:

Reviews:

12/31/2013, 13:43 Skripko Tatyana Alexandrovna
Review: In the annotation it is necessary to indicate what the author stated in the article, and not to characterize in detail the object - the enterprise. Supplement with the necessary standard headings: relevance, purpose, research objectives, theorists who worked on this problem, etc. The article in the main part is interesting, but so far it is not recommended to print, finalize it.

01/05/2014 17:17 Response to the author's review Lushnikova Maria Andreevna:
Dear Tatyana Alexandrovna! Thanks for the review. I tried to take into account your comments. Please read the article again. Lushnikova Maria.

01/01/2014, 16:47 Degtyar Andrey Olegovich
Review: I fully agree with Tatyana Aleksandrovna Skripko. The article is not ready for publication.

3.01.2014, 15:14 Shargorodskaya Natalya Leonidovna
Review: The article is of interest and can be recommended for publication after revision. The author needs to substantiate the relevance of the research topic, indicate the authors who studied this problem. The list of references is not compiled according to the standard.

01/5/2014, 2:56 Nazarova Olga Petrovna
Review: Good analysis, just redo the annotation. After revision, it is recommended for printing. Recommended for printing.

01/05/2014 18:18 Response to the author's review Lushnikova Maria Andreevna:
Dear Olga Petrovna! Thank you for your review of my article. I tried to correct your comment. Please see the edited version.

01/14/2014, 08:52 PM Orekhova Tatyana Romanovna
Review: recommended for printing

17.01.2014, 13:24 Chernova Olga Anatolyevna
Review: The article presents not an analysis, but a methodology for its implementation. I recommend changing the title. In general, the work was done at a high level. Recommended for printing

Send your good work in the knowledge base is simple. Use the form below

Students, graduate students, young scientists who use the knowledge base in their studies and work will be very grateful to you.

Hosted at http://www.allbest.ru/

• Introduction

Chapter 1. Risk Management Methods

• 1.1 Concept, classification of risks in the enterprise
• 1.3 Enterprise risk assessment

Chapter 2. Risk management on the example of LLC "Olis-dent"

• 2.1 Brief description of the enterprise LLC "Olis-dent"
• 2.2 Financial analysis on the example of LLC "Olis-dent"
• 2.3 Insurance as a method of risk management at the LLC "Olis-dent" enterprise
• 2.4 Choosing an insurance company and calculating insurance costs
• 2.5 Evaluation of the effectiveness of insurance in Olis-dent LLC

3. The main directions of risk reduction in LLC "Olis-dent"

• 3.1 Methods and techniques for reducing financial risks
• 3.2 Determining the prospects of investment and innovation projects in LLC "Olis-dent" to reduce financial risks
• Conclusion
• Literature
• Applications

Introduction

In any economic activity, there is always a risk of monetary losses arising from the specifics of certain business transactions. The risk of such losses is represented by financial risks. Therefore, knowledge of the essence of risks and options for managing their reduction determines the relevance of the topic.

Financial managers naturally tend to take risk into account in their work. In this case, various behaviors are possible, and hence the types of manager. But the key idea that guides the manager is that the required return and risk should change in the same direction (in proportion to each other). The risk is probable, therefore, its quantitative measurement cannot be unambiguous and predetermined. Depending on which method of calculating the risk is used, its value may vary.

In the course of evaluating alternative solutions, the manager has to predict possible outcomes. In this case, the decision is made in conditions when the manager can accurately assess the results of each of the alternative solutions. An example would be investments in certificates of deposit and government bonds, where there is a government guarantee and it is known for sure that the interest agreed upon in the terms and conditions will be received on the invested funds.

The theory of financial risk management is well developed by both domestic and foreign researchers. The publications of such authors as Balabanov I.T., Glushchenko V.V., Limitovsky M.A., Raizberg B.A., Redhead K., Hughes S., Chaly-Prilutsky V.A. are devoted to this topic. .

The authors of the studies introduced a wide range of sources into scientific circulation, collected and analyzed a large amount of factual material, they summarized the experience of assessing financial risks, and studied various options for reducing it.

The object of study in the work is a limited liability company LLC "Olis-dent", the main activities of which are the development, production and sale of dental equipment.

The subject of the study is the features and patterns of financial risk management.

The relevance of the study determined the purpose and objectives of the work:

The purpose of the work is to consider the theoretical and practical aspects of financial risk management.

Based on the goal, the following tasks are set in the work:

1. Characterize the essence of risks and classify them.

2. Identify risk management methods.

3. Study risk assessment at the enterprise.

4. Conduct a financial analysis of Olis-Dent LLC.

5. Consider insurance as a method of risk management in Olis-dent LLC, choose an insurance company and evaluate the effectiveness of insurance.

6. Explore other methods of risk reduction and develop measures to reduce risk in Olis-Dent LLC.

The theoretical and methodological basis of the work was the work of the classics of economic science, statistics, management theory.

In the thesis work materials of economic and statistical literature, thematic materials of periodicals were used. Various mathematical and statistical methods, as well as methods of control theory, were applied in the work to solve the tasks set.

The following structure is defined for the disclosure of the set topic: the work consists of an introduction, three chapters, a conclusion and appendices. The title of the chapters reflects their content.

Chapter 1. Risk Management Methods

1.1 Concept, classification of risks in the enterprise

Risk and income in financial management are considered as two interrelated categories. Any enterprise can be considered as a set of certain assets that are in a certain combination. Owning any of these assets is associated with a certain risk in terms of the impact of this asset on the value of the total income of the enterprise.

Analysis and modeling of operations and systems shows that the main properties of any system and operation are the target effect (income), costs (time and resources), risk (danger or safety).

The origin of the term "risk" goes back to the Greek words ridsikon, ridsa - cliff, rock. In English literature, the word "risk" came in the middle of the XVIII century. from France as the word "risque" (risky, dubious).

In Webster's Dictionary, "risk" is defined as "danger, the possibility of loss or damage." In Ozhegov's dictionary, "risk" is defined as "the possibility of danger" or as "an action at random in the hope of a happy outcome."

It cannot be argued that the problem of risk is new. In the 20s. of the twentieth century in Russia, a number of legislative acts containing the concept of production and economic risk were adopted. At the same time, sound thoughts were voiced that the pace of economic development and approaches to risk management are dependent on each other.

Attention to the problem of risk in the studies of Soviet economists was limited due to the fact that the centralized economy assumed compensation for losses arising in some sectors of the planned economy at the expense of other sectors, which usually included industries involved in the production and export of oil and gas. And yet, back in the 1930s. Chairman of the State Planning Commission Kuibyshev V.V. noted the need to take into account risk when making decisions in a socialist economy.

On the other hand, in practice, as noted by the Soviet academician Grinberg A.S., there was an "asymmetry of economic risk", by which he meant that it is possible to lose heavily on the introduction of scientific and technological achievements in production, but it is almost impossible to win big. If an enterprise achieves large results, they are artificially withdrawn from it in favor of the state. On the other hand, non-fulfillment of the state plan by 1-2% leads to penalties. This situation formed a negative attitude towards risk among Soviet business leaders, which limited the development of scientific research in the field of economic risk.

In domestic economic science, risk was fully related to the phenomena of the capitalist economy. Ignoring the problems of risk has reached such an extent that the very concept of "risk" was not even included in the encyclopedia "Political Economy".

The dictionary - reference book for entrepreneurs sets out the concept of "entrepreneur's risk" as the possibility of failures, losses in entrepreneurial activity, which, if imprudent, illiterate approach to business, can lead to undesirable consequences, damage.

Balabanov I.T. under the risk understands the possible danger of losses arising from the specifics of certain natural phenomena and activities of human society. Raizberg B.A. considers the risk as a threat that the economic entity will incur losses in the form of additional expenses in excess of those provided for by the forecast, the program of its actions, or receive income below those it expected. Grabovsky P.G. risk means the probability (threat) of loss by the enterprise of part of its resources, loss of income or the appearance of additional costs as a result of the implementation of certain production and financial activities.

According to Blank, risk is the likelihood of adverse financial consequences in the form of loss of expected investment income in a situation of uncertainty in the conditions for its implementation.

Consideration of the definitions of risk showed that the risk in most of them is associated with the probability of an event, or is determined taking into account the probability. However, such an interpretation makes risk management obviously impossible, since risk management, from the point of view of the above definitions, becomes identical to probability management. Thus making the process of managing an enterprise spontaneous, devoid of an organizational basis.

In many definitions, such a characteristic feature of it as danger, the possibility of failure, is highlighted. However, such a position does not characterize, in our opinion, the entire content of the risk. For a more complete characterization of the definition of "risk", it is advisable to clarify the content of the concept of "risk situation", since it is directly related to the content of the term "risk".

In Ozhegov's dictionary, the concept of "situation" is defined as "a combination, a set of various circumstances and conditions that create a certain environment for a particular type of activity." However, the environment may facilitate or hinder the implementation of this action. Among the various types of situations, risk situations occupy a special place.

The functioning and development of many economic processes are characterized by elements of uncertainty. This leads to the emergence of situations that do not have an unambiguous outcome. If it is possible to quantitatively and qualitatively determine the degree of probability of one or another option, then this will be a risk situation.

It follows that a risky situation is associated with statistical processes and is accompanied by three conditions:

1) the presence of uncertainty;

2) the need to choose an alternative;

3) the ability to assess the probability of implementation of the chosen alternatives.

It should be noted that the situation of risk is different from the situation of uncertainty. The situation of uncertainty is characterized by the fact that the probability of the occurrence of the results of decisions or events is, in principle, not established.

Thus, a risk situation can be characterized as a situation of relative uncertainty, when the occurrence of events is likely and can be determined, i.e. in this case, it is objectively possible to assess the probability of events that presumably arise as a result of joint activities of partners, counter-actions of competitors or an adversary. In an effort to "remove" a risky situation, the subject makes a choice and seeks to implement it. This process finds its expression in the concept of risk. The latter exists both at the stage of choosing a solution and at the stage of its implementation.

In both cases, the risk appears as a model for the removal of uncertainty by the subject, a way of practical resolution of the contradiction with the unclear development of opposite tendencies in specific circumstances.

Under these conditions, the wording of the concept of "risk" given by V.A. Chalym-Prilutsky: risk is an action performed under conditions of choice, when in case of failure there is a possibility of being in a worse position than before the choice (than in case of failure to perform this action).

An important element of risk is the possibility of deviation from the chosen goal. In this case, there may be deviations of both negative and positive properties. The possibility of a positive deviation as a result of risk in the economic literature is often characterized as a "chance".

V.V. Shakhov defines risk as the danger of an unfavorable outcome for one expected event, and the possibility of a positive deviation for given parameters is called "chance". Thus, risk is damage, negative deviation, loss; and the chance is a positive deviation, profit.

Controversy as a feature of risk manifests itself in various aspects. Representing a kind of activity, risk, on the one hand, is focused on obtaining socially significant results in extraordinary, new ways in conditions of uncertainty and a situation of inevitable choice. Thus, it allows to overcome conservatism, dogmatism, psychological barriers that impede the introduction of new, promising activities and act as a brake on social development. On the other hand, risk leads to adventurism, subjectivism, inhibition of social progress, to certain socio-economic and moral costs, if, in conditions of incomplete initial information about the risk situation, an alternative is chosen without due consideration of the objective laws of the development of the phenomenon, in relation to which solution.

The contradictory nature of risk is manifested in the collision of objectively existing risky actions with their subjective assessment. So, a person who has made a choice, carrying out this or that action, may consider them risky, and other people may regard them as cautious, devoid of any risk, and vice versa.

There are three main points of view in the literature, recognizing either the subjective, or objective, or subjective-objective nature of risk. At the same time, the latter prevails - about the subjective-objective nature of risk.

The existence of risk as an objective manifestation of randomness in economic life can be explained from two positions.

On the one hand, any economic phenomenon is a certain system formation, relatively delimited from other similar formations. The set of internal relations underlying such systems is opposed to the set of external relations through which some economic processes are connected with others.

On the other hand, the presence of risk is explained by the manifestation of chance as a result of the intersection of two or more independent, causally determined chains or lines of existence of various economic entities. The internal laws of an economic phenomenon necessarily determine the sequence of its external implementation. Such a sequence forms a line of causal existence of an economic phenomenon.

Uncertainty, being an objective form of the existence of the real world around us, is due, on the one hand, to the objective existence of chance as a form of manifestation of necessity, and on the other hand, to the incompleteness of each act of reflection of real phenomena in human consciousness. Moreover, the incompleteness of reflection is fundamentally unavoidable due to the universal connection of all objects of the real world and the infinity of their development, although the desire for a complete, absolutely accurate reflection of reality characterizes the direction of human knowledge and being.

Therefore, a necessary element of the concept of "risk" is a subject who evaluates risk as an objective manifestation of randomness. As mentioned above, the risk has an objective origin and does not depend on the human will and consciousness. However, only as a result of its awareness by the subject of economic activity as uncertainty regarding the quantitative and qualitative characteristics of the results of management, it turns into a category that characterizes economic reality.

Subjective risk assessment is based on the subject's active knowledge of economic reality and is manifested as a derivative of his activity. It is only in activity that the knowledge of risk is possible. The activity of the subject in a particular area removes part of the uncertainty and, thus, reduces the subjective assessment of risk. In addition, people perceive the same amount of economic risk differently due to differences in psychological, moral, ideological principles.

The subject, in his awareness of risk as uncertainty about the results of management, acts purposefully, since the objectively manifested risk sets certain boundaries and limits for the subject's activity. On this basis, there is a need to know the laws of risk as an economic reality in order to coordinate the functioning of the subject with them, since its goals are formed in accordance with the logic of the development of reality, and are also objectively determined by the needs of the subject itself and the level of development of production.

It should be noted that not only risk as an objective economic reality affects the subjective assessment of risk, but the subject also affects risk as an objective manifestation of randomness.

Such a property of risk as alternativeness is associated with the need to choose from two or more possible solutions, directions, and actions. The lack of choice removes the risk situation.

Thus, the risk is closely related to the problem of setting the goals of the enterprise and the process of making managerial decisions. In particular, the concept of risk can logically be woven into the normative theory of decision making.

The following types of uncertainties and risks are considered the most significant:

1) risks associated with the instability of economic legislation and the current economic situation, investment conditions and the use of profits;

2) the possibility of introducing restrictions on trade and supplies, closing borders and other external economic risks;

3) the uncertainty of the political situation, the risk of adverse socio-political changes in the country or region;

4) incompleteness or inaccuracy of information about the dynamics of technical and economic indicators, parameters of new equipment and technology;

5) fluctuations in market conditions, prices, exchange rates;

6) uncertainty of natural and climatic conditions, the possibility of natural disasters;

7) production and technical risk;

8) the uncertainty of the goals, interests and behavior of the participants;

9) incompleteness or inaccuracy of information on the financial position and business reputation of enterprises.

The above classification reflects the main sources of uncertainty risks.

The variety of financial risks in their classification system is presented in a wide range. It should be emphasized that the use of new financial technologies, modern financial instruments and other innovative factors cause the emergence of new types of financial risks.

The classification criterion of financial risks by types is the main parameter of their differentiation in the management process.

In our opinion, for making management decisions it is reasonable to use the classification of financial risks by types given in Table 1.1.

Table 1.1

Classification of financial risks

There are other classifications of risks. For example, according to the stages of manifestation, the risk is classified into preoperative and operational. Another classification divides the risk into political, economic, social, technological and sectoral. It is also possible to classify the risk by the completeness of the study (simple and complex), by sources of occurrence (external and internal), by financial consequences, by the nature of manifestation over time (permanent, temporary), by the level of financial losses (acceptable, critical, catastrophic), by the possibility of foresight (predictable and unpredictable), the possibility of insurance (insurable and not insured).

Risks in the financial sector largely depend on external factors. In real investments, a number of factors can be influenced: the essence of technology, the manufacturer of goods, the structure of the enterprise and methods of managing the production of goods, and the qualifications of management. Unlike purely financial transactions, a project can have strong, well-managed factors that fundamentally change the investment attractiveness of a project for the better.

Risks are pure and speculative. Pure risks mean the possibility of a loss or a zero result. Speculative risks are expressed in the possibility of obtaining both positive and negative results. Financial risks are speculative risks. An investor, making a venture capital investment, knows in advance that only two types of results are possible for him - income or loss. A feature of financial risk is the likelihood of damage as a result of any operations in the financial, credit and exchange areas, transactions with stock securities, i.e. the risk that arises from the nature of these operations. Financial risks include credit risk, interest rate risk - currency risk: the risk of lost financial benefits.

Credit risks - the danger of non-payment by the borrower of principal and interest due to the creditor. Interest risk - the danger of losses by commercial banks, credit institutions, investment funds as a result of the excess of interest rates paid by them on attracted funds over rates on loans granted.

Currency risks represent the risk of currency losses associated with changes in the exchange rate of one foreign currency against another, including the national currency in the course of foreign economic, credit and other foreign exchange transactions.

The risk of lost financial benefit is the risk of indirect (collateral) financial damage as a result of failure to carry out any activity or stop business activities.

Investing capital is always accompanied by a choice of investment options and risk. The choice of various options for investing capital is often associated with significant uncertainty. For example, a borrower takes out a loan, which he will repay from future income. However, these incomes are unknown to him. It is quite possible that future income may not be enough to repay the loan. In investing capital, you also have to take a certain risk, i.e. choose a certain level of risk. For example, an investor must decide where he should invest his capital: in a bank account, where the risk is small, but the returns are small, or in a more risky, but significantly profitable event. To solve this problem, it is necessary to quantify the amount of financial risk and compare the degree of risk of alternative options.

Financial risk, like any risk, has a mathematically expressed probability of a loss, which is based on statistical data and can be calculated with a fairly high accuracy. To quantify the amount of financial risk, it is necessary to know all the possible consequences of any individual action and the likelihood of the consequences themselves. Probability means the possibility of obtaining a certain result. As applied to economic problems, the methods of the theory of probability are reduced to determining the values ​​of the probability of the occurrence of events and to choosing the most preferable of the possible events based on the largest value of the mathematical expectation. In other words, the mathematical expectation of an event is equal to the absolute value of this event, multiplied by the probability of its occurrence.

The probability of an event occurring can be determined by an objective method or a subjective one. An objective method for determining probability is based on calculating the frequency with which a given event occurs.

The subjective method is based on the use of subjective criteria, which are based on various assumptions. Such assumptions may include the appraiser's judgment, personal experience, expert assessment, financial advisor's opinion, etc.

The magnitude of the risk or degree of risk is measured by two criteria:

1) average expected value;

2) fluctuation (variability) of the possible result.

The mean expected value is that value of the event magnitude that is associated with the uncertain situation. The mean expected value is a weighted average of all possible outcomes, where the probability of each outcome is used as the frequency or weight of the corresponding value. The mean expected value measures the outcome we expect on average.

1.2 Risk management methods. Insurance as a method of risk management

There is no business without risk. The highest profit, as a rule, is brought by market operations with increased risk. However, everything needs a measure. The risk must be calculated up to the maximum allowable limit. As you know, all market estimates are multivariate. It is important not to be afraid of mistakes in your market activities, since no one is immune from them, and most importantly, do not repeat mistakes, constantly adjust the system of actions from the standpoint of maximum profit. The main goal of management, especially for the conditions of today's Russia, is to ensure that in the worst case scenario, we can only talk about a certain decrease in profits, but in no case there was a question of bankruptcy. Therefore, special attention is paid to the continuous improvement of risk management - risk management.

In a market economy, producers, sellers, buyers act independently in a competitive environment, that is, at their own peril and risk. Their financial future is therefore unpredictable and little predictable. Risk management is a system for assessing risk, managing risk and financial relationships that arise in the course of a business. Risk can be managed using a variety of measures that make it possible to predict the occurrence of a risk event to a certain extent and take timely measures to reduce the degree of risk.

In Russian practice, the risk of an entrepreneur is quantitatively characterized by a subjective assessment of the expected value of the maximum and minimum income from capital investment. The larger the range between the maximum and minimum income with an equal probability of receiving them, the higher the degree of risk. Risk is action in the hope of a happy outcome. The uncertainty of the economic situation, the uncertainty of the conditions of the political and economic situation and the prospects for changing these conditions force the entrepreneur to take on the risk. The greater the uncertainty of the economic situation when making a decision, the higher the degree of risk.

The degree and magnitude of risk can really be influenced through the financial mechanism, which is carried out using the methods of strategy and financial management. This kind of risk management mechanism is risk management. Risk management is based on the organization of work to determine and reduce the degree of risk.

Risk management is a system for managing risk and economic (more precisely, financial) relations that arise in the process of this management, and includes the strategy and tactics of management actions.

Management strategy refers to the directions and methods of using funds to achieve the goal. Each method corresponds to a certain set of rules and restrictions for making the best decision. The strategy helps to concentrate efforts on various solutions that do not contradict the general line of the strategy and discard all other options. After reaching the set goal, this strategy ceases to exist, since new goals put forward the task of developing a new strategy.

Tactics - practical methods and techniques of management to achieve a set goal in specific conditions. The task of management tactics is to choose the most optimal solution and the most constructive management methods and techniques in a given economic situation.

Risk management as a management system consists of two subsystems: the managed subsystem - the object of management and the management subsystem - the subject of management. The object of management in risk management is risky investments of capital and economic relations between business entities in the process of risk realization. Such economic relations include relations between the insured and the insurer, the borrower and the lender, between entrepreneurs, competitors, etc.

The subject of management in risk management is a group of managers who, through various options for their influence, carry out the purposeful functioning of the management object. This process can be carried out only if the necessary information is circulated between the subject and the object of management. The management process always involves the receipt, transfer, processing and practical use of information. The acquisition of information that is reliable and sufficient under specific conditions plays a major role, as it helps to make the right decision on actions in a risk environment. Information support consists of various kinds of information: statistical, economic, commercial, financial, etc.

This information includes information about the probability of a particular insured event, event, the presence and magnitude of demand for goods, capital, financial stability and solvency of its customers, partners, competitors, etc.

Whoever owns the information owns the market. Many types of information are subject to trade secrets and may be one of the types of intellectual property, and therefore be made as a contribution to the authorized capital of a joint-stock company or partnership. Having sufficient and reliable business information allows a financial manager to make quick financial and commercial decisions. This leads to lower losses and higher profits.

Any management decision is based on information, and the quality of this information is important, which should be assessed when it is received, and not when transmitted. Information now loses relevance very quickly, it should be used promptly.

An economic entity must be able not only to collect information, but to store and retrieve it if necessary. The best card file for collecting information is a computer that has both a good memory and the ability to quickly find the information you need.

Risk management performs certain functions.

There are the following functions of risk management:

The object of management, which includes the risk resolution organization; risk capital investments; work to reduce the magnitude of the risk; risk insurance process; economic relations and connections between the subjects of the economic process.

The subject of management, within which forecasting, organization, coordination, regulation, stimulation, control.

Reducing financial risk involves taking organizational measures that help prevent losses. Risk accounting involves accepting possible losses and planning their financing when substantiating an investment decision. Accordingly, risk management tools include risk mitigation tools and risk accounting tools.

Risk management becomes relevant after the discovery of a risk-problem. However, P. Drucker draws the attention of managers to the fact that results can be achieved by using opportunities, and not by solving problems. All that a person who has taken up the solution of problems can hope for is the restoration of the norm. At best, one can only hope for the removal of restrictions that prevent businesses from achieving results.

Therefore, risk management affects the efficiency of any operation and the entire financial and economic system.

The high level of expenses for control and risk management necessitated a systematic approach to risk management.

V.V. Glushchenko highlights the following significant points in a systematic approach to risk management:

1. The purpose of ensuring the safety of activities is systemic parallel protection against various types of risks. Risk management should strive to achieve a balance of objectives.

2. Risks that have a variety of sources and are associated with one object are considered as a single set of factors affecting the efficiency of resource use.

3. Risk management is related to the efficiency of an operation or any production system.

4. To reduce the risk at various cycles (stages) of the enterprise, a set of measures is being developed.

5. Risk management activities are considered as a single system.

Thus, a systematic approach to risk management allows an economic entity to efficiently allocate resources in order to ensure security.

Risk management can be characterized as a set of methods, techniques and activities that allow to some extent predict the onset of risk events and take measures to eliminate or reduce the negative consequences of such events.

To reduce risk in financial management, it is advisable to use a number of organizational risk management tools to influence certain aspects of the enterprise's activities.

The variety of reduction methods used in practice can be divided into 4 groups:

1) risk avoidance methods;

2) risk localization methods;

3) risk dissipation methods;

4) risk compensation methods.

The risk reduction methods corresponding to each group are shown in Table 1.2.

Table 1.2

Methods for reducing financial risk

Risk avoidance methods are the most common in economic practice. These methods are used by entrepreneurs who prefer to act without risk. Managers of this type refuse the services of unreliable partners, strive to work only with contractors who have convincingly confirmed their reliability - consumers and suppliers. Business entities that adhere to the tactics of "risk avoidance" refuse innovative and other projects, the confidence in the feasibility or effectiveness of which raises even the slightest doubt.

Another possibility of avoiding risk is to try to transfer the risk to some third party. To this end, they resort to insurance of their actions or the search for "guarantors", completely shifting their risk to them. Insurance of probable losses not only serves as reliable protection against bad decisions, but also increases the responsibility of business leaders, forcing them to take the development and decision-making seriously, and regularly carry out preventive protective measures. The method of "search for guarantors" is used by both small and large enterprises. Only the functions of a guarantor for them are performed by different entities: for the first - large companies, for the second - government bodies. In this case, as in other cases, it is important to compare the payment for the transfer of risk and the benefits acquired.

Risk localization methods are used in those relatively rare cases when it is possible to isolate and identify sources of financial risk quite clearly and specifically. By highlighting the economically most dangerous stage or area of ​​activity, it is possible to make it controllable and thus reduce the overall risk level of the enterprise. Similar methods are used by many large companies in the implementation of innovative projects, the development of new types of products, the commercial success of which is highly doubtful. To implement such projects, subsidiaries are created, the so-called. venture enterprises, within which the risky part of the project is localized. In less complex cases, the structure of the enterprise forms a structural unit for the implementation of risky projects. At the same time, in both cases, the conditions for the effective connection of the scientific and technical potential of the parent company are preserved.

Risk dissipation methods are more flexible management tools. One of the main methods of dissipation is the distribution of risk through association (with varying degrees of integration) with other participants interested in the success of a common cause. The enterprise has the opportunity to reduce the level of its own risk by involving other enterprises as partners in solving common problems.

Risk compensation methods involve the creation of a danger prevention mechanism. As a rule, they are more time-consuming and require extensive preliminary analytical work, the completeness and thoroughness of which determine the effectiveness of their application.

The most effective method of this type is the use of strategic planning in the enterprise. It, as a means of compensating for risk, gives an effect when the process of developing a strategy permeates all areas of the enterprise, including financial. Full-scale strategic planning actions can remove most of the uncertainty, make it possible to predict the emergence of bottlenecks in the operating and financial cycles, prevent the weakening of the company's position in its market sector, identify in advance the specific risk factor profile of the enterprise, and, therefore, develop a set of compensatory measures in advance.

Let's consider the main techniques for reducing the degree of risk.

Diversification is the process of distributing invested funds between various capital investment objects that are not directly related to each other, in order to reduce the degree of risk and loss of income; diversification allows you to avoid part of the risk in the distribution of capital between various types of activities (for example, the purchase by an investor of shares of five different joint-stock companies instead of shares of one company increases the probability of receiving an average income by five times and, accordingly, reduces the degree of risk by five times). Acquisition of additional information about the selection and results. More complete information allows you to make an accurate forecast and reduce risk, which makes it very valuable. Limitation is the setting of a limit, that is, the maximum amount of expenses, sales, loans, etc., used by banks to reduce the degree of risk when issuing loans, business entities to sell goods on credit, provide loans, determine the amount of capital investment, etc. . With self-insurance, the entrepreneur prefers to insure himself, rather than buying insurance from an insurance company; self-insurance is a decentralized form, the creation of in-kind and monetary insurance funds directly in economic entities, especially in those whose activities are at risk; The main task of self-insurance is to promptly overcome temporary difficulties in financial and commercial activities. Insurance is the protection of the property interests of economic entities and citizens in the event of the occurrence of certain events at the expense of monetary funds formed from the insurance premiums they pay. The legal norms of insurance in the Russian Federation are established by law.

Insurance should be considered in more detail. It is an economic category, the essence of which is the distribution of damage among all insurance participants. This is a kind of cooperation to combat the consequences of natural disasters and contradictions within society arising from economic relations between members of society. Insurance performs four functions: risky, preventive, savings, control. The content of the risk function is expressed in compensation for the risk. Within the framework of this function, the monetary form of value is redistributed between insurance participants in connection with the consequences of random insured events. The risk function of insurance is the main one, because insurance risk is directly related to the main purpose of insurance to compensate for material damage to victims.

The purpose of the preventive function of insurance is to finance, at the expense of the insurance fund, measures to reduce the insured risk. The content of the savings function is that with the help of insurance funds are saved for survival. This saving is caused by the need for insurance coverage of the achieved family wealth. The essence of the control function is expressed in control over the strictly targeted formation and use of the insurance fund.

Insurance can be carried out in mandatory and voluntary forms. Compulsory insurance is insurance provided by law. Compulsory insurance costs are included in the cost of production. Voluntary insurance is carried out on the basis of an agreement between the insured and the insurer.

The financial manager is constantly faced with the problem of choosing sources of funding. The peculiarity is that the maintenance of one or another source costs the enterprise differently. Decisions of a financial nature will be accurate to the extent that information is objective and sufficient.

The level of objectivity depends on the extent to which the capital market corresponds to an efficient market. Risk management is based on a targeted search and organization of work to reduce the degree of risk, the art of obtaining and increasing income in an uncertain economic situation. The ultimate role of risk management is fully consistent with the target function of entrepreneurship. It consists in obtaining the greatest profit with the optimal ratio of profit and risk.

1.3 Enterprise risk assessment

Risk assessment in the enterprise is carried out by a risk assessment manager. He designs, recommends and manages risk management and loss prevention programs to maximize the protection of corporate property and capital. Investigates and reports on accidents, incidents related to the company's products, and then coordinates the actions of insurance companies and lawyers. Views and analyzes data and develops programs to minimize risks. Monitors compliance with safety regulations, ensures that the company's products comply with industry standards and market requirements.

There are several approaches to risk assessment in an enterprise. Let's consider some of them.

The main task of the first of the risk assessment methods under consideration is their systematization and development of an integrated approach to determining the degree of risk affecting the financial and economic activities of an enterprise. The following risk assessment algorithm is proposed, which is shown in Fig. 1.1.

All risk researchers do not pay enough attention to assessing the quality of the information with which they assess risk.

Rice. 1.1. Flowchart of a comprehensive risk assessment

The requirements for the quality of information should be as follows:

Reliability (correctness) of information - a measure of the proximity of information to the original source or the accuracy of information transmission;

The objectivity of information is a measure of the reflection of reality by information;

unambiguous;

The order of information is the number of transmission links between the primary source and the end user;

Completeness of information - a reflection of the exhaustive nature of the compliance of the information received with the purposes of collection;

Relevance - the degree of approximation of information to the essence of the issue or the degree of correspondence of information to the task;

Relevance of information (significance) - the importance of information for risk assessment;

The cost of information.

It is proposed to establish the relationship between the risk and the quality of the information on which it (risk) is assessed. It is suggested that the probability of the risk of making a poor-quality (unprofitable) decision depends on the quality and volume of the information used. This assumption is taken from neoclassical risk theory. According to this theory, if there are several options for making a decision (with equal profitability), a decision is chosen in which the probability of risk (fluctuation) is the smallest. It can be assumed that also in the presence of several options with the same profit, a decision is chosen that is based on better information, that is, there is a relationship between risk and information.

On fig. 1.2. the expected dependence of the risk probability of making a poor-quality (unprofitable) decision and the volume/quality of information is shown.

A high probability of risk occurrence corresponds to a minimum of qualitative information.

Figure 1.2. Dependence of risk and information

To assess the quality of information, it is proposed to use Table 1.3.

Table 1.3

Evaluation of information used

This table allows you to analyze any information and visually verify its quality. Numbers 1-10 at the top of the table indicate the quality of the information: the better the information is, the higher the number is assigned to it. The result of the analysis can be the final value of the quality of information, which is found as an arithmetic mean.

Fixing risks. When evaluating financial and economic activities, it is proposed to fix risks, that is, to limit the number of existing risks using the principle of "reasonable sufficiency". This principle is based on taking into account the most significant and most common risks for assessing the financial and economic activities of the enterprise. It is recommended to use the following types of risks: regional, natural, political, legislative, transport, property, organizational, personal, marketing, production, settlement, investment, currency, credit, financial.

Drawing up an algorithm for the decision to be made. This stage in assessing the risks of financial and economic activity is intended for the phased division of the planned solution into a certain number of smaller and simpler solutions. This action is called drawing up a solution algorithm.

Qualitative risk assessment. Qualitative risk assessment involves: identifying the risks inherent in the implementation of the proposed solution; determination of the quantitative structure of risks; identification of the most risky areas in the developed decision algorithm.

To implement this procedure, it is proposed to use a table of qualitative analysis. In this table, the rows show the algorithm of actions when making a decision, and the columns show previously fixed risks. So, when deciding to place new base stations at one of the communications enterprises, the risk assessment may look like this (see Table 1.4).

Table 1.4

Qualitative risk assessment

After compiling this table, a qualitative analysis of the risks inherent in the implementation of this solution is carried out.

The main purpose of this assessment stage is to identify the main types of risks affecting financial and economic activities. The advantage of this approach is that already at the initial stage of the analysis, the head of the enterprise can visually assess the degree of riskiness in terms of the quantitative composition of risks and already at this stage refuse to implement a certain decision.

Quantitative risk assessment. It is proposed to base the quantitative risk assessment on the methodology used in the course of audits, namely: risk assessment by control points of financial and economic activity. The use of this method, as well as the results of a qualitative analysis, allow for a comprehensive assessment of the risks of financial and economic activities of enterprises.

Similar Documents

Consideration of the theoretical foundations for managing financial risks and the possibility of applying the methods of managing them in practice on the example of the TRASSA company, as well as the risks associated with an investment project of a wholesale warehouse. Financial analysis of the company.

thesis, added 02/13/2016


The essence and classification of financial risks, their varieties and distinctive features. Fundamentals of risk management in this area, the study of the main methods for their assessment. Methods and techniques used at the enterprise under study, efficiency assessment.

term paper, added 06/09/2014


The concept of risk, its classification and main varieties, methods of objective assessment. Analysis of ways to organize risk management at the enterprise, methods of their minimization. Development of measures to improve risk management in Rada LLC.

term paper, added 08/01/2009


Theoretical aspects of the financial flows of the enterprise: the essence, principles and methods of management. Domestic and foreign experience in managing financial risks of enterprises. Analysis of the organization's financial risk management on the example of "Shveynaya fabrika" LLC.

term paper, added 10/20/2010


The concept and essence of the risks of a modern enterprise. Risk management process. Evaluation of the stability and efficiency of the enterprise "Polyolefin-TLK" LLP. Risk management models. Preventive measures of the organization in the risk management process.

term paper, added 10/28/2015


Definition and types of risks. Comparative characteristics of techniques and methods of risk management, the process of choosing a strategy. Analysis of the business environment and the market, analysis of entrepreneurial risks in the company. Ways to minimize the risks of the enterprise in the construction market.

thesis, added 09/07/2016


term paper, added 12/22/2010


thesis, added 08/07/2012


The history of development and the concept of risks, their classification and types. The likelihood of an adverse event occurring. Stimulating and protective functions of risk. Risk management system at the enterprise. Development of a corporate financial management system.

term paper, added 01/26/2012


Conceptual apparatus and risk management process. Making preferred decisions under conditions of incomplete uncertainty. General characteristics of financial risk management. Methods for assessing their measures. Application of probabilistic methods in risk management.

2. Qualitative analysis of financial risks on the example of a manufacturing enterprise

Let's carry out a qualitative analysis of the risks of a machine-building enterprise, including financial risks, - JSC Automobile Plant Ural (abbreviated as JSC AZ Ural).

Guided by general considerations about the structure of risks by their types in the engineering industry, we will conduct a general qualitative risk analysis.

We identify risks in order to determine how to manage and minimize these risks. The balance of risk would mean that the resources of the enterprise are not fully concentrated on a particular strategy - a reasonable balance will be required between various risks, including risks related to the market, supply, technology and policy issues.

In the process of carrying out the activities of the enterprise, the main types of unforeseen circumstances will be physical and financial accidents. Physical accidents are associated with possible fluctuations in the reliability of expected sales, the cost of the engineering part of the project, etc.

Financial errors (such as inflation) will have a stronger effect on the financial viability of an enterprise than material errors, as they will change fixed investments, production and marketing costs, and sales. However, it is very difficult to assess the impact of inflation on wages and the cost of equipment.

Consider the main types of risks that the company under study may face.

The types of such risks are indicated in Table 1.

Table 2 presents a generalized risk assessment from the point of view of the business climate in the Russian Federation. Table 1. Structure of risks by their types

We will distribute the risks by their types and groups, give them an assessment on a scale from 1 to 10 (ranking from (1) - the best to (10) - the worst), expertly evaluate their weight (we assign a qualitative weight value to each risk) and value. In this case, the risk value is the result of multiplying the score and the weight.

The results of the distribution of risks by groups and types for the enterprise under study (JSC "AZ" Ural ") are presented in the table of Appendix 3.

So, the generalized risk assessment from the point of view of the business climate of the Russian Federation is as follows (risk level - nationwide / regional).

1. The risk can be classified as domestic economic, foreign economic and socio-political, which makes it possible to assess the investment attractiveness of both the South Ural region and Russia as a whole. Each type of risk is characterized by several indicators. The values ​​of these indicators are determined in points by an expert, and each of the indicators in the evaluation system has its own weight corresponding to its significance. The scores obtained during the examination are summarized for all indicators, taking into account weight coefficients. The formed generalized assessment of this type of risk for this region is calculated as:

where r is the value of each indicator in points;

A is the weighting factor;

R - generalized risk assessment.

2. The most significant are such risk groups as socio-political risk (generalized score 6.57) and domestic economic risk (generalized score 6.85).

3. The general economic or national risk associated with the political and economic situation in the Russian Federation is determined by the business climate created in the South Ural region and the Russian Federation according to the expert estimates indicated above (Table 2).

Let's give an assessment of risks by their types from the point of view of the impact on the profitability of the enterprise, the results are presented in table 3.

Table 3. Assessment of risks by type in terms of impact on the profitability of the enterprise

So, based on the assessment of risks in terms of their impact on the profitability of the enterprise (risk level - risk at the level of a single enterprise), the following general measures to reduce risk are proposed:

1. Marketing research.

2. Confirmation by consumers of need.

3. Combining the efforts of manufacturers of individual components and assemblies.

4. Combining the efforts of developers who have worked and are working in this area.

5. Acquisition of already completed developments.

6. Cooperation with high-tech manufacturers.

7. Cooperation with foreign enterprises.

8. Expansion of car modifications.

Industrial analysis (determining the stage of the life cycle of the engineering industry, establishing the position of the industry in relation to the business cycle and macroeconomic conditions, qualitative analysis and forecasting the prospects for the development of the engineering industry) allows us to draw the following conclusions: the industry risk is assessed as a risk at the average market level.

An assessment of the cyclical nature of the development of the engineering industry, based on a comparison of its dynamics with general economic trends, gives the following results:

fluctuations in prices and volumes occur in unison with general economic changes (the industry is cyclical);

The mechanical engineering industry is in the expansion stage, its main features are sales growth with some slowdown, high costs for the creation, purchase of machinery and equipment, other capital investments, investment inflow.

Therefore, for investors, investing in securities of the machine-building industry, which is in the expansion stage, is favorable (stable dividends are combined with a relatively low level of risk).

Let's assess the variational risk caused by the volatility of securities: how investors' expectations regarding future dividends and growth in market value will be justified (to a greater or lesser extent). Since this risk is associated with the deviation of actual returns relative to the expected ones, we calculate it as a coefficient of variation or the standard deviation of possible future returns relative to the most probable value of this indicator. The statistical modeling method used is beta analysis. The parameter b was estimated by an expert (since there is no representative statistics). Its value is taken in the range of 0.5 + 2 (subjective assessment of riskiness is slightly higher than the average market level for this type of investment, that is, slightly more than 1). We use the data in Table 4.

The assessment of risk factors in table 4 was made based on the results of industry, general economic risk, analysis of the financial condition of the issuer and its activities.

Fundamental “beta” according to the estimates, which are indicated in table 4, is calculated as follows:

Thus, an investment in the shares of the enterprise under study (JSC AZ Ural) is assessed lower relative to risky (when choosing the beta parameter in the range from 0.5 to 2, depending on the assessed risk factors).

Table 4. Variation risk assessment by expert way

Conclusion

So, risk is an objective phenomenon in any sphere of human activity. This is a diverse category. It is almost never possible to say unequivocally what the consequences of an undesirable event will be.

Risk is the hypothetical possibility of harm occurring. Risk is an objective phenomenon in any sphere of human activity and manifests itself as a set of individual isolated risks. At its core, a risk is an event with negative, unfavorable economic consequences that may occur in the future at some point in an unknown amount. Risk is also understood as the possibility of not achieving pre-set goals.

In conditions of market uncertainty, the role of random and unaccounted for factors with the entire set of information sources is significant. Therefore, intra-company planning forecasts are probabilistic in nature.

Risk theory considers not only types of risks, but also methods of their analysis and risk management.

When identifying and analyzing risk, choosing alternatives, in some cases, when making calculations, it is necessary to quantify the probabilities of the initial data contained in sections of the business plan and other planning documents.

Thus, aspects and methods of analysis under risk are discussed in the economic theory of investment planning in the analysis of break-even, sensitivity and probabilistic analysis.

Risk can be managed by predicting the occurrence of a risk event and taking measures to reduce the degree of risk. The effectiveness of risk management is largely determined by risk classification.

Bibliography

2. Alekseeva M.M. Planning of the company's activities. - M: Finance and statistics, 2000. -165s.

3. Balabanov I.T. Financial analysis and planning of an economic entity. - M.: Finance and statistics, 2000. -343 p.

4. Berens V., Havranek P.M. Guidelines for evaluating the effectiveness of investments: Per. from English, revised and additional ed. – M.: INFRA-M, 2000. -528s.

5. Business plan of the investment project: domestic and foreign experience. Modern practice and documentation: Proc. allowance / Ed. V.M. Popov. 2nd ed., revised. and additional - M .: Finance and statistics, 1997. -336s.

6. Business plan of the investment project. Practical guide / Ed. Ivannikova I.A. - M .: Expert Bureau-M, 1997. -112s.

7. Vlasova E.S. Fundamentals of entrepreneurial activity. – M.: Economics, 1999. -218s.

8. Volkov O.I., Sklyarenko V.K. Enterprise economy. - M: INFRA-M, 2002. -339s.

9. Volkov I.M., Gracheva M.V. Project Analysis: Textbook. - M.: UNITI, 1998. -276s.

10. Goremykin V.A., Bogomolov A.Yu. Planning of business activities of the enterprise: Methodological guide. – M.: INFRA-M, 1997. -249p.

11. Dubrov A.M., Lagosha B.A., Khrustalev E.Yu. Modeling risk situations in economics and business: Textbook / Ed. B.A. Lagosi. - M.: Finance and statistics, 2001. - 176 p.

12. Kovalev V.V. Methods for evaluating investment projects. - M .: Finance and statistics, 1998. -144 p.

13. Pankratov F.L., Seregina T.L. Commercial activity. – M.: Marketing, 2000.-227p.

14. Popov V. M. Financial business plan. - M: Finance and statistics, 2000.

15. Sergeev AA Economic bases of business planning. - M.: UNITI, 1999. -225s.

16. Strategy and tactics of anti-crisis management of the company / Ed. A.P. Gradov and B.I. Cousin. St. Petersburg: Special Literature. 2001. - 510 p.

17. Terekhin V.I., Moiseev S.V., Terekhin D.V., Tsygankov S.N. Financial management of the firm / Ed. IN AND. Terekhin. - M.: Economics, 1998. - 350 p.

18. Financial management: theory and practice: Textbook / Ed. E.S. Stoyanova. - M .: Perspective, 2003. - 573 p.

19. Financial management: Textbook for universities / N.F. Samsonov, N.P. Barannikova, A.A. Volodin and others; Ed. prof. N.F. Samsonov. - M.: Finance, UNITI, 2001. - 495 p.

20. Finance: Textbook / Ed. A.M. Kovaleva. - M.: Finance and statistics, 2002. - 338 p.

21. Sheremet A.D., Saifulin R.S. Enterprise Finance: Textbook. – M.: INFRA-M, 1999. – 359 p.

22. Chernov V.A. Analysis of commercial risk / Ed. M.I. Bakanov. - M.: Finance and statistics, 2000. - 128 p.

23. Chetyrkin E.M. Financial analysis of industrial investments. – M.: Delo, 2000. – 256 p.

24. Shapiro V.D. and others. Project management - St. Petersburg: DvaTri, 1998. -610s.

25. Sheremet V.V., Pavlyuchenko V.M., Shapiro V.D. and others. Investment management: in 2 volumes - M .: Higher school, 1998. -612s.

26. Timofeev T. Classification of types of business risks // Marketing / World of Business: consultations and comments. 2001. No. 5. p. 108-114.

Annex 1

Approximate lists of simple risks by stages

investment project

Annex 2

Classification of investment project risks

Appendix 3

Distribution of risks by groups and types

(using assessments of the business climate in the Russian Federation by the Inivers agency /10, p.147; 13, p. 59/)

We see the sufficiency of current assets for Trest Tatspecneftekhimremstroy LLC to cover liabilities. LLC “Trest “Tatspetsneftekhimremstroy” has a state of normal financial stability of the enterprise. 3. The main directions of improving the management of financial risks at the enterprise on the example of LLC "Trest "Tatspetsneftekhimremstroy" 3.1 Improving the management system ...

The main directions of work: tailoring and repair of clothes. Activities are carried out on the basis of orders from the population and other institutions: kindergartens, schools, libraries, etc. (for example, sewing curtains for the reading room of the library).

The company includes: a director who combines administrative management with a supply function (search for materials, printed clothing publications that reflect fashion trends, purchase of accessories, etc.), an accountant, 4 seamstresses, a cutter, a cleaner.

Equipment for work: the main equipment (without detailing to each pin) should include:

• 2 sewing machines from PFAFF;
• 2 Huscwarna sewing machines;
• 1 overlock Brother;
• cutter's table;
• 2 Tefal irons;
• 2 ironing boards.

It should be noted that in this type of activity, the quality of equipment and the number of operations performed on it are closely related to the quality of tailoring and, therefore, have a significant impact on the number of orders.

Office space is rented from the city administration. It should be noted that the city is small, with a population of about 40,000 people.

The main risks associated with this activity:

1. Risk of poor performance of work (refers to entrepreneurial risks):

• associated with improper cutting. In this case, nothing can be corrected, the material can only be thrown away, and its cost is included in the “Losses” item;
• the risk associated with poor-quality tailoring (for example, a pocket is sewn in the wrong place, a gathered line). In most cases, it can be corrected (the exceptions are leather products, after working with which holes remain at the site of the ripped seam), but then there is a risk that the work will not be delivered on schedule.

2. The risk of unqualified recruitment.

3. The risk associated with the theft of equipment (belongs to the entrepreneurial risk).

4. The risk associated with the failure of equipment (entrepreneurial risk).

5. Refusal of the customer to pay for the products (refers to the commercial risk). In practice, this rarely happens. Sometimes there are situations of delay in payment for the order.

6. The risk associated with the appreciation of the dollar. Since spare parts for equipment have a currency valuation, the cost of repairs increases with an increase in the dollar exchange rate (operational foreign exchange risk).

Types of threats:

1. Significant increase in rent by the administration (entrepreneurial risk).

2. Deterioration of living standards of the population, which will affect all types of entrepreneurial activity, including sewing. This will lead to a decrease in demand for tailoring (commercial risk).

3. Internal man-made threats, which include fires and accidents from improper handling of electrical appliances (overlock, iron, sewing machines), non-compliance with their technical regime, ignition of wiring, etc. (entrepreneurial risk).

It should be noted that under the legislation of the Russian Federation, the entrepreneur is liable to the customer, regardless of whether the damage was caused by his fault or by the fault of third parties or circumstances.

4. The threat of a power outage, which is especially true for a small town in winter. In this case, again there is a risk associated with failure to complete the order on time (entrepreneurial risk).

5. Social internal threats, which include strikes associated with the improper distribution of material resources from completed orders.

6. The threat associated with competition. This is possible if a competing enterprise opens in a more convenient location for residents (for example, in the city center), has better qualified personnel, better equipment (or newer) and lower prices.

7. An internal threat of a physical nature, namely: a large number of simultaneously working sewing equipment creates a high level of noise, which leads to a deterioration in the health of working personnel (environmental risk).

The risks are shown in fig. 1.

Risks that are not included in this enterprise model:

1. Investment risks, as the company does not conduct an investment policy.

2. Credit risks, as the company is not engaged in lending. At some points, the necessary funds for the purchase of raw materials are taken from the cash desk of the enterprise, or it is the personal funds of the director who is engaged in administrative functions.

3. Technical risks, as there are no construction sites.

4. Some types of financial risks: interest, portfolio.

5. Country risks, since the activity is not carried out on the territory of foreign states.

6. Political risks, which are a type of country risks.

Rice. 1. Types of risks in a sewing enterprise

Documents required for the preparation of the questionnaire. Questionnaire type. Flow Map

Allocate two stages of risk identification:

1. Collection of information about the structure of the object.

2. Identification of hazards.

The appendix presents a questionnaire developed on the basis of a standard questionnaire according to Khokhlov N.V.

Documents required to complete the questionnaire:

• balance sheet;
• report on financial results (profit and loss);
• data on the accounting of fixed assets;
• founding documents;
• internal accounting documents;
• personal cards of employees;
• data from other forms of accounting.

According to the flow map of the sewing enterprise (Fig. 2), it can be seen that the greatest damage to work can be a failure in the purchase of materials at the very beginning of the production cycle. Production does not have parallel branches, which leads to the impossibility of minimizing losses in the event of failure of one production chain. There is no supply risk at this facility. This is because the necessary raw materials are purchased for cash and brought in by the director's personal car. In this case, the company, as it were, “rents” a vehicle.

Rice. 2. Flow Map

Calculations of identified risks for the selected type of business activity

1. Statistics show that internal man-made risks (fires and accidents from improper handling of electrical appliances) occur on average 2 times a year. Then the damage from their occurrence is defined as the product of the value of property (C) located in the disaster zone by the damage factor (U). Not counting the cost of refurbishing the office, the risk per month will be: 1/12 × 1790 = $149.16, or approximately 4298.98 rubles. If the office is equipped with a fire safety system (thermal sensors, etc.), then the probability of a fire will be 1 time in two years. Then the amount of savings from taking fire safety measures will be: 149.16 - 0.5 / 12 × 1790 = 74.58 dollars, or 2149.4 rubles. (at the rate of 28.82 rubles for 1 dollar).

2. Calculation of losses on operational currency risk.

The business plan provides for the average amount of repair of 1 unit of equipment. Since the cost of parts is tied to the dollar, therefore, the cost of repairs is directly proportional to the growth of the exchange rate. It is necessary to include in the plan the amount of inflation (1% per month) or to allocate an amount in US dollars for repairs. Operational currency risk in our country can appear not only every day, but even several times a day. Therefore, the probability of its occurrence is estimated at 0.5. Let's assume that we "put" in the plan the amount of 1500 rubles. + 1%, added for inflation and put a risky "pillow" of 4% of the amount.

Then the amount of funds we risk will be:

(1500 + (1500 / 100) × 1 + (1500 / 100) × 4)) × 0.5 = 787.50 rubles.

If inflation is higher than our forecast level (for example, 2%), then our company will not incur losses, since the model includes a risk cushion. But if the jump in inflation is much higher than the forecast level, then the company's losses will remain uncovered.

As a measure to prevent losses associated with this risk, we can advise you to create a reserve fund in US dollars.

3. Consider the entrepreneurial risk associated with poor performance. Statistics show that the probability of its occurrence will increase with a decrease in the categories of working personnel. The damage from this risk is reduced by 2 times if the majority of employees have a work experience of 1 year and a grade starting from the third.

4. Consider the business risk associated with a power outage. The probability of its occurrence increases significantly in winter, when the load in the electrical circuit increases. In this case, the entire work plan is disrupted, which leads to non-completion of work on time. It can be advised not to indicate any penalties in the application for sewing work, which will only increase losses. For example, some large medical institutions have their own mini-generators to generate electricity for this case.

5. Consider the entrepreneurial risk associated with the failure of equipment. This may occur due to a sharp fluctuation in the voltage in the mains, non-compliance with the rules of operation of the equipment, wear and tear of the equipment. The likelihood of this risk occurring will be significantly reduced if the following measures are taken:

• work with equipment through a surge protector that stabilizes the voltage;
• to acquaint the employees of the enterprise with the norms of operation of the equipment;
• inspect equipment in a timely manner and replace worn parts.

Timely identification of enterprise risks will significantly reduce the amount of damage incurred. For example, only the prevention of internal man-made risks and operational currency risk will save 2149.4 rubles. + 787.50 = 2936.90 rubles. Risks may overlap, and some may lead to others. After some time, as a rule, new risks are formed at the enterprise.

The task of the risk manager is to systematize the accumulated information, develop programs to control and identify new risks, and thereby prevent possible damage.

APPLICATION

QUESTIONNAIRE

1. general information

2. Financial and administrative data

3. Enterprise management data

4. Information about the territorial structure and location of the object

5. Information about the staff and the population living in the vicinity

6. Description of production technology

7. List of property (except vehicles)

8. List of vehicles

There are no own vehicles.

9. List of insured objects

There are no insured objects.

10. Information about losses as a result of accidents and equipment failures

11. Data on claims filed and compensation paid

L.P. Goncharenko, Doctor of Economics Sciences
CM. Manukyan