Grinevich O.
Introduction. The modern period of
Financial risk remains relatively high in
Problem statement. Despite long time of a functioning the financial
relations, a domestic science faces today necessity of creation the control
system of financial risks in the market economy conditions.
Results. There are
three major financial risks that
·
high inflation;
·
increasing current
account deficits;
·
large private
foreign borrowings, particularly short term, that can jeopardize the banking
sector and lead to devaluations;
·
an inadequate local
bond market, while the illiquid stock market plays little role in providing
equity finance.
Management of
financial risks is understood as set of methods, receptions and the actions
allowing in certain degree to predict realization of risky events and to take
measures under their prevention or decrease in negative consequences of
realization. For this reason, managements includes stages of the prevention,
neutralization and minimization of negative financial consequences[1].
Methods which allow
to model and form scenarios of realization of a risky situation in the
conditions of introduction of particularly chosen strategy of development of
the enterprise are a basis of the prevention of financial dangers. The most
widespread among them are:
1) SWOT-analysis
applications;
2) modeling of business processes;
3) the analysis of the clashing purposes;
4) modeling of risks-advantages on the basis of the utility
theory;
5) application of a benchmarking on the basis of the analysis
of competitors indicators and the
best branch companies;
6) construction of financial
balance matrixes;
7) monitoring of indicators of a financial condition of the
enterprise, revealing of threat of bankruptcy to the enterprise; forecasting of
bankruptcy of the enterprise according to officially confirmed technique;
8) forecasting of external economic conditions in the country,
managing region etc.
On the basis of use
of these methods at the enterprise working out and introduction of some the
preventive actions directed on evasion from risk among which the most influential
on financial safety are possible:
1) usage of world achievements in business technologies;
2) introduction of innovations;
3) working out and control system introduction by the currency
risks directed on minimization of financial losses, connected with economic
activities;
4) introduction in management practice by financial risks of
the compromise concept between risk and
profit;
5) updating of enterprise’s
strategic and tactical plans;
6) refusal of unreliable partners and of the actions connected
with considerable probability of realization of risk;
7) increase in
relative density of turnaround actives;
8) search of "guarantors" introduction of any
administrative decision[2].
At a stage of risk neutralization
(minimization) the most widespread in practice is use of following methods:
1) methods of risk
localization: allocation of "bottlenecks" in structurally or
financially independent divisions of the enterprise (an internal venture);
2) methods of risks
minimization or risk deduction within the comprehensible: limitation of
financial risks: an establishment of the minimum sizes high liquid enterprise
actives, an establishment of the limiting size of extra means in economic
circulation; an establishment of the maximum size of the depositary
contribution placed in one bank; limitation of concentration of risks,
reception from counterparts of certain guarantees by granting of commercial
credits and loans; sale of the goods on the terms of financial leasing;
3) methods of risks
dissipation: integration responsibility distribution between partners in
manufacture; a diversification of kinds of activity, commodity markets and
managing zones, expansion of a circle of partners-consumers and
partners-suppliers of raw materials, materials, etc.; distribution of risks on
work stages on time; a diversification of an investment, currency and
depositary portfolio of the enterprise, a diversification of a portfolio of
securities; hedgings[3].
Simultaneously, in
parallel with the prevention of development of risks and neutralization of
threats, maintenance of financial safety of the enterprise can provide
indemnification of possible losses. Overcoming or minimization of negative
consequences of realization of risks is based on it. The most widespread in
practice of a finance administration by methods of indemnification of risks
are: reservation of a part of financial resources for maintenance of overcoming
of negative financial consequences: formation of insurance fund of the
enterprise according to requirements of the current legislation and formation
of target reserve funds; introduction "awards for risk" and systems
of penal sanctions; introduction of strategic planning; introduction of
"aggressive" marketing; lobbying of bills, probable risks neutralized
or compensating factors; issue of convertible preference shares; struggle
against industrially-economic espionage; insurance of financial risks: results
of economic activities, non-material actives, financial investments; creation of associations, mutual support and
help funds, creation regional or branch structures of a mutual insurance and
reinsurance systems.
Conclusions. Success of subjects
activity appreciably
depends on the accepted concept of risks management. The mechanism of financial
risks neutralization
is based on use of methods set and receptions of possible financial losses
reduction .
The basic
methods of financial risks neutralization concern: avoidance of risk, risk
deduction, minimization of risks, risk transfer. Minimize financial risks the
enterprise can as by an establishment and use of internal financial
specifications in the course of working out of the program of certain financial
operations realization
or financial activity of the enterprise as a whole, and uses of external
insurance.
References
1.
Hlistunova N.V. Financial risks and solvency
of the enterprises / / Actual problems of economy. – 2003. – ¹ 7(25). – p. 63 – 68.
2. Vushnivska B. Methods of financial risks minimisation
/ / The Economist. - 2007. - ¹ 6 - p. 58 -59
3. Kramarenko G. O. Chorna O.E. Financial management: the Textbook. -