RISK MANAGEMENT AS A TOOL FOR SUSTAINABLE DEVELOPMENT
Journal Title: Сталий розвиток економіки - Year 2016, Vol 31, Issue 2
Abstract
Purpose is to study the aspects of risk management applications, to define the main stages of the risk management process and to summarize aspects of risk management as a tool for sustainable development. Methodology of research. The methodological and theoretical basis of the study is the writings of Ukrainian and foreign scientists, as well as the results of author’s own researches. The following methods of scientific research have been applied in the process of writing this article: the analysis and synthesis – for the definition of risk and risk management); generalization – to determine risk properties; structural logical – in order to develop the sequence of steps for risk management process; graphics – for visual illustration of the process of risk management. Findings. The content of risk management for sustainable development has been defined. The types of risks (economic, political, legal, social, environmental and man-made), their properties (integrity, agility, flexibility, complexity, manageability, diversity) and the sources of risks (internal and external) have been identified. The sequence of steps in the process of risk management for sustainable development has been found. The process of risk management consists of certain stages, the main of which are: the definition of objectives of risk management; collecting and processing the necessary information; detection and identification of risks; risk ranking; risk analysis; qualitative and quantitative risk assessment; selection of method for risk management; organization of direct impact on risk; implementation of risk management measures; monitoring of the results of risk management; determine the effectiveness of risk management. Originality. The author’s understanding of "risk management" concept has been proposed. The sequence of steps in risk management process for sustainable development has been defined. Practical value. The results of research can be used for implementation of risk management into Ukrainian business practice in order to ensure sustainable development.
Authors and Affiliations
Maryna Borovyk
Keywords
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