Theoretical and methodological basis of financial risk management of a strategic enterprise

Abstract

Abstract. The approaches given in national and foreign scientific literature to the definition of the essence of financial risk management of strategic enterprises through the concepts of "financial risk" and "risk management" have been summarized. It has been identified that the category "financial risk" was considered by the authors from different angles and using different approaches. At the same time, in the economic literature, risks were mostly considered as the probability of financial losses. Accordingly, the main goal of risk management was aimed at managing the potential financial result, that is, at minimizing, limiting or neutralizing risks. It has been determined that financial risk management is a system of organizational and financial measures aimed to preventing, eliminating and limiting financial risks, as well as minimizing the cost of their financing. After all, the consequences of the existence of financial risks might be negative for any activity. It has been found that the financial risks of strategic enterprises do not differ from the risks of ordinary commercial enterprises. However, they are more potentially dangerous and require attention primarily from the state regulator. The drivers of the emergence of financial riskhave been identified, among which are: the dynamism of the country's economic sector; inflation; changes in market conditions; consumer demand; the emergence of new monetary instruments; market development; expansion of sales markets. The necessity of managing the financial risks of strategic enterprises has been substantiated. Also, the stages of financial risk management of a strategic enterprise have been considered, namely, risk analysis, control and financing. It has been established that a feature of modern financial risk management is a combination of qualitative and quantitative analyses. Approaches to the quantitative assessment of the strategic enterprises’ financial risks have been considered and the advantages of each of them have been indicated. Directions for improving the financial risk management of strategic enterprises in Ukraine have been proposed, namely: setting clear goals and forming a list of desired results of financial risk management; reforming the risk management strategy, the main goal of which should be risk prevention; investigation of all possible factors affecting the financial condition of the enterprise; introduction of a diversified assessment for each type of risk; improvement of the assessment stage through the formation of expert groups; development of an action program to reduce the degree and magnitude of risk; development of financial risk insurance, which in turn will reduce the burden on the state. Key words: financial risk; risk management; strategic enterprise; financial risk management; stages of risk management; qualitative risk analysis; quantitative risk analysis; drivers.