Evaluation of currency’s risk control system effectiveness

Abstract

Relying on well-known domestic and foreign experience in the assessment of currency risk management, the article identifies approaches to the development and implementation of evaluation standards. Based on the author’s definition of an effective system of risk management in credit institutions different levels of assessment, their common features and disadvantages, as well as general methodological approaches to the formation of the system are identified. These include the grading system for risk management by internal and external actors (Central Bank, auditing and rating organizations, internal control of the bank), its comparison with the optimal reference model and, finally, a change in the existing system to improve its effectiveness.