PARADIGM OF INTEGRATED RISK MANAGEMENT

Abstract

Urgency of the research. Forming of integrated risk management is a prerequisite for improving the efficiency of companies in a changing environment and the important direction of providing the development of modern companies. Target setting. Integrated risk management requires a holistic approach that will contribute to risk-appetite of a particular company and the characteristics of each business process’ realization. Analysis of recent researches and publications. Theoretical and practical aspects of integrated risk management have laid in the works of scholars such as: H. Berg, V. Vitlinskiy, A. Kaminskiy, R. Kaplan, V. Kravchenko, D.Norton, D. Palunin, M. Henley and others. Uninvestigated parts of general matters defining. The researches of new in terms of methodology approaches to the forming of integrated risk management in companies, adapted to modern trends in the economic process in the country are still relevant. The research objective. The development of scientific views to risk management based on its integration with business processes depending on the goals of the company's development. The statement of basic materials. The author has highlighted the question of the dialectical relationship between components of company management and risk management. The importance of the transition from the perception of risk management by the separate direction of company's activity to the forming of a risk management culture for providing the integration of risk management with business processes was emphasized. For the purpose of detailed presentation of forming the integrated risk management the risk integration pyramid within the management system of companies is provided. Conclusions. The proposed approaches to the forming of the concept of integrated risk management strategy will allow improving the forming of development strategies of companies, which is especially important in the economic, social and political instability of the functioning of the environment. [ABSTRACT FROM AUTHOR]