Science riskology today refers to the young branches of scientific knowledge. The fact that certainty in terms of the phenomenon of economic risks has not been achieved to date is proof of this. Situations often arise when the concepts of "economic risk" and "financial risk" are confused not only by specialists in economic speci alties with experience, but also by risk managers.
In any case, this question cannot be called simple. The fact is that a clear dividing line, even between the economy and finance at the enterprise level, has not been drawn by domestic science. In this article, we will analyze the category of financial and economic risks. Consider their classification and other equally important aspects of the topic.
General information
In Russian, the term "risk" should be considered as "acting enterprisingly." V. I. Dal gave an appropriate definition of the concept of risk. In his opinion, this is an action, an enterprise at random in the hope of getting a happy outcome. It is interesting to note that S. I. Ozhegov defined the term aspossible danger. Summarizing these options, we can conclude that risk is nothing more than a danger that threatens a successful outcome.
Risks in market relations
Let's consider the issue of economic risks. This is a special category, the essence of which is disclosed in this article. Typically, market relations are built in conditions where entrepreneurs do not always have the opportunity to obtain reliable and sufficient information regarding the financial condition of competitors, market conditions, the economic situation in the region, and so on.
The above circumstances introduce an element of uncertainty into market-type relationships, which makes it difficult to develop the correct behavior that will result in profit. It is worth noting that the opportunity to receive it has a real security only when the assessment of the possibility of incurring losses is made in advance.
History of the term
Economic risk is a category whose history begins in the late 80s. It should be noted that during the period of the planned economy, the problem of risk was not given due attention. Thus, the economic term itself was almost never used in an applied sense.
In the late 80s, the concept of entrepreneurial risk appeared in Russia. Already in the early 90s, more than seventeen types of risk were envisaged: financial, economic, interest, investment,currency and others. This is what raised the question regarding the need to clarify the concept, as well as its classification.
Modern concept
Next, let's analyze the analysis of economic risks in a modern way. It is worth noting that today in the literature this concept does not have a single definition. However, the basis of any risk is nothing more than a possible danger, uncertainty about the future. Currently, it is traditionally accepted to single out two definitions of the term. The first is based on the causes of risk and, accordingly, their uncertainty. The second definition is based directly on the impact on risk. From this we can conclude that economic risk is the deviation of the negative plan from the goal.
In practice, a situation often arises, in accordance with which the decision at the initial stages contains a risk of a clearly unreasonable nature. As a rule, it is called an adventure. Under this concept, it is advisable to understand an undertaking that is carried out without taking into account real forces, conditions and opportunities, counting on random success. Usually it is doomed to failure, in other words, there are objectively no prerequisites for the implementation of the plan.
System of economic risks. Classification
The classification of the category under consideration is formed taking into account a number of criteria. It is advisable to analyze them in more detail. Economic risks are nothing more than risks that are caused by changes in an unfavorable plan in the economy of a country or enterprise. It should be noted that alltypes of risk are closely related. So, in practice, their separation is relatively difficult for specialists.
So, according to the nature of accounting, there are such types of economic risks as internal and external. It is expedient to refer to the latter risks that are not directly related to the work of the structure or its contact audience. It should be noted that a fairly large number of factors have a significant impact on the level of such risks. Here it is necessary to emphasize economic, social, demographic, geographical, political and other factors of economic risks.
The number of internal includes risks that are caused by the activities of the company itself and its contact audience. It is important to add that their level is influenced by the business activity of the head of the enterprise. An important role is played by the choice of the optimal strategy, tactics and policy in marketing, as well as other factors, among which it is necessary to note the level of specialization, safety, labor productivity, technical equipment, production potential, and so on.
By the nature of the consequences
Assessment of economic risks led to the conclusion that it is appropriate to classify according to the nature of the consequences. Thus, it is customary to single out speculative and pure risks. The latter almost always carry certain losses for entrepreneurship. Speculative risks can be characterized by both losses and additional profit for a businessman.relative to the expected result.
Activities
The most numerous group according to the classification is the division according to the sphere of manifestation. It is based on areas of activity. It is worth noting that the features of the manifestation of any risk can be associated not only with what kind of entity carries out activities of a risky nature, but also with what the area of manifestation of this activity is.
Here it is advisable to highlight the following activities:
- Production, according to which the entrepreneur produces a product, sells services, spiritual values, information or performs work for their subsequent sale to the consumer.
- Commercial. Here the businessman is the businessman. It sells finished commercial products purchased from others directly to the consumer.
- Financial is a special form of commercial business in which the subject of sale and purchase are securities and money sold to the consumer or provided to him on credit terms.
- Mediation activity. Here, a businessman does not independently produce and sell goods - he is considered an intermediary, a link in the process of exchanging marketable products, in commodity-money transactions.
- Insurance consists in the fact that the entrepreneur guarantees the consumer to compensate for the possible loss of property, life or valuables as a result of an unforeseen incident for a certain fee.
Let's consider the classification
To dateIt is customary to distinguish the following types of economic risks according to the sphere of occurrence:
- Production risk, which is associated with the failure of the enterprise to fulfill its plans and obligations regarding the production of products, services, other types of activities due to the adverse effects of external circumstances, as well as inadequate use of new technologies and equipment, working capital and fixed assets, working hours, raw materials.
- Commercial risk arises in the process of selling marketable products and services that are produced or purchased by the entrepreneur.
- Financial risk arises in the sphere of relations between market entities and banks, as well as other financial institutions.
By source of danger
Depending on the source of danger, economic risks can be associated:
- with the destructive influence of natural forces (snowfalls, floods, earthquakes, epidemics, fires, etc.);
- with political causes, including wars, revolutions, coups and so on.
- with reasons for the economic plan (falling stock prices, currencies, bankruptcy, inflation, non-performance or poor performance of contractual obligations by counterparties, and so on);
- with legal reasons (changes in legislation, imperfection of legislation, illegal behavior: robbery, theft, criminal negligence, fraud and other attacks on property).
Conclusion
So, we have consideredconcept, definition and main varieties of economic risks. In conclusion, it is worth noting that the key to the success of any management decision, related both to the introduction of a new instrument in financial terms, and to the implementation through its specific project, is the institution of economic risk management, or risk management. It includes forecasting the emergence of any potential risks when introducing innovations or implementing specific projects, as well as taking measures related to eliminating the conditions and causes that give rise to risks, or minimizing the direct risks and negative consequences arising from them. Risk management includes forecasting the occurrence of a risky event in a potential plan. Thus, it makes it possible to take timely measures to prevent or reduce the degree of consequences that can come from a risk if it cannot be localized.
Many effective methods of risk reduction are known in world practice. Among them are diversification, insurance, risk transfer, collecting additional information, limiting, checking business partners, recruiting structure personnel, business planning, as well as organizing business protection.
