Abstract
This paper reflects the problematic situation in the field of risk-management at mining enterprises. It is connected with the fact that not all hired top managers understand the role and importance of the risk management system in the overall management system of a mining enterprise. However, an increase in the number and weight of the consequences of the onset of risk events has recently changed the vision of senior management, business owners and other stakeholders in favor of recognizing the need to create in the structure of mining enterprises, if not separate, specialized structural units, in the form of a risk management service, then at least introduction of a staff unit of a specialist - a risk-manager , who clearly understands what the organization is doing to form and increase the value of a business and how he can influence this, demonstrating his professional knowledge, skills, and even some insight in anticipating future risks of a mining enterprise ... But the economic situation in the region, the country and the world does not allow, due to financial constraints, to fully implement the technologies developed in theory and fixed in practice for the application of methods and approaches to risk management in the mining industry, including the purchase of expensive software products that allow the formation of an effective risk-management system. Therefore, mining risk management professionals need to take full advantage of the potential and benefits of the GRC system, which has existed since 2004, which aims to use a common language and corporate risk management methodology to achieve the company's strategic goals. The results of the studies presented in this paper state that the main risks that the owners of mining enterprises are concerned about are financial risks and operational risks, legal risks, commercial risks and the risk of fraud, as well as natural, environmental and man-made risks, but a significant part of mining enterprises in the region does not have a well-developed risk management system, does not carry out systematic work to identify risks, assess risks and their possible consequences, and therefore: either operate at extreme risk, taking catastrophic risk, or work at the margin of profitability, refusing to accept risks, even there, where you really need it. However, one should proceed from their understanding that technologies in the field of corporate governance of mining enterprises, including risk management, can not only form lines of defence against risks, but also increase the value of a mining enterprise through an effective risk-management system.
Highlights
The scientific community has proven that there are very few conventionally risk-free objects
An increase in the number and weight of the consequences of the onset of risk events has recently changed the vision of senior management, business owners and other stakeholders in favor of recognizing the need to create in the structure of mining enterprises, if not separate, specialized structural units, in the form of a risk management service, at least introduction of a staff unit of a specialist - a riskmanager, who clearly understands what the organization is doing to form and increase the value of a business and how he can influence this, demonstrating his professional knowledge, skills, and even some insight in anticipating future risks of a mining enterprise
In the course of the conducted studies of the state of the risk-management system of coal companies in the region, it was concluded that the vision of business owners regarding the composition of risks inherent in this entrepreneurial activity coincides with the vision of top managers of coal enterprises
Summary
The scientific community has proven that there are very few conventionally risk-free objects. Any commercial structure that exists for the sake of deriving benefits, most often in the form of profit, by satisfying social needs. Mining enterprises in this interpretation are no exception. Business owners, top managers and other stakeholders should understand that in modern conditions, risk-management is one of the key areas in the management of a mining enterprise. The modern reality is such that not everyone understands this, even when they often face risky situations in the professional sphere. Updating knowledge in the field of risk management, promoting business at a profitability level above the industry average on the basis of building an effective risk-management system are the tasks of this work
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
