IMPROVING THE QUALITY OF RISK MANAGEMENT AS A PREREQUISITE FOR EFFECTIVE PROVISION OF ELECTRONIC PAYMENT SERVICES

Abstract

In recent years, the use of information technology in the field of financial services is expanding, which transforms the ways of their provision and consumption. FinTech is developing rapidly, forming a powerful sector of the digital economy. Much attention focuses on digitalization and the provision of electronic payment services, which is important for the development of all types of e-business. One of the main conditions for their effective provision is risk management, improving the quality of which is becoming an urgent scientific and practical task. This is the basis for the improvement of electronic payment systems and payment ecosystems in the digital environment.
 The purpose of the article is to identify areas and practical proposals for improving the quality of risk management as a prerequisite for effective provision of electronic payment services. The importance of risk management for the enterprise-provider of electronic payment services is substantiated, taking into account the basic principles of their provision and importance in the payment infrastructure. The content and direction of improving the quality of risk management, its potential in improving the efficiency of providing electronic payment services for decision-making, reducing losses, optimizing costs and ensuring stable operation of the enterprise are explained. The understanding of the essence and subject of risk management in the field of electronic payment services and its industry characteristics is specified. Characteristics and properties that indicate the quality of risk management are explained. The goals, tasks and features of risk management at the enterprise that is the provider of electronic payment services are determined. The methodological bases of risk management at the enterprise providing electronic payment services are revealed, including strategic bases, objects, principles, types, kinds, elements, approaches, key processes and methods of risk management.
 A frame that defines the stages, nature and content of risk management components is proposed, namely: risk identification; risk monitoring and control; risk analysis and assessment; development and implementation of measures in order to minimize or eliminate risks; analysis of results and evaluation of the effectiveness of risk management measures. Practical recommendations for improving each of the components have been developed. The internal and external aspects of risk management are described. The bases of formation and directions of improvement of the risk management system at the enterprise-provider of electronic payment services within the procedural, intellectual, program-technological block are determined. PayTech risk insurance is clarified. The expediency of innovations to improve RegTech in the context of risk management is substantiated.