Risks of the interaction between enterprises of the oil industry and parties in the external environment

Abstract

Subject. The article discusses on various aspects of the economic security of business operations in the Russian oil sector as is now. Objectives. I review risks of the interaction between enterprises of the Russian oil industry and parties in the external environment. I also describe the outcome of study into some aspects of such interaction in terms of business risks and economic security. Methods. The study uses methods of the systems analysis to examine the current situation and distinctions in the economic security and informal business activities in the oil sector, and respective business risks. Furthermore, I applied such methods as observation, comparison, generalization and hypothesizing deduction. Results. Considering specific business risks, I described how the business partner’s activity should be analyzed in order to ensure the economic security of an enterprise in the oil sector, and counter the corruption in the industrial entrepreneurship. The article enlists signs to consider in assessing the legal status, creditworthiness and fairness of a would-be business partner. Conclusions and Relevance. When many Russian enterprises undergo the pre-crisis, crisis and post-crisis phases of their lifecycle, there should be efficient approaches to managing and ensuring the economic security. The consistent, comprehensive use of the cause-and-effect relationships, which are described herein, should help lower business risks and increase the economic security of enterprises in the oil sector.