Effective Risk Management System Research Articles

Çağdaş Risk Yönetimi Standartları Çerçevesinde Sanayi İşletmelerinde Risk Yönetimi Algısı Üzerine Bir Araştırma (A Research on Risk Management Perception in Industrial Enterprises within the Framework of Contemporary Risk Management Standards)

Purpose – The aim of the research is to measure the current risk management perceptions of industrial enterprises in order to guide them to create an effective risk management system in line with contemporary risk management standards. Design/methodology/approach – The research data were collected through a survey from 30 large industrial enterprises operating in the province of Kutahya, contributing to the city economy in terms of employment numbers, closed area size, turnover and export volume. The data were analyzed with SPSS 21 statistical program. Findings – As a result of the research, it was seen that the personal attitudes of business managers against risks are in the form of a “risk-free” perspective. Addition to that, it has been concluded that there is a traditional understanding that businesses predominantly perceive and manage financial risks. The findings have proved that the modern risk management understanding is not perceived in industrial enterprises and that the risk management has not reached a certain level of maturity yet. Discussion – It is an important issue for the effectiveness of the system to determine the perceptions they develop against risks before establishing a risk management system in contemporary standards. Without measuring the current risk and risk management perception in businesses, any risk management system will create serious deficiencies at the beginning. In this sense, with the scale developed in the study, it is expected that the managers of industrial enterprises will determine how they perceive contemporary risks and contribute to their businesses in reviewing and developing existing risk management systems.

ANALYSIS OF INDUSTRIAL PRACTICE OF DRUG QUALITY RISK MANAGEMENT IN RUSSIAN PHARMACEUTICAL ENTERPRISES

The aim of the research was to study the current industrial practice of drug quality risk management in Russian pharmaceutical enterprises, including the assessment of the main problems during the implementation of the risk management system and its compliance with the accepted international approaches.Materials and methods. In the period from 6 April to 10 May 2020, an online survey of the leading employees in the field of quality assurance of Russian manufacturers was conducted. In the survey, the questionnaire was based on the results of the authors’ analysis of the national regulatory legal acts of the Russian Federation, the European Union countries, international guidelines of the EAEU, ICH and WHO in this area. 111 people took part in the survey, the return of questionnaires was 11.5%.Results. The data obtained indicate the prevalence of a superficial approach to quality risk management in the Russian pharmaceutical industry, the presence of objective and subjective reasons that hinder the effective implementation of these methods, the fragmentation of the systems used and, in most cases, their ineffective use. The respondents believe that the most significant reasons for the difficulties in implementing this methodology, are the lack of recommendations from the Ministry of Industry and Trade of Russia on creating an effective quality risk management system and a shortage of the specialists who are ready to work in the area of this industry. The survey revealed rather large gaps in the deployment of a risk management system at the enterprise and separation from the established international practice.Conclusions. The data obtained indicate the extreme urgency of developing recommendations for a quality risk management system, which should be based upon and supported by Russian regulatory legal acts and international experience in this area. The authors propose highlights for these recommendations.

Features and problems of lending to agricultural enterprises

The agro-industrial complex (AIC) is considered a high-risk area, since the activities of agricultural producers are influenced by natural and climatic conditions, the seasonal nature of revenue from sales of products. Features of the reproduction process in the agro-industrial complex affect the sources of financing the production activities of agricultural enterprises, among which bank loans play a significant role. The article discusses the features of credit risk management of JSC “Russian Agricultural Bank”, reveals the features of Bank lending in this area. Lending plays an important role in the development of agriculture. For agribusiness enterprises, it is the main source of updating production and working capital. Loans are provided for the purpose of improving production assets, increasing capacity, and other aspects. Therefore, risk management is becoming increasingly important and is becoming one of the most important conditions for ensuring the economic security of credit institutions. Implementing targeted and consistent risk management requires significant organizational effort, time, and other resources. An effective risk management system, in particular credit risk, is one of the necessary conditions for the sustainable development of JSC “Russian Agricultural Bank”.

FORMATION OF AN EFFECTIVE RISK MANAGEMENT SYSTEM AT THE ENTERPRISE

Abstract. The purpose of the article is developing a risk management system in the aviation industry. After analyzing the works of many scientists, such concepts as «risk», «risk management» were considered and their importance in business was highlighted. This article provides a coefficient analysis of the financial condition of one of the largest airlines in Ukraine PJSC «International Airlines of Ukraine». The authors pay special attention to external and internal factors, which are the main result of losses from the decline in air traffic, to regional factors that shape the demand for air traffic within a particular area and directly affect the efficiency of the airline. Therefore, the authors present regional factors that affect the results of economic activity and financial stability of the airline. As a result of the study, we observe that one of the preventive methods of risk identification is targeted management, which in essence is a way to achieve effective business structure in the future. The development of a risk management system should be an integral part of its targeted management. The authors have developed a risk management system for this company, which has a clear structured approach that combines strategy, business processes, staff, technology, experience and knowledge. This system is the basis of the corporate governance system, which requires a long transition period, as well as a significant increase in the professional level of staff. At the risk assessment stage, the authors propose to consider sources of information to compile a risk map. In addition, the authors believe that it is necessary to carry out general monitoring of processes occurring in various departments of the airline in order to identify new, unspecified risks, as well as new business processes that may involve risks. A new risk management process is proposed for this control. Creating an effective risk management system allows to ensure a high level of quality and rationality of management decisions, which enables the company to achieve strategic and tactical goals. Keywords: risk, risk management, risk management system, analysis, diagnostics, sources of information, business processes, management decisions, aviation business. JEL Classification D81, L93, M21 Formulas: 0; fig.: 4; tabl.: 1; bibl.: 10.

Financial Sustainability Assessment of the Largest Systemically Important Credit Institutions in the Context of the Global Instability

The national banking system is the driver for the national economy that unites various types of credit organizations that operate within a single monetary mechanism. The banking system is a part of the economic “organism”, whose condition determines the stable development of society. The problems that currently exist in the banking sector reflect instability of the entire economic situation in the country. The reasons are a reduction in budget support for organizations and the inability of some of them to adapt to changing external conditions. In crisis conditions, it is of particular interest to assess the financial sustainability of the activity of the largest systemically important banks in the country, which are the “circulatory system” of the national economy. This article assesses the financial stability of PJSC “Sberbank of Russia” based on an analysis of the main groups of its performance indicators for 2007-2019: capital adequacy, asset quality, management efficiency, profitability and liquidity. According to the research results, it is revealed that during the period under review, the activity of Sberbank is stable with respect to such indicators as capital adequacy, profitability, management efficiency and liquidity. Bank activity is unstable relative to asset quality indicators. The high value of the asset quality ratio characterizes the increased degree of riskiness of operations conducted. The ratio of overdue debt is above the norm, which adversely affects the financial stability of the bank. The most important achievement of Sberbank of Russia in 2019 - the launch of a new digital platform of the bank. The use of artificial intelligence technologies has already become an important driver of Sberbank business. Due to the pandemic of COVID-19, the Russian banking sector may face a number of problems. By 2021-2022, the growth is expected only by those banks that will build an effective risk management system and will be able to adapt their business strategies to the new economic realities and tougher requirements of the regulator.

Basics of building a risk-management system at mining enterprises

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.

ТЕОРЕТИЧНЕ УЗАГАЛЬНЕННЯ ОСНОВНИХ ФАКТОРІВ ВПЛИВУ НА ЕФЕКТИВНІСТЬ СИСТЕМИ УПРАВЛІННЯ РИЗИКАМИ ПОЛІГРАФІЧНОГО ПІДПРИЄМСТВА

The current realities of domestic printing companies reflect not only market trends in printing products, but also the peculiarities of doing business in conditions of fierce competition and a high degree of uncertainty, which creates the preconditions for managers to make risky decisions. Entrepreneurial risk is a concept that has long been entrenched in the minds of economists and entrepreneurs. This concept means the willingness of entrepreneurs to incur possible losses in exchange for possible profits that exceed that which can be obtained without risk. In addition, entrepreneurial risk implies a willingness to work in conditions of uncertainty, which in itself means that entrepreneurs accept risk as an integral part of business. Increasing demand for quality printing products necessitates the modernization of production and the use of new approaches to business organization. Any transformational changes in the process of leaving the printing company, but a new level of quality, is always associated with risk. That is why the analysis of the factors that determine the effectiveness of the risk management system of the printing company and highlight the main aspects of its operation, in our opinion, is a topical issue. Identification and analysis of factors that affect the effectiveness of the risk management system of the printing company, provides managers with the necessary information base for the formation of an effective risk management system, adapted to the specifics of the printing company. The risk management system of a printing company, provided it is built correctly, is able to minimize the negative impact of risk on the level of economic security and provide the conditions for stable operation of the enterprise. The study outlined the main factors that determine the features of the formation of the risk management system of the printing company and identified the main aspects that ensure its effectiveness. Given the significant potential of the printing industry and the dual nature of risk, the issue of effective risk management requires continued search for new approaches to minimize business risk, able to ensure the successful operation of the printing company, where the potential of the printing industry.

RISK MANAGEMENT IN THE FINANCIAL SECTOR OF UKRAINE IN THE CONTEXT OF CYBER THREATS AND POST-PANDEMIC ECONOMIC RECOVERY

Purpose. The aim of the article is substantiation of approaches of domestic and foreign scientists to risk management in the financial sector of Ukraine in the context of cyber threats and the need to ensure national security and post-pandemic economic recovery. Methodology of research. General scientific and special methods of scientific research are used in the article, in particular: induction, deduction, scientific abstraction - to reveal the essence of the concepts of "cyber threat", “cyber security" and "digitalization"; statistical and graphical methods - to assess the current situation in the field of cyber defence in the world and the national cyber security index; methods of analysis and synthesis - in substantiating the conclusions of the research. Finding. Definitions of cyber risk, approaches to its interpretation and classification were considered. The importance of cyber security in the digitalization of the national economy was argued. The Strategy of Ukrainian Financial Sector Development until 2025 is analysed. The world statistics of frequency and losses due to cyber-attacks are studied and the cyber threats that caused the greatest losses in Ukraine are identified. The analysis of Ukraine’s positions in the National Cyber Security Index 2020 is carried out. The directions of cyber threat prevention that can be useful for Ukrainian companies are substantiated. Originality. The author’s definition of the term "cyber risk" is proposed, in which special attention in focused on the effects of cyber threats. The importance of cyber risk management in the conditions of inevitability of digitalization in the financial sector of Ukraine is substantiated. Approaches to the prevention of cyber-attacks, the implementation of which is necessary for the successful digital transformation of Ukraine, are proposed. Practical value. The results of the research will contribute to the formation of an effective risk management system in the financial sector of Ukraine in terms of digitalization of the financial space and post-pandemic recovery of the national economy. Key words: national security, cyber risk, cyber threat, cyber defence, digitalization, post-pandemic recovery, fintech.

COVID-19 in the WHO African region: using risk assessment to inform decisions on public health and social measures.

Successive waves of COVID-19 transmission have led to exponential increases in new infections globally. In this study, we have applied a decision-making tool to assess the risk of continuing transmission to inform decisions on tailored public health and social measures (PHSM) using data on cases and deaths reported by Member States to the WHO Regional Office for Africa as of 31 December 2020. Transmission classification and health system capacity were used to assess the risk level of each country to guide implementation and adjustments to PHSM. Two countries out of 46 assessed met the criteria for sporadic transmission, one for clusters of cases, and 43 (93.5%) for community transmission (CT) including three with uncontrolled disease incidence (Eswatini, Namibia and South Africa). Health system response's capacities were assessed as adequate in two countries (4.3%), moderate in 13 countries (28.3%) and limited in 31 countries (64.4%). The risk level, calculated as a combination of transmission classification and health system response's capacities, was assessed at level 0 in one country (2.1%), level 1 in two countries (4.3%), level 2 in 11 countries (23.9%) and level 3 in 32 (69.6%) countries. The scale of severity ranged from 0 to 4, with 0 the lowest. CT coupled with limited response capacity resulted in a level 3 risk assessment in most countries. Countries at level 3 should be considered as priority focus for additional assistance, in order to prevent the risk rising to level 4, which may necessitate enforcing hard and costly lockdown measures. The large number of countries at level 3 indicates the need for an effective risk management system to be used as a basis for adjusting PHSM at national and sub-national levels.

ПОРЯДОК ІНДЕНТИФІКАЦІЇ РЕЗЕРВІВ ТА МЕТОДИКА ВІДОБРАЖЕННЯ ЇХ В ОБЛІКУ – ІНСТРУМЕНТ УПРАВЛІННЯ РИЗИКАМИ РОЗРАХУНКІВ ПІДПРИЄМСТВ

Іt is proved that business risk management of agro-industrial enterprises requires the introduction of an effective risk management system. In this aspect, the risk management methodology plays an important role and determines the future effectiveness of risk management methods, actions and measures. The study identified three groups of accounting reserves, which cover all components of calculations as an integrated object of accounting and are one of the effective methods of risk management in optimizing the impact of risk on the activities of the business entity. The procedure for selecting a reserve in risk management of enterprise settlements is developed, proposals are made in terms of methodology for calculating reserves taking into account the impact of risks, implemented through the matrix of risk calculations of agribusiness enterprises, group integrated risk indicator and individual risk indicator for individual settlements with debtors / creditors. It is determined that one of the methods of risk management of settlement operations of agribusiness enterprises is internal provisioning to cover the negative consequences of risks arising from non-receipt / non-repayment of receivables and payables for settlement operations with direct and indirect business interest. It is proposed to improve the method of forming reserves through the accumulation of information on the accrual of accounting reserves in transit account 841 "Reserves for settlements in risk conditions", in particular in social and environmental areas, which will assess the effectiveness of risk management in terms of internal provisions. integrated risk reporting on the components of the agribusiness company. It is determined, in addition to the formation and accounting of reserves for risk management of settlements, to keep off-balance sheet records of contingent assets and liabilities, as well as guarantees and collateral received / provided. This will allow to clearly identify possible threats, risk factors and the need to review the size of the reserve, the feasibility of additional accrual or reversal.

Управление рисками: классификация и методы управления

The paper contains research of existing risk classifi-cations. The new classification based on this re-search is developed. This classification lets to de-velop effective risk management system in an organ-ization. Suggested classification assumes the selec-tion of three risk types (global, context, system) which demand different management approaches. The manageability of global risks is low, it implies a situational approach to management and an influ-ence of the subjective characteristics of the deci-sion-maker. Context risks require more management resources; therefore, various methods of identifica-tion, assessment and processing are proposed for this kind of risk. However, the uncertainty that gen-erates context risks is high, in contrast to system risks. System risks primarily affect the quality of an organization's products, and therefore must be fully manageable. Most statistical quality control meth-ods are suitable for system risk management. Threats and opportunities at the process level must have a quick reaction from management.

Система управління ризиками як інструмент спрощення митних процедур в контексті євроінтеграції

Annotation. Introduction. The constant tendency to increase foreign trade turnover and at the same time the limited possibilities of reorganization of the customs service require its constant improvement, forcing to look for optimal forms and mechanisms for the implementation of its relevant functions. An effective mechanism which ensures the interests of the state and foreign trade participants in customs control is currently a worldwide system of risk management in customs control. Purpose. The purpose of this article is to consider the customs risk management system as a tool for simplifying customs procedures in the context of Ukraine’s European integration. Results. The article considers the customs risk management system, which is an important tool for simplifying customs procedures and for bringing them to the best world standards, which is a necessary condition for Ukraine’s competitiveness in the global economic system. It is noted that an effective risk management system as a unique tool of integrated customs control allows the application of new principles of security of international supply chains. Risk management is the basic principle of modern methods of customs control, which allows optimal use of resources of customs authorities without reducing the effectiveness of customs control, and frees most participants in foreign economic activity (FEA) from unnecessary control. The article focuses on the subject-oriented approach, which involves the categorization of FEA participants in the risk management system. Categorization in this case is the classification of participants in foreign economic activity depending on the essential indicators. The main directions of ensuring the effective functioning of the customs risk management system in the field of customs control in Ukraine are identified. Conclusions. The article identifies the main directions of ensuring the effective functioning of the customs risk management system in the field of customs control in Ukraine. Keywords: risk management system; risk management process; subject-oriented approach; risk classification.

The labor medicine of civil aviation personnel in the Russian Federation

Recently, the incidence of civilian aircraft crashes has increased. These disasters lead to many casualties. Around the world, safetyis apriority in regulating air transport. But flight safety is closely related to pilotfatigue. In this regard, the pilot load standards must be clearly verified. The aim of the article is to analyze the possibility of increasing the sanitary norms of the flight load and at the same timereducing the annual leave for the crew members of civil aviation personnel inRussia. The methods used are both empirical (analysis andsynthesis, induction and deduction, systematization), and theoretical. Each airline must develop an effective risk management system based on thosedeveloped abroad. This system should include control over the rest of the pilots, ensure uninterrupted vacation for at least three weeks, take into account the qualityof the inter-shift rest of the pilots, fly in unusual situations.

SCIENTIFIC RATIONALE FOR THE INFLUENCE OF BANKING SECTOR ON THE INNOVATIVE DEVELOPMENT OF ECONOMY

Abstract. The theoretical bases of determining the influence of banking sector on the innovative development of economy are systematized and improved. The current theoretical provisions characterizing the processes for organization of relations between banks and enterprises of real sector of economy and arising from financing of innovative development of the country are determined. Different approaches of scientists to assess the relationship between banking sector and economic growth are described. The generalization of the current approaches in the scientific literature for the definition of «interaction of the banking and real sectors» allowed us to say that they are limited to the composition of participants and the priority in the initiation of interaction; the scale of interaction (interaction on micro-, meso- and macroeconomic levels based on the influence of endogenous and exogenous factors) and the forms of interaction (syndicated lending, integration, partnership).It is proved that financial interaction between the subjects of the innovation process is determined by exogenous and endogenous factors. Exogenous factors are a set of factors of macro- and microeconomic environments, which form the position of the external environment of the national banking sector and create the potential for opportunities to finance innovation. The group of endogenous factors consists of transformational and transactional factors that shape the internal environment of banks, determine the availability of their financial potential and the possibility of using it to finance the needs of innovative economic development. The study proved the possibility of obtaining a positive or negative synergistic effect from bank financing of innovative development, depending on the impact of mentioned factors on the results of lending relations and the possibility of forming the required financial resources for banks’ lending to innovative projects and programs, taking into account threats and innovation risks. The possibility of the impact of innovative loans of banking sector on the development of economy at the macro- and microeconomic levels is assessed. It is indicated that understanding the results of the processes of interaction between banks and borrowers under the influence of various factors will contribute to the formation of an effective lending risk management system to obtain a positive effect from bank lending to the needs of innovative economic development. Keywords: innovative development of economy, the bank, the borrower, the financial interaction, factors of influence the potential, synergistic effect, innovative risks. JEL Classіfіcatіon G21,G24, O16, O31 Formulas: 0; fig.: 1; tabl.: 0; bibl.: 20.

Identifying critical factors influencing the safety of Chinese subway construction projects

PurposeThe image of the construction industry in China, as in many other countries, is tarnished by its poor safety record. With the rapid development of subway systems in Chinese urban areas, construction workers are being exposed to new risks which are poorly understood and managed. Subway construction projects are large scale and scattered over many construction sites, and involve numerous stakeholders and sophisticated technologies in challenging underground environments. Accident rates are high and have significant economic and social consequences for the firms and people involved. Addressing the gap in research about the safety risk in these projects, the purpose of this paper is to advance understanding of the factors influencing the safety of Chinese subway construction projects with the overall objective of reducing accident rates.Design/methodology/approachA survey was conducted with 399 subway construction professionals across five stakeholder groups. Follow-up interviews were also conducted with five experienced experts in safety management on subway projects to validate the results.FindingsIt was found that the eight most critical factors perceived by stakeholders to influence safety risks on Chinese subway projects are: project management team; contractor-related factors; site underground environment; safety protection during the use of machines; safety management investment; site construction monitoring and measurement; hazard identification and communication; and use of machines in all stages. This indicates that in allocating limited project resources to improve the safety of subway projects, managers should focus on: developing safety knowledge and positive attitudes in leadership teams; formulating effective risk management systems to identify, assess, mitigate, measure and monitor safety risks on site; improving communications with stakeholders about these risks and effectively managing plant, equipment and machinery.Originality/valueThis research contributes a new multi-stakeholder perspective to the lack of safety research in Chinese subway construction projects. The research findings provide important new insights for policymakers and managers in improving safety outcomes on these major projects, producing potentially significant social and economic benefits for society and the construction industry.

Establishing a risk management system with comprehensive assessment of events

Subject. The availability and adequacy of the risk management system of any company is taken into account by government regulation, rating agencies, auditors, and company owners and shareholders. Therefore, companies make arrangements for risk management in some form or other. However, the assessment of event risk and creation of a transparent and effective event assessment system raise many questions. Objectives. We focus on solving the problem of attaining an objective assessment of event risk for company's units, creating an effective risk management system for companies operating in a rapidly changing environment. Methods. The methodology of the study draws on the use of parallel work of departments on assessing event risk and adopting measures to mitigate it. Results. We offer a solution for creating an effective system for event risk assessment. The system also deals with events that simultaneously affect different departments. Conclusions. Organization of simultaneous work of units on assessment of events, their classification as event risk, and taking measures to minimize the impact on company's activities will reduce the time for the analysis of events and increase the objectivity of event risk assessment.

Proactive Role of Clinical Engineering in the Adoption of ISO/IEC 80001-1 within Healthcare Delivery Organization.

The integration of medical device systems and general hospital information technology (IT) infrastructure creates a medical device-IT network that requires patient-oriented cybersecurity risk management to ensure patient safety. This study discusses the roles of clinical engineering in taking initiatives in the implementation of the ISO/IEC 80001-1 risk management framework in a hospital environment. Further, we present lessons learned and clinical engineering opportunities in managing medical device cybersecurity, which include development of an integrated systems test lab.Clinical Relevance- This paper highlights Clinical Engineering's leadership role in implementing an effective risk management system for integrated medical device systems to reduce cybersecurity risks to enhance patient care and safety.

A METHOD TO EXPLORE PRODUCT RISK IN PRODUCT LIFECYCLE MANAGEMENT OF CONFIGURED PRODUCTS

AbstractToday high quality and low product development turnaround time are company-wide priorities. Quality supporting processes such as an effective risk management system shall support continuous business running and meeting the goals of an organization. In this paper, an approach is presented on how to integrate the product risk management in Product Lifecycle Management for configured products by definition of an additional software module and its implementation.

A review of disasters in Jammu and Kashmir, and Ladakh region in India

India has always been a disaster-prone country, with multiple states afflicted by different types of disasters. The impact of these disasters is exacerbated when an area is prone to multiple types of disasters. This study attempts to understand the impact of natural and man-made disasters on the people of Jammu and Kashmir (J&K) and Ladakh region in India as well as it also examines the resilience mechanisms adopted by the people, and identifies measures taken by the government in response to these disasters. To understand these disasters’ dynamics, we conducted both offline and online desk reviews for this study. The review suggests that J&K and Ladakh region is afflicted not only by multiple natural disasters such as floods, earthquakes, avalanches, and landslides but also by the terrorism and violence, which has caused unparalleled death and destruction. These natural and man-made disasters have adversely affected most aspects of life and development in the region. To mitigate the risks, effective disaster risk reduction and management systems, early warning systems and infrastructure need to be strengthened. In addition, community engagement needs to be enhanced with the goal of addressing the grievances of the population and engaging them in the design and implementation of sustainable development programs.

АНТИКРИЗОВИЙ ФІНАНСОВИЙ МЕНЕДЖМЕНТ НА СУЧАСНИХ ПІДПРИЄМСТВАХ

The financial status in a lot of commercial organizations is getting negative trends in a modern conditions, thus on the first plan the questions of anti-crisis financial management as an effective anti-crisis management mechanism are raised. The critical financial situation that has developed in many domestic enterprises proves the impossibility of their existence without an appropriate management system and, first of all, anti-crisis. Therefore, the implementation of the modern concept of crisis management remains quite relevant. The article states that the usage of anti-crisis financial management of an enterprise is that measures to prevent a crisis should be carried out long before its occurrence. The importance of the anti-crisis manager in the enterprise management system as a tool to prevent or promptly respond to the threat of bankruptcy was investigated. The objective need to implement an anti-crisis strategy at the enterprise was proven. It was also determined that in order to ensure the enterprise continuous development, competitiveness, investment attractiveness and the construction of the right anti-crisis strategy, it is necessary to raise the question of the adequacy of the level of financial potential and its assessment. The financial stability indicators of PJSC "Turboatom": financial stability indicators, liquidity and solvency indicators, profitability indicators was analyzed; the financial potential was assessed using the Altman model, which helps to form an anti-crisis strategy and determine the degree of bankruptcy of the enterprise. In the absence of the anti-crisis management or an improperly formed system of its management, the enterprise is on the verge of bankruptcy: gradually deteriorating enterprise viability, no longer able to stay in balance, resource or enterprise opportunities for further development shortage appears. Thus, the use of an effective risk management system will be conducive to the restoration of solvency at the enterprise, and will also help reduce crisis phenomena at it. REFERENCES:1. Ramazanov S.K., Stepanenko O.P., Tymashova L.A. Metody antykryzovoho upravlinnia. Luhansk, 2004. 192 p. [in Ukrainian].2. Malyi I.I., Radionova I.F., Yemelianenko L.M. Antykryzove upravlinnia natsionalnoiu ekonomikoiu. Kyiv, 2017. 368 p. [in Ukrainian].3. Kovalenko O.V., Hal S.V. Metody antykryzovoho upravlinnia pidpryiemstvom. Ekonomichnyi visnyk Zaporizkoi derzhavnoi inzhenernoi akademii. 2014. No. 8. P. 107-114 [in Ukrainian].4. Ofitsiinyi sait PAT "Turboatom". URL: https://www.turboatom.com.ua/ [in Ukrainian].5. Ekonomichnyi analiz: navch.posib. Za zah. red. B.Ie. Hrabovetskoho. Kyiv, 2009. 256 p. [in Ukrainian].6. Khryniuk O.S., Bova V.A. Modeli rozrakhunku ymovirnosti bankrutstva yak metod otsinky finansovoho potentsialu pidpryiemstva. Efektyvna ekonomika. 2018. No. 2. URL: http://www.economy.nayka.com.ua/?op=1&z=6121 [in Ukrainian].