EFFICIENCY ASSESSMENT OF IMPLEMENTATION OF THE MECHANISM OF INNOVATIVE RISK MANAGEMENT OF THE FAT AND OIL INDUSTRY IN UKRAINE

Keywords: risk, management, mechanism, efficiency, processing enterprise, fat and oil industry

Abstract

Object of research: risk management processes of enterprises of the oil and fat industry in Ukraine.

Investigated problem: to assess the efficiency of the implementation of the mechanism of innovative risk management for enterprises of the oil and fat industry in Ukraine

Main scientific results: the paper proposes a scientific and methodological approach to quantifying the effectiveness of the implementation of the mechanism of innovative risk management (MIRM) of enterprises of the oil and fat industry in Ukraine, based on comparing the net present value before and after the MIRM implementation and consists of a number of successive interrelated stages, which include: comparative analysis and integrated assessment of unsystematic (financial, production, investment and other types) risks before and after the MIRM implementation at the enterprise; expert assessment of systematic risks that form the environment of the enterprise and can’t be controlled; determination of the total risk value as an arithmetic weighted average non-systematic and systematic component for each type of risk; determination of discount rates taking into account risk before and after the MIRM implementation at the enterprise using the CAPM model (capital assets pricing model) for calculating and comparing the net present value before and after the MIRM implementation at the enterprise (NPV and NPV', respectively). Efficiency assessment of the implementation of the mechanism of innovative risk management (MIRM) was carried out on the example of eleven processing enterprises of the fat and oil industry in Ukraine.

The scope of practical use of research results: the risk management system of processing enterprises of the fat and oil industry in Ukraine, which should be the object of constant monitoring of the feasibility of implementation and assessment of the effectiveness of MIRM functioning by management and top management.

Innovative technological product: a scientific and methodological approach to quantifying the effectiveness of the implementation of the mechanism of innovative risk management for enterprises of the oil and fat industry in Ukraine, based on comparing the net present value before and after the MIRM implementation (NPV and NPV’, respectively) using the CAPM model (capital assets pricing model) to determine the discount rates taking into account the risk before and after the MIRM implementation (d and d', respectively), which makes it possible to determine the expected amount of reduction in losses at the processing enterprises of the oil and fat industry of Ukraine from the implementation of a set of risk management measures and make informed management decisions on the appropriateness of their application.

Scope of application of the innovative technological product: processing enterprises of the oil and fat industry in Ukraine.

Downloads

Download data is not yet available.

Author Biography

Yuliya Zhadan, National Technical University «Kharkiv Polytechnic Institute»

Department of innovative entrepreneurship management and international economic relations

References

Posokhov, I. M. (2015). Pobudova systemy ta rozrobka mekhanizmu upravlinnia vnutrishnimy ryzykamy vzaiemodii korporatsii promyslovykh pidpryiemstv zaliznychnoho transportu. Naukovyi visnyk Uzhhorodskoho universytetu. Seriia «Ekonomika», 2 (46), 213–220.

Tiulenieva, Yu. V. (2010). Osnovy mekhanizmu upravlinnia ryzykamy pidpryiemnytskoi diialnosti. Problemy nauky, 1, 39–45.

Tsvihun, T. V. (2017). Mekhanizm upravlinnia ryzykamy v systemi upravlinnia pidpryiemstvom. Naukovyi visnyk mizhnarodnoho humanitarnoho universytetu, 2, 9–13.

Inspektsiinyi portal IAS DNK. Available at: https://inspections.gov.ua/ Last accessed: 21.04.2019

Dodzh, R. (2018). Kratkoe rukovodstvo po standartam i normam audita. Moscow: Sirin, 224.

Kutergina, G. V., Mordorskii, A. V. (2010). Analiz effektivnosti sistem upravleniia finansovymi riskami kommercheskoi organizatsii. Audit i finansovii analiz, 3. Available at: https://www.auditfin.com/fin/2010/3/03_08.pdf

Abasova, Kh. A. (2014). Metodika kompleksnoi otsenki upravleniia finansovymi riskami v organizatsiiakh nefteservisa. Upravlenie ekonomicheskimi sistemami, 10. Available at: http://www.uecs.ru/finansi-i-kredit/item/3076-2014-10-13-12-26-27 Last accessed: 30.08.2020

Makarova, V. A. (2015). Analiz i otsenka ekonomicheskoi effektivnosti risk-menedzhmenta. Strategicheskie resheniia i risk menedzhment, 3 (90), 72–83. Available at: https://www.jsdrm.ru/jour/article/viewFile/479/461 Last accessed: 28.08.2020

Muraveva, N. N., Udalova, N. N. (2015). Otsenka effektivnosti upravleniia finansovymi riskami v kommercheskikh organizatsiiakh. Ekonomika i biznes: teoriia i praktika, 4. Available at: https://cyberleninka.ru/article/n/otsenka-effektivnosti-upravleniya-finansovymi-riskami-v-kommercheskih-organizatsiyah Last accessed: 01.09.2020

Posokhov, I. M. (2014). Teoretychni ta praktychni aspekty upravlinnia ryzykamy korporatsii. Kharkiv: PVPP «Slovo», 499.

Barton, T., Shenkir, W., Walker, P. (2011). Improving Board Risk Oversight. Through Best Practices. Institute of Internal Auditors Research Foundation, 81.

Minsky, S. (2018). To run an effective ERM program, you need the right risk metrics to know how to measure risk. Logic Manager. Available at: https://www.logicmanager.com/erm-software/2018/09/05/how-to-measure-your-enterprise-risk-management-effectiveness/ Last accessed: 30.08.2020


👁 90
⬇ 83
Published
2020-10-31
How to Cite
Zhadan, Y. (2020). EFFICIENCY ASSESSMENT OF IMPLEMENTATION OF THE MECHANISM OF INNOVATIVE RISK MANAGEMENT OF THE FAT AND OIL INDUSTRY IN UKRAINE. ScienceRise, (5), 61-70. https://doi.org/10.21303/2313-8416.2020.001455
Section
Development of national economies