CONCEPTUAL ASPECTS OF FINANCIAL RISK MANAGEMENT IN AN ORGANIZATION

The article reviews the views of scientists on the definition of "financial risk", highlights the main features inherent in financial risk. The risk management process and assessment methods are described. The necessity of early development and implementation of risk management methods in a market economy is primarily due to the fact that Russian commercial organizations are independent economic entities, and this fact means that they can determine their financial and production policies, but the government has no obligation to provide support in the event of financial problems or other difficulties. In these circumstances, Russian organizations should create required reserves or raise funds from other sources to take measures to eliminate losses. A way out of this situation is possible only in the case of developing an effective risk management concept using modern technologies, taking into account the economic conditions inherent in these organizations, operating with familiar concepts and terms. This risk management concept should guarantee positive results within a reasonable period, with optimal financial investments. The effectiveness of management decisions varies depending on the type and level of risk in a fairly significant range. Financial risk can be accompanied by significant financial losses and the creation of additional reserves for its income. In the current conditions of the financial and economic crisis, the problem of increasing risks is very relevant, which is confirmed by data on the growth of unprofitability of Russian industrial enterprises. Risk management (or risk management) determines the ways and opportunities to ensure the sustainability of the enterprise, its ability to withstand adverse situations. The risk management process is the main condition for neutralizing or minimizing the negative consequences for the organization from undesirable events.

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