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Regular version of the site

Book chapter

The analysis of approaches to the definition of "efficiency" of the corporate risk management

P. 93-99.

Identification and assessment of the effectiveness of corporate risk management has a special mission to promote the development of science . Different authors demonstrate the variety of appro- aches to the identification and interpretation of efficiency (indirect vs. direct, qualitative vs. quan- titative, economic vs. managerial, etc.), but the role of risk management efficiency as the part of the corporate’ system of management and governance seems to be a commonplace. We have identified a relatively small number of scientific papers devoted to the problem risk management effectiveness. There is no consensus on the definition of the effectiveness of risk management. In the studied appro- aches to the definition there is no unity, as a corporate risk management rather multifaceted. At the same time, it is impossible to consider, for example, the effectiveness of the risk management process in isolation from economic efficiency. This paper is an attempt to fill this gap. The article presents the discussion of approaches to determine the effectiveness of risk management, the results of the syste- matization of the key factors in the effectiveness of risk management. As a conclusion the complex de- finition of risk management efficiency is given, which is based on key parameters of the presented approaches, as well as the basic directions of development of the study area are presented.

In book

Edited by: M. Nakashidze. Batumi: The International Institute for Academic Development, 2016.