Developing Risk Management Framework at Fat-and-Oil Industry Enterprises

DOI

10.2991/mdsmes-19.2019.66How to use a DOI?

Keywords

Risk, risk management, framework, risk management framework, fat-and-oil industry

Abstract

The aim of the article is consideration of questions associated with the risk management mechanism formation at the Ukrainian fat-and-oil industry enterprises. The purpose of the article is to study the issues of developing risk management framework at industrial facilities and modern scientific publications on this topical subject and to offer a risk management framework for fat-and-oil industry enterprises in Ukraine. It has been determined the principles of risk management: risk management policy should be unified, that is, it should have the systemic character, including standard operating schemes for the frequent risk situations and the developed procedure of actions; the economic feasibility of expenses from resources on actions in the process of risk management should be adequate to the obtained results; it is necessary to adhere to the requirements of timely actions, characterized by constant analysis and forecasting of the internal and external factors; risk management should be the part and logical continuation of the overall management of the company and should correspond to the whole strategy of enterprise; source of risk events are largely all processes of the enterprise, which involves all its members to the risk management process; tendency assessment to the risk of the used methods should be the subject of the enterprise’s results evaluation. It has been offered the risk management procedure at the level of the fat-and-oil industry enterprises, which includes the following stages: identification and evaluation of risks, development and analysis of risk management methods, choice of risk management methods, application of the selected methods, monitoring of the results and risk management system improvement. It has been developed the risk management mechanism of fat-and-oil industry enterprises, which allows to distinguish the main components of risk management and to increase their overall efficiency, as well as to facilitate understanding of the risk management mechanism essence and structure, which, in turn, reveals the direction for its improvement.

Copyright

© 2019, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Igor Posokhov
AU  - Yulia Zhadan
AU  - Myroslava Korin
AU  - Hanna Obruch
PY  - 2019/10
DA  - 2019/10
TI  - Developing Risk Management Framework at Fat-and-Oil Industry Enterprises
BT  - Proceedings of the 2019 7th International Conference on Modeling, Development and Strategic Management of Economic System (MDSMES 2019)
PB  - Atlantis Press
SP  - 350
EP  - 354
SN  - 2352-5428
UR  - https://doi.org/10.2991/mdsmes-19.2019.66
DO  - 10.2991/mdsmes-19.2019.66
ID  - Posokhov2019/10
ER  -