Scholarly record

REVISITING THE USE OF CONTEMPORARY INSTRUMENTS OF QUANTITATIVE RISK ASSESSMENT IN RUSSIAN COMPANIESВ’ ACTIVITIES

N.V.Chaykovskaya, A. Panyagina, E.V.Rodionova

Abstract

The activities of any commercial enterprise are subject to the influence of risk factors, which causes the necessity to identify, analyze and assess the risks. The results of such an analysis are of considerable interest to the company’s managers, shareholders and contractors. The Civil Law of the Russian Federation provides for the right to economic risk, but also requires that the risks affecting the company’s activities must be included in the issuer’s public reporting. However, as seen from the content analysis of public reporting, the information on the risks is often insufficient. In some cases the issuer mentions the main risks only: “competition, price increase, engineering and technology risks”. The largest Russian companies which have adopted the corporate systems of risk management give a more detailed classification of risk factors, singling out «industry, country, regional, financial, and legal risks», but without using quantitative assessment, either. At the same time, contemporary theory of risk management has a whole range of quantitative risk assessment and analysis techniques. It proves, unfortunately, that the results of scientific research in risk analysis are still insufficiently used in economic behavior. Therefore, the article makes an attempt to expound the specific character, single out the advantages and disadvantages and prove the appropriateness of the use of statistical, expert, computational and analytical risk assessment techniques in particular fields of activity.

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