RISK MANAGEMENT MATURITY ASSESSMENT IN THE CONTEXT OF ENTERPRISE ECONOMIC SECURITY: AN ANALYTICAL SURVEY

Олена Михайлівна Герасименко, Наталія Володимирівна Зачосова

Abstract


The article seeks to explore and evaluate the level of risk management maturity in Ukrainian enterprises in the process of ensuring their economic security. The study presents the results of an analytical survey on risk management practices to ensure enterprise economic security. To achieve the research objectives, the following methods have been employed: to obtain data for the analytical research, the method of questionnaire-based expert evaluation on the Google Forms platform; the method of comparison, the graphical method – to evaluate previously received analytical data on the risk management maturity level. The findings revealed that the implementation of a risk-based approach is perceived as a tool to increase the company value and achieve strategic goals. The survey results showed the distribution of expert opinions, indicating the willingness of Ukrainian companies to implement risk-oriented management approaches to ensure their economic security. It is demonstrated that the major objective of the risk-oriented approach is to ensure the effective and lawful business operation in the long run which may come into a conflict with the operational management priority, i. e. short term profit maximization. The analytical survey argues that a risk-oriented approach challenges the use of impartial methods to risk identification, taking risk management actions, and the search for an optimal solution between profit raising here and now, and the long-term sustainable development and protection of shareholders’ interests. The study on the latest tools for assessing the level of economic security using a risk-oriented approach is a critical instrument in enhancing corporate management practices at different management levels, providing further nation-wide implications on stabilization of domestic business performance to improve the overall national security indicators in the international economic and political arenas.

Keywords


risk-oriented approach; risk management; enterprise economic security; risk culture; risk appetite



DOI: https://doi.org/10.30857/2413-0117.2019.3.7

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