Science riskology today refers to the young branches of scientific knowledge. Proof of this is the fact that certainty in terms of the phenomenon of economic risks to date has not been achieved. Often there are situations when the concepts of “economic risk” and “financial risk” are confused not only by specialists in economic specialties with experience, but also by risk managers.
In any case, this question cannot be called simple. The fact is that an unambiguous dividing line even between the economy and finance at the enterprise level has not been drawn by domestic science. In this article we will analyze the category of financial and economic risks. Consider their classification and other equally important aspects of the topic.
general information
In Russian, the term "risk" should be considered as "act entrepreneurially." V. I. Dahl gave an appropriate definition of the concept of risk. In his opinion, this is an action, enterprise at random in the hope of a happy outcome. It is interesting to note that S. I. Ozhegov defined the term as a possible danger. Summarizing these options, we can conclude that risk is nothing but a danger that threatens a successful outcome.
Market Risks
Consider the issue of economic risks. This is a special category, the essence of which is disclosed in this article. Typically, market relations are built in such conditions when entrepreneurs do not always have the opportunity to obtain reliable and sufficient information regarding the financial condition of competitors, market conditions, the economic situation in the region, and so on.
These circumstances introduce an element of uncertainty into market-type relations, which makes it difficult to develop the right behavior that will result in profit. It is worth noting that the opportunity to get it has real security only when the assessment of the possibility of suffering losses is made in advance.
History of the term
Economic risk is a category whose history begins in the late 80s. It should be noted that during the planned economy the risk problem was not given due attention. Thus, the economic term itself was hardly used in practical terms.
In the late 80s, the concept of entrepreneurial risk appeared in Russia. Already in the early 90s, more than seventeen types of risk were envisaged: financial, economic, interest, investment, foreign exchange and others. It was this that raised the question regarding the need to clarify the concept, as well as its classification.
Modern concept
Next, we analyze the analysis of economic risks in a modern way. It is worth noting that today in the literature this concept does not have a single definition. However, the basis of any risk is nothing but a possible danger, uncertainty about the future. Currently, it is traditionally accepted to distinguish two definitions of the term. The first is based on the causes of risk and, accordingly, their uncertainty. The second definition is based directly on the impact on risk. From this we can conclude that economic risk is a deviation of the negative plan from the goal.
In practice, a situation often arises in which the decision at the initial stages contains a risk of clearly unreasonable nature. As a rule, it is called an adventure. Under this concept, it is advisable to understand the initiative, which is carried out without taking into account the real forces, conditions and capabilities in the calculation of random success. Usually it is doomed to failure, in other words, there is objectively no prerequisites for the implementation of the plan.
The system of economic risks. Classification
The classification of the category in question is formed taking into account a number of criteria. It is advisable to parse them in more detail. Economic risks are nothing more than risks that are caused by changes in an unfavorable plan in the economy of a country or enterprise. It should be noted that all types of risks are closely related. So, in practical activities, their separation is of relative complexity for specialists.
So, by the nature of accounting, such types of economic risks as internal and external are distinguished. The latter should include risks that are not directly related to the work of the structure or its contact audience. It should be noted that a sufficiently large number of factors have a significant impact on the level of such risks. Here it is necessary to emphasize the economic, social, demographic, geographical, political and other factors of economic risks.
The internal ones include risks that are caused by the activities of the company itself and its contact audience. It is important to add that their level is influenced by the business activity of the head of the enterprise. An important role is played by the choice of the optimal strategy, tactics and policies in marketing, as well as other factors, among which it is necessary to note the level of specialization, safety measures, labor productivity, technical equipment, production potential and so on.
By the nature of the consequences
An assessment of economic risks led to the conclusion that classification by the nature of the consequences is appropriate. So, it is customary to highlight speculative and pure risks. The latter almost always suffer certain losses for entrepreneurship. Speculative risks can be characterized by both losses and additional profit for the businessman relative to the expected result.
Activities
The largest group by classification is the division according to the sphere of manifestation. It is based on areas of activity. It is worth noting that the features of the manifestation of any risk can be associated not only with which particular entity carries out risky activities, but also with what is the area of manifestation of this activity.
It is advisable to highlight the following activities:
- Production, in accordance with which the entrepreneur produces a product, sells services, spiritual values, information or performs work for their subsequent sale to the consumer.
- Commercial. Here, a businessman is a businessman. He sells finished goods purchased from other persons directly to the consumer.
- Financial is a special form of commercial business in which the subject of sale is securities and money sold to the consumer or provided to him on credit terms.
- Mediation activities. Here, a businessman does not independently produce and sell goods - he is considered an intermediary, a link in the process of exchanging commodity products, in commodity-money transactions.
- Insurance consists in the fact that the entrepreneur guarantees the consumer to compensate for the possible loss of property, life or property as a result of an unforeseen incident for a fee.
Consider the classification
To date, it is customary to distinguish the following types of economic risks in the field of occurrence:
- Production risk, which is associated with the enterprise's failure to fulfill its plans and obligations regarding the production of products, services, other types of activities due to the adverse effects of external circumstances, as well as the inadequate use of new technologies and equipment, working capital and fixed assets, working hours, raw materials.
- Commercial risk arises in the process of selling commercial products and services that are produced or purchased by an entrepreneur.
- Financial risk arises in the sphere of relations between market entities and banks, as well as other financial institutions.
By source of danger
According to the source of danger, economic risks can be associated with:
- with the destructive influence of natural forces (snowfalls, floods, earthquakes, epidemics, fires, etc.);
- with political reasons, including wars, revolutions, coups and so on.
- with the reasons for the economic plan (falling stock prices, currencies, bankruptcy, inflation, failure to fulfill or poor performance by contractors of contractual obligations, and so on);
- with the reasons for the legal plan (changes in the legislation, imperfection of the legislation, illegal behavior: robbery, theft, criminal negligence, fraud and other attempts on property).
