A systematic approach to constructing a corporate risk management system

The article is devoted to the aspects of risk management procedure. The author substantiates the sequence of steps of risk management in a corporation, discloses the contents of each stage. A model of constructing a system of risk management in the corporation, based on the theory of joint value creation is suggested . This model is characterized by the integration of strategic planning, the system of strategic indicators and key risk indicators of the corporation. The author’s approach is based on the theory of joint value creation of the corporation, which implies the introduction of a sustainable system of risk management of each internal and external customers of the company. The integration of risk management and strategic management by determining the related key risk indicators for each indicator in the the strategic indicators system (SIS) is suggested. It is proposed also to improve the economic and mathematical methods used for risk analysis and assessment, namely to use the fuzzy logic methods ( the method of fuzzy numbers), because this method allows to estimate the probability of risk under conditions of uncertainty, which is especially important for the economic environment with stochastic input. Thus, the article describes the «pitfalls» that occur at each stage of risk management in corporate management and suggests approaches to improve corporate risk management system.