(Гельветика, 2024) Maslennikov, Yevhen I.; Popenko, Oleksandr O.; Масленніков, Євген Іванович; Попенко, Олександр Олександрович
The risk management process is explored as a key function of internal audit in the context of global challenges such as macroeconomic and political instability, military conflicts, pandemics and climate change. There is a justified need to develop an effective strategy and flexible tools for identification, analysis and monitoring of business threats. Risk mapping stands out among such tools, which allows you to visually represent probable threats and their potential impact on business. An important role in this process has been proven for the internal audit, which ensures the reliability of the company’s internal processes and serves as a basis for risk management. Auditors, through their functions, effectively identify weaknesses, analyze business processes, historical data, conduct an environmental assessment and can directly influence the elimination of identified risks. It was found that the risk management system includes several stages: identification, assessment, classification of risks, development of management strategies and constant monitoring. Risk assessment is based on quantitative and qualitative methods, such as statistical data analysis, probability calculation, SWOT analysis and Ishikawa diagram. Risk classification covers strategic, operational, financial and reputational risks. Suggested risk management strategies include avoiding, reducing, transferring, and accepting risks. The important role of internal audit in evaluating the effectiveness of these strategies is substantiated, by ensuring monitoring and regular review of the risk map to maintain their relevance and compliance with changing conditions. The necessity of integrating risk management into the general strategy of the organization to increase its resistance to external and internal threats is proved, which is especially relevant in the conditions of global economic and social changes.