Comparative review of risk management standards, practices and norms in Ukraine and abroad

Iryna Nyenno
PhD in Economics, Associate Professor, Financial Management and Stock Market Department, Odessa National Economic University, E-mail:irinanenno@ua.fm

Cite this article:

Nyenno, I. (2015), Comparative review of risk management standards, practices and norms in Ukraine and abroad. Ed.: M. Zveryakov (ed.-in.ch.) and others [Porivnialnyi ohliad standartiv, praktyk ta norm upravlinnia ryzykamy v Ukraini i za kordonom; za red. M. I. Zveryakova (gol. red. ta in.)], Socio-economic research bulletin (ISSN 2113-4569), Odessa National Economic University, Odessa, Issue 3, No. 58, pp. 151–159.

Abstract

The article identifies the shortcomings of existing approaches to standardization and normalization of risk management. The research methodology is based on the philosophy of the common knowledge by using the methods of information search, comparison, and system analysis. International risk management standards, such as COSO, FERMA, ISO, Sorbeyns-Oxley Act are analyzed. The regulatory documents on risk management at the budget, insurance, and banking institutions in Ukraine are studied. The differences and the key characteristics of the foreign and Ukrainian standards of risk management are fixed. The approaches to determine the place of risk management in the strategic management and the relationship with its development strategy are specified. The research results could be applied to the development of industry standards of risk management.

Keywords

risk; risk management; risk management standards; strategic risks; insurer; bank; state enterprise.

JEL classification: L200

UD classification: 331.4:614.8

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