RISK ASSESSMENT IN THE INTERNAL CONTROL SYSTEM OF AN ENTERPRISE

Анотація

The current state of enterprise development in Ukraine is characterized by a high level of uncertainty, dependence on internal and external factors, and increased influence of risks on their effective operation. This fact necessitates considering new approaches to the organization of a risk management system and the establishment of an effective internal control system for the enterprise as a means of risk identification. This can be done by identifying many risks arising from the enterprise activity; this necessitates creating a system of their management and imposes specific requirements for the internal control system. The study also analyzes different views of scientists on the risk essence, its influence on the activity of the enterprise and emphasizes that the opinions of researchers were generated in different approaches to its interpretation and developed towards detailing certain types of risks. The concept of risk assessment is formulated. It is noted that risk assessment creates the basis for identifying how risks will be managed. It is substantiated that the process of identifying risks in the internal control system that affect the efficiency of business processes, evaluating their effectiveness and building an internal control system in such a way that it is able to reduce the impact of risks on the functioning of an enterprise as a whole is of great importance. The nature of internal and external risks is clarified. It is also argued that the internal control system should be focused on identifying and assessing internal risks in terms of their impact and likelihood of occurrence. To achieve this, the criteria of risk assessment by directions of influence on the enterprise activity were developed. Risk assessment is proposed based on the criteria of probability of their occurrence and influence on the internal control subjects’ ability to realize the operational goals according to the risk assessment matrix. It is proved that to improve the reliability of accounting and reporting information, it is necessary to timely predict the risks of displaying business transactions, identify weaknesses in the enterprise management process, diagnose manipulations with reporting; this will be possible only when creating an effective internal control system that will be able to detect all types of risks and ensure the successful development and stability of enterprises in a competitive environment. The development and implementation of an effective risk management system will enable the enterprise to function steadily in the market and gain competitive advantages despite significant political, economic and social influences.

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