COMPARATIVE ANALYSIS OF INTEGRATED RISK MANAGEMENT MODELS IN BANKING INSTITUTIONS AND INSURANCE COMPANIES

Анотація

The article examines the theoretical and methodological principles and applied aspects of integrated risk management in banking institutions and insurance companies in the context of growing financial instability, digitalization of financial services, increased regulatory requirements and systemic uncertainty. It is substantiated that risk management has been transformed from a separate control function into a complex management subsystem integrated into strategic planning under modern conditions, corporate governance, internal control, capital, liquidity and solvency policies. Based on a comparative approach, common features of the models of a structured approach to risk management in the banking and insurance sectors are identified, in particular their orientation towards complexity, continuity, risk appetite, the “three lines of defense” model, hierarchical responsibility and the inclusion of risk indicators in the system of management decisions. At the same time, the fundamental differences between these models are determined, which are due to the institutional nature of financial intermediaries, the structure of their assets and liabilities, the nature of dominant risks, the time horizon of liability assessment, the logic of capital coverage and the features of regulatory supervision. It is proven that the banking model of integrated risk management is more sensitive to credit, market, liquidity, interest and operational risks, while the insurance model tends to actuarial, reserve, underwriting, reinsurance and solvency management contours. The scientific and practical feasibility of adapting the best intersectoral practices is substantiated, in particular, the use of long-term scenario analysis experience by banks, and approaches to formalizing risk appetite, operational risk monitoring and embedding risk metrics in financial planning by insurers. The directions for improving ERM models in the financial sector are proposed based on strengthening risk culture, aggregated risk assessment, development of risk analytics, control automation, strengthening operational stability and integration of risk management into the value creation process. It is concluded that increasing the effectiveness of integrated risk management models is an important prerequisite for ensuring financial stability, reliability and competitiveness of banking institutions and insurance companies.

Класифікація

Ідентифікатори

Схожі роботи