Nikolaichuk M. Financial risk-management at the enterprises of the real sector of the economy

Economic nature and role of risks in the activity of enterprises is considered, essence of concepts "risk" and "financial risk" is found out, outstanding characteristics of risk are defined, classification of financial risks is given. System research of process of financial risk-management at the enterprises is carried out. Algorithm of decision making under risk is offered. Analytical research of dynamic of economic indicators of risk in the Ukrainian economy in general is conducted, necessity of risk-management is justified. The place of risk-management in the financial controlling system is defined. Complex approach for evaluation of financial risks at the enterprises of the real sector of the Ukrainian economy is offered on the basis of (1) "production-sale-payment" synchronization model, which allowed rapid assessment of risks, and (2) factor model of integral index, which allowed to determine statistically valid level (zone) of total financial risk of enterprise and outline the directions of priority attention of management with the purpose to increase its efficiency. The structural models of strategic management of financial risks on the basis of BSC and EFQM-EM models, that will assist improvement of process of strategic organization of financial management of enterprises, are developed.