The author made theoretical generalizations of the now known views on the essence of the concepts of "risk", "financial risk" have been further developed in the interpretation of these concepts: "risk" is a socio-economic objective-subjective category, which indicates the likelihood of adverse events for a society, organization or individual that depends on certain events, individuals, their decisions, or the totality of these factors, which is characterized by uncertainty about possible events and / or their consequences; “Financial risk” is a set of risks (credit, currency, investment, accounts receivable, etc.) that involves loss of financial gain.
The classification of possible risks in agriculture is systematized by the criteria: by types of losses (net risk, speculative risk, opportunity loss); at risk intensity 9 normal risk, normal market, catastrophic); at the place of occurrence (environmental risks, internal and mixed risks); by the degree of possible risk management (fully controlled, relatively controlled, uncontrolled); by degree of certainty (objectively undefined, subjectively undefined, completely undefined); by source of origin (credit risk, currency, market, production); by the level of decision making (macroeconomic, level, micro level); the degree of influence on each other (systemic risks, non-systemic); by awareness (identified, not identified); if possible insurance (non-insurance and non-insurance); by risk management instruments (subject to diversification, insurance, hedging); the effects of the risks (acceptable, critical, catastrophic); for the field of activity (risks in the field of crop production, animal husbandry, processing industry and authors were supplemented by this systematization - in the field of finance, which represents the loss of a controlled stake, or a decrease in the value of securities, etc.).
The system of financial risk management in agriculture is proposed, which consists of the following elements: identification of financial risks (determination of risk factors and prerequisites for occurrence of financial risks); analysis of financial risks (quantitative, qualitative); assessment of financial risks (preparation of passport of financial risks and balance between losses and profits); decision making on financial risk management includes two blocks: the first consists of prevention of financial risk, its avoidance or rejection, acceptance of risk in the hope of a positive result, otherwise - risk financing, risk minimization, diversification, limitation, risk allocation and control is carried out. risk and risk pooling unit (insurance), combination of risks (hedging), transfer of risk, insurance, self-insurance, as well as lease, leasing, expantracts (futures, options), security, storage, surety property management (securities portfolio).
The author has developed an algorithm for financial risk management in agriculture through budgeting, including the definition of the context of financial risk management through budgeting (revenue management, expenditures and the sources of their coverage), financial budgeting (capital investment and cash flow) and operating budgeting (budgets: processes, production, procurement, direct labour costs, general and administrative costs, marketing and sales, estimated revenue and expense budget, support budgets (enterprise development budget), budgets for individual projects, credit plan, payment calendar, special budgets (tax, depreciation) The financing of risk management measures is included in the budget of general and administrative expenditures in the auxiliary budgets. hedge) is reflected in the projected revenue and expense budget, diversification (new product type) is included in the production budget, investment in a new facility – in the budgets of individual projects a. In parallel, a comprehensive assessment of the risks of investing funds (the feasibility of insurance, hedging, diagnostics of market risks, risks of disparity in product prices, changes in exchange rates, risk assessment in the formation of portfolio securities). After performing these actions, budgeting in the three options, then, in the process of implementation of the planned budgets, they are adjusted.
Key words: financial risk, financial risk management, agriculture, financial risk management tools.
