Implementation of the concept of hierarchical construction of threats to economic security of the state in risk management of the economic entities of fuel and energy complex

Abstract

The subject of this research is the key element of ensuring the economic interests of company owners – the system of risk management and internal control. Special attention  is given to the methodology of risk management for the analysis of normative documents – laws, recommendations and standards, as well as the experience of their practical application. Comparative analysis is conducted on the corporate norms with the approaches in national strategic goal-setting with regards to national, economic and energy security, in order to develop the theory and practice of ensuring economic security of the economic entities based on the instruments devised within the system of national goal-setting. The object of this research is the economic entities and investment projects of fuel and energy complex. The scientific novelty lies in adjustment of the hierarchy of construction of challenges, threats and risks of the national strategic goal-setting in the sphere of economic security to solution of the tasks aimed at ensuring economic security of the economic entities. The relevance of the acquired results is substantiated by the difference of the authorial approach towards risk analysis in fuel and energy complex in the economic entities. Comparing to the approach of standards recommended by the economic activity regulators, which implies a single category of insecurities – “risk”, the distinction consists in implementation of the concept of hierarchical construction of the system of insecurities: challenge, threat, risk (concepts from the goal-setting documents on ensuring economic security of the state) in the new sphere of risk management of the economic entity. The authors’ original research indicate that introduction of the hierarchy of insecurities (challenges, threats, and risks) at the stage of risk identification allows simplifying and clarifying the procedure of risk assessment.