METHODS OF IDENTIFYING AND MINIMIZING FINANCIAL RISKS IN THE MODERN GLOBAL ECONOMIC SPACE
Abstract
The article reveals the key aspects of identifying and minimizing financial risks in the modern world economic space. In the context of globalization and rapid changes in market conditions, risk management becomes an important element of strategic planning for business. The main methods of risk identification, such as analysis of financial statements, stress testing, expert assessment and analysis of market indicators, are analyzed. In addition, effective approaches to risk minimization are considered, including investment diversification, insurance, hedging, and others. Valuable recommendations are provided for companies seeking to ensure their financial stability and competitiveness at the international level. Attention is focused on the importance of studying industry specifics and macroeconomic indicators in the context of risk management. Industry specifics can greatly affect the level of risk a company may face, so a thorough understanding of these specifics is key to developing effective risk management strategies. Macroeconomic indicators such as GDP, inflation and unemployment can have a direct impact on the company's financial stability, so their systematic monitoring and analysis is an integral part of the risk management process. It is emphasized that in the conditions of today's dynamic business environment, companies should not only be ready to respond to challenges, but also actively neutralize potential risks, using a comprehensive approach to their identification and minimization. Only such an approach will allow the business to remain sustainable, adaptive and competitive in the global market. The importance of communication and collaboration between different departments of the company cannot be underestimated either. Effective risk management requires an integrated approach where finance, operations and strategy teams work together to identify, analyze and respond to potential threats. Digital transformation, the use of artificial intelligence and machine learning can significantly improve the effectiveness of risk management processes, allowing companies to anticipate risks at an early stage and develop strategies to prevent them.
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