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RISK Management in small and medium sized enterprises in the republic of kazakhstan

Infact,Kazakhstan�ssmall   and   medium   businesscertainlyas- sociated  with  risk.  In  this  se�mentof  business  risks  both,  own- ersandinvestors.  Corporations  oftenrefuse  to  cooperatewith  the companiesof  small  andmedium-sized  businesses,  as  they  con- siderthe   level   ofriskacceptable   toSMEsthemselves.   Durin�their career,SMEcompanieshave to copewith all sorts ofrisks,both exter- naland internal. And itplays a si�nificantrole in theirfinancial stabil- ity.Here are justsome of the risks, continuouslyaffectin� businesses:

  • reduction in demandfrom majorconsumers;
  • adverse chan�esin tax lawsorprocedures for licensin� ooffeeccoo-- nomic activity;
  • an increasein lendin� ratesand thevolatilityof the national cur-- rency;
  • the ne�li�enceof the contractualobli�ationsof partners;
  • the ne�ative impactoflocal authorities; continuouscompetition and 

The level ofthese riskshi�herthan the allowableresistanceto loss ofbusiness, or the willin�nessofentrepreneursto risk, brin�in� the companyinto bankruptcyandentrepreneursto lar�efinancial losses. This is due toa number of factors, which include:

  • a more stablerelationshipof small andmedium-sized busi- nessesfromthe macrofactors, in comparisonwith lar�e enterprises
  • SMEsdirectionon a narrowran�e of consumers
  • limited capitaland, as a conse�uence,hi�h dependence oonn-- creditand otherborrowed capital
  • a shorta�e of specialistsand a smallpayrollreasons �ivenan extremely ne�ativeimpact on theprofitability andattractivenessof the speciesof business,which leads toa small proportion oftheirturn- overin the economyof Kazakhstan.

To reduceexposure to riskssuchcompanies need todevelop a culture ofrisk mana�ement.However,small businessesusually havea small staffandlimited to a fewmana�ers ofmana�ers.Intheir or�a- nizationsnospecializedmana�ers, includin� in the area ofstrate�ic, financial, operationalorpersonnel risks.Only a fewamon� small businesseshavemoney forservicesof consultin� firms. Under these conditions,the problemof effectiverisk mana�ementis fullyborne by thehead of the company, as well as the control�roup. Typically, the- semana�ersare not expertson the risksand cannotspendto this �ues- tion sufficientamount of time.As a conse�uence,thesecompanies do not havesufficient reservesto deal with allkinds of risks, as well

as limitedfinancial resources. In addition, lar�e en- terprises  in  crisis  situationscan  count  onfinancial supportfrom  the  state,whileSMEsare  deprived  of suchsupport.Despite all the difficulties, the markets existed  and  continue  to  exist,  small  and  medium- sizedcompanies thathave been successfulin mana�- in�  theirrisks.The  small  size  ofthe  enterprisesand the  lack  ofbureaucracy,  allow  mana�ersof  small companiesmore �uicklypredict, detect and respond- to  threats.System  of  riskmana�ementin  small  and mediumbusiness is characterized bymaximum sim- plification. The newrisk mana�ement systemshould beintuitive, accessible notonly to the headof the firm andshould not re�uirelar�e amounts offinancialand- time resourcesas well. The primary taskdurin� the implementationof risk mana�ementin small andme- dium-sized enterprisesinvolves identifyin�the most si�nificantrisks  and  threatsthat  may  subse�uently- adversely  affect  the  activitiesof  the  enterprise.The second  taskis  to  allocateprioritiesamon�  theiden- tified  riskson  the  basis  ofprobability  anddama�e caused  bytheir  implementation.Third,  andperhaps- most  important  taskis  to  implementmeasuresthat can  preventorreduce  thene�ative  effects  ofthreats. At  the  same  timeshould  be  determinedresponsible personsresponsible forthe introductionof both ther- isk  mana�ement  system,  as  well  as  for  the  reduc- tion ofspecific risks. SomeKazakhstan companiesto small andmedium-sized businessesare inthe process of  introducin�elementsof  risk  mana�ement,which allows  them  tonot  onlyreduceoperatin�  lossesand protectthe company�s reputation, but also to effec- tivelyrun  theirproductsin  new  markets,  �uickly  re- spond tocompetitive pressuresand become moreat- tractive to investors.

In the area of corporate credit risk mana�ement 2008year  was  a  �ood  test  of  the  stren�th  of  mod- els used by the bank both individual and portfolio credit risk mana�ement. The past year has adjusted the  bank�s  risk  appetite  and  accelerates  the  pro- cess of improvin� the existin� and introduction of new  modern  tools  of  the  credit  risk  mana�ement, includin�  the  anti-crisis.  Bank  worked  on  the  ac- cumulation  of  data  to  �o  on  �uantitative  (statisti- cal)  models  of  credit  risk  assessment.  Consolida- tion produces statistical data on defaults, data were collected on the causes of delin�uency in order to improve mechanisms for identifyin� potential prob- lems  in  the  early  sta�es  of  the  credit  process  (un- der the credit analysis of borrowers). Specialatten- tion  has  been  paid  to  the  processes  to  ensure  the completeness  and  correctness  of  the  information stored  in  the  bank�s  accountin�  systems  re�uired for  a  portfolio  approach  to  risk  mana�ement.Was finalized  models  assi�nin�  internal  credit  ratin�s to  corporate  borrowers  with  a  certain  probabil- ity  of  default.  Calibrate  these  models  with  the  re- sults obtained ratin�s of existin� corporate clients. Statistics collected by the bank arrears by industry allowed makin� recommendations for a shift in em- phasis in lendin� based on the borrower�s industry sector. This will also correct the approaches to port- folio credit risk mana�ement. In the course of these investi�ations,  the  Bank  developed  criteria  for  as- sessin� the risk of the industry and introduced the method of assi�nin�the ratin� industry.

With the intensification of the crisis on a daily basis the bank be�an to conduct detailed monitorin� of the loan portfolio in order to identify at an early sta�e si�ns of impaired debts. Detailed analysis of the dynamics of revenue due to customers on the bank account, credit portfolios to ensure transac- tions are revalued value of collateral, includin� tak- in� into account the chan�es in its li�uidity.

A special role in the bank is to the or�anization of work with trouble assets, even more relevant in times of crisis. The main tasks of the bank to work with troubled assets are to prevent the loss of prop- erty of the bank and minimizin� losses when a dis- tressed assets.

Durin� 2008have been si�nificantly improved- procedures for assessin�the credit riskofsmall and- medium-sized enterprisesanda ran�e of measurest- hat minimize therisks:

setlimits onconcentrations of credit risk, product limits, limitsonthecompetenceoftheemployeesofthe financial analysis;

  • chan�esinthe assi�nmentof internal credit rraatt-- in�sof borrowers;
  • branches andbankcreditfacilitiesenteredof- ficerisk mana�ers, which are functionallysub- ordinateuniton risk assessmentin the head of- ficeand are responsible forcompliance withthe bankcreditdepartmentsof technolo�yandSMEcredit risk assessmentin settin�limits;besidesdesi�nate staffto monitorwhois functionallysubordinateunit- tosupportlendin� operations;
  • To define theSMEcredit committeesfor settin� limits, workin� withproblem debts, monitorin�, al- lowin� �ualitativelyoptimize the decisions;
  • or�anizedsystem of re�ularsite inspectionsof the credit�uality ofthe workin the unitsof small and- medium-sized businesses;
  • updatedmana�ement reportin� systemusedto assess thechamber - operationof the loan portfo- The Bank shall promptlyrespondto chan�in� market conditionsin the IV�uarter of 2008, adjust- in� thecredit policyforsmall and medium businesses. Were ti�htenedconditions for the issuan- ceof credit productsto customer re�uirements,the financialsituation ofenterprises,takes collateral, identifies priority customer �roupandrelative industriesthat are particularly susceptibleto market- factors.Chan�edpolicybuildin� aportfoliotoward- sofmore profitableproducts, reducin� theavera�e- len�th of the loan, unsecured products.

Risk compensationrefersto the methods that- need to createmechanisms for the preventionof risk situations, to eliminatethe appearance ofcauses and risk factors. Paymentmethodsareself-insurancerisk, strate�ic plannin�, forecastin� economic environ- ment, active tar�etedmarketin�, monitorin� of socio-economic and re�ulatory environment, out- sourcin�, attractin� additional information.These- methodsconsider therisk compensationfrom the per- spectiveof their applicationin the activitiesof a small businessandidentify howtoallocate theirmana�e- ment practices. Self-insurance(redundancy)involves the creation ofan entrepreneurspecial reserve fund- for the account ofprofitamounts to coverunforeseen expensesupon the occurrence ofrisk events. The mainproblem in creatin�a reservefor unforeseen ex- pensesis to assess thepotentialconse�uences of risk. In the process ofself-insurance createsreserve andin- surance funds. Such funds, dependin� on the pur- pose ofthe appointmentcan be created in-kind and cash. For example, the subjects of a�riculturepro- ducenaturalreserve funds: fodder, seed, and others. This is due tothe possibilityof adverseenvironmental conditions.The creation ofthe reserve fundis manda- tory forjoint stock company,cooperativeenterprises with forei�n investment.

Self-insurance- it�s tooexpensivefor most small- businessentrepreneurs, the practical implementation is  difficultlimited  financial  capacityof  small  enter- prises.  Self-insuranceis  advisablein  the  casewhere the   value   ofthe   insured   propertyin   comparison with  theproperty  andfinancial  criteriaof  the  busi- nessis small, and when the probability oflossis ex- tremely  small.  Self-insuranceis  an  economiclever, reception,helps neutralizethe risk situationand there- forerelates  toeconomic  methods  of  mana�ement. Strate�ic   plannin�relatin�to   the   methods   ofrisk compensationreflectsthe totality ofthe main�oals of the companyandways to achieve them.

First, the strate�ic plan sets thelon�-termdirec- tion  ofthe  company,  identifies  the  mainactivities of  the  or�anization,  allows  to  coordinatea  unified system  ofmarketin�,  desi�n,  manufacturin�and  fi- nancial activities, as well as to betterunderstand the structure   ofneeds,plannin�,promotionand   market- in�, formation mechanismmarket prices.

Second, theplan definesthe or�anization ofalter- native actionsfor the lon� term, provides the basis forthe allocation of scarcefinancial resources.As part ofthe strate�ic plannin� processimplemented- four main typesof mana�ement activities:

  • allocation of resources;
  • Adaptation to the environment; 3)internal coordination; 4)or�anizationalstrate�ic

Strate�ic  plannin�at  the  enterpriseit  is  advis- able toconsider notas a method ofrisk mana�ement, as well asa process, effectedby means ofactionsand decisionstaken  bythe  head  ofa  small  businessthat lead   to   thedevelopment   of   specificstrate�ies   to- achieve the �oals. Eventson strate�ic plannin�, whi- chis  usually  preceded  byexplorin�  the  potentialof the  enterprise,help  to  removemuch  of  theuncer- tainty,  allowto  predictthe  emer�ence  ofbottleneck- sin  the  production  cycle,  to  pre-emptthe  weaken- in� of thecompanyinits market sector, to identifyin advancethe  specificprofile  ofthe  risk  factorsof  the enterprise.  Forecastin�economic  environmentisthe developmentof   the   periodicforecasts,development andevaluationof   the   futurestate   of   the   environ- mentmana�ementfor   the   enterprise,   inpredictin� the behavior ofpotential partnersorcompetitors� ac- tions, chan�es in themarket se�mentsin whichsmall businessadvocatesseller  or  buyer.  Forecastin�  and plannin�are considered as functionsof mana�ement. Substantially  betweenprediction(knowled�e  of  the future),  and  plannin�noclearly  definedboundaries. We can say thatthe forecastis ainsufficientlydefinite plan, and the plan is arevisedforecast. The most si�- nificant differencefrom the forecastplanis the pres- ence  ofelementsin  terms  ofchoice,decision-makin� andactions forthe implementation of thesedecisions. Forecastin�economic  conditionsshould  be  under- stood asa process desi�nedto assess theprospects of the  enterpriseon  thebasis  of  an  analysisof  market, chan�es in market conditionsin the comin� period.

How tominimize the  risks  ofreceptionis used- to provide further informationandsu��estsim- provin�the reliability and validityof the initial informationthatwill reduce the likelihoodof in- efficientdecisionmakin�.Methods formore informa- tionsu��estpurchasin�it fromother or�anizations (consultin� firms, research or�anizations). Some authorsconsideran activetar�etedmarketin�as a method forrisk mana�ement, we alsodefined as an activity, intercompany mana�ementsystemthat aims tostudy, takin� into account demandand market re�uirementsfor       asoundorientationof  enterprisesto producecompetitive products.

Implementation ofmarketin� activitiesis  especially importantfor small businessesfor the follow- in� reasons. As a rule,they loselar�e companie- son the costs(as the latter effectsare relationship involved”economies of scale”) and the volume ofavailable financial resources. Therefore,oftenthe main competitive advanta�esin the possessionof small andmedium-sized businesses- it is their- flexibilityand  proximity  tocustomers,   the ability to pay attention toevery client,chan�in�,adaptin� toits re�uirements.Close cooperationwith the customerandprompt response tohis wishesis the maincompetitive advanta�eof small businesses. And in order totake full advanta�e ofthis benefit, you must constantly monitorchan�es in consumer preferences(throu�hmarket research) and desi�n- modificationsof the �oodsin accordance with thew- ishes of thecustomersidentified(by implementin� the marketin� functions). Activetar�etedmarket- in�assumes thatthe companybe�ins to rapidly�en- eratedemand for its products. For this purpose,a variety ofmarketin� methods: market se�men- tationand estimation of itscapacity; Advertisin� campai�ns,includin�fully informedof potential con- sumersand  investorsthe  mostfavorableproperties of theproducts andthe companyas a whole;analysis of the behaviorof competitors, the development of competitive strate�y, policy and measuresof cost mana�ementetc. Monitorin� thesocio-economic andre�ulatory environmentisoperationalmonitor- in� currentinformation on the socio-economic pro- cesses. To use thismethodre�uires computerre�ula- toryback�round information, connect to networks of business information, carryin� out their ownfore- castin� andanalytical research, contract research, the use of the servicesof consultin� firmsandinde- pendent consultants.

The resultin�data allow us tocatch newtrend- sin relations betweeneconomic entitiesin advanc- eto prepare forre�ulatoryinnovations, the necessary measures tocompensate for lossesfromchan�es   in the rulesof business,�uicklyadjust thestrate�ic and tacticalplans.Outsourcin�is realized whena small businessis notable to coverall the lossesof domestic resources.Some of themcan becoated usin�credit. Difficulties in raisin�capitalare not onlyinput, but also a permanentbarrier, which putssmall busi- nessesare oftenonthe brink of survival. In certain situations, it isunprofitable forbanksto takeon more risk. Importantrecent trend-the increased attention- of banks tosmall and medium businesses.The need forsmall businessestocredit resourcesis estimated at$ 30 billionannually, andyetsheis satisfiedby 10-15%. Commercial banksincreasedmort�a�einterest rateto compensate forpossible lossesonloansof no return. Soone ofthe main conditions forthe expansionof credit activityof banksin the small businessisrisk reduction. Conse�uently, the expansion of the time horizon ofsmall business lendin�can be viewedas an impetus forallsmall business sectors. Commer- cial banksin this processobjectivelycan playa ma- jor role.Financin� andloans to small businessesare amon� the instrumentsandthe implementation of economiclevers ofrisk mana�ement practices.The resultshowedthat the consideredmethodsof evasion, transfer, dissipation, compensation, localizationof entrepreneurial riskto a �reater extenthaveor�aniza- tional natureandare thereforeor�anizational method- sof risk mana�ement, as well as in the framework ofrisk compensationself-insuranceisolatedtech- ni�ues, outsourcin�(lendin� financin�) relatin� to economic methods ofrisk  mana�ement.

We have consideredthe totality ofrisk mana�e- ment methodsallows you to selectthe most appro- priateoptimal methoddependin� on the�oals and ob- jectivesset by thesmall enterprise, as well as on the prevailin�market situation.Ifthe risk of seriousand poorly understood, it should refuse to accept therisk, ifthis is not possible, you should refer risk toanother person, to distribute amon� partners, to compensate foramore information, outsourcin�, self-insurance.

 

References 

  • Ablyaev, SVThe mechanism offunctionin� offinancial institutionsin lendin� tosmallandmedium-sized enterprises[Text] / SVAblyaev//Russian Entrepreneurship.- 2008. – №7 (1). – 34-42.
  • Taktarov, GAThe financial environmentof business andentrepreneurial risks[Text] /GATaktarov. – M .:Finance and Statistics, 2007. – 256 p.
  • Shahs, VVTheory andrisk mana�ementin insurance[Text] /VVShahs. – M .:Finance and Statistics,2003. – 224
  • Gerchikova, IN Mana�ement:textbook[Text] /INGerchikova. – 3rd , Rev.and add. – M .:UNITY, 2003. – 501p.
  • Vershi�ora, EE Mana�ement[Text]: Manual /EEVershi�ora. – 2nd ed., Rev.and add. – M .: INFRA-M, 2002. – 283 p.
  • Ponomarev,AYRisk Mana�ementSmall Business Loan[Text] /AYPonomarev//Bankin�. – – №5.-S.78-82.
  • Tokarenko, GS Methods of risk mana�ementin the company[Text] /GSTokarenko//Financial Mana�ement. – №4. –2006.-S.130-143.

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