Monitoring of risk management at the meso- and micro-levels

Monitoring is analyzed as an essential part of corporate governance, which is based on the theory of agency relations (Agency-Theory). The structure of internal corporate monitoring is shown. The mesolevel of monitoring is represented by the so-called «Three-Lines-of-Defense-Modell» (TLoD). The forms of monitoring at the micro level are investigated, including the advantages and disadvantages of such a form as self-monitoring (self-assessment). Expert assessments and management analysis at the enterprise are described as process-independent forms of monitoring. The system and processes of internal monitoring are considered, the monitoring process is divided into four stages. Six internal monitoring functions are described in detail, including protective, assurance, informational, training, reporting, and documentation functions. The positive effects of risk management monitoring at the enterprise are shown.