Assessment of the effectiveness of the risk management system

The article is devoted to the study of modern approaches to assessing the effectiveness of the risk management system (RMS) of an organization, presented in current risk management standards, regulator recommendations and in the scientific literature on this issue. Based on the assumption that the effectiveness of the risk management system can be assessed by comparing the achieved result with the RMS efficiency criterion, the authors studied the methodological approaches and evaluation criteria proposed in the documents regulating risk management, as well as by specialists. As a result of the analysis, it was found that in the specialized literature on the problem of risk management, there is no generally accepted definition of the effectiveness of RMS, as well as clear criteria for its evaluation. An analysis of approaches to assessing the effectiveness of the RMS made it possible to identify the key elements and processes of risk management. Criteria and methodology for evaluating the effectiveness of the organization's risk management system are proposed, taking into account the degree of implementation and the effectiveness of the functioning of the RMS elements. Evaluation of the effectiveness of the risk management system will become increasingly relevant. This is facilitated by the changing working conditions of organizations and the objective needs of risk management entities and stakeholders. According to the authors, assessing the effectiveness of risk management systems allows you to obtain reliable information about the flow of business processes and identify problem blocks that impede the achievement of the organization's goals. Such information should be taken into account in the process of making managerial decisions at all levels of management.