Basics of enterprise financial risk management: an innovative methodology for assessing an enterprise’s financial risks

The development of the digital economy has brought about numerous benefits, but it has also introduced new financial risks that need to be managed. The article provides an overview of the history of the study of financial risks both in Russia and abroad, examining the various models used for analyzing financial risks of an enterprise. The article also explores the different approaches taken by domestic and foreign authors to define the concept of financial risk. Additionally, the article identifies the key financial risks that enterprises face and considers how they have transformed in the digital economy. The author proposes an innovative methodology for assessing the financial risks of an enterprise. It is based on a dodecahedron system that incorporates twelve dimensions of financial risk including credit risk, market risk, liquidity risk, operational risk, compliance risk, reputational risk, strategic risk, systemic risk, geopolitical risk, cybersecurity risk, environmental risk, and social risk. Each dimension is further divided into subcategories, and indicators are identified for each subcategory to assess the level of risk exposure. The methodology also includes a procedure for quantifying the risks and assigning weights to each dimension based on the relative importance of the risks to the enterprise. The resulting integral indicator provides a comprehensive view of the financial risks faced by the enterprise, enabling management of the enterprise to develop more effective risk management strategies and enhance their overall financial performance. The proposed methodology has significant potential for use in the digital economy and in volatile geopolitical environments, enabling enterprises to better manage financial risks and enhance their overall financial resilience.