Economic Analysis: Theory and Practice

Reframing the risk management process of entities

Vol. 17, Iss. 8, AUGUST 2018

Received: 29 May 2018

Received in revised form: 8 June 2018

Accepted: 19 June 2018

Available online: 29 August 2018


JEL Classification: G32, M11, М14, О16, Z13

Pages: 1428–1448

Borovkova Vik.A. St. Petersburg, Russian Federation

ORCID id: not available

Borovkova Val.A. Peter the Great St. Petersburg Polytechnic University, St. Petersburg, Russian Federation

ORCID id: not available

Importance Enterprise risk management is an essential process. It is integrated in overall management, strategy, policy, planning, report generation, system of values and organizational culture. Efficient arrangement of risk management is a critical problem of economic science and practice, which can be solved through a reframing approach.
Objectives The article aims to review methodological and practical aspects of risk management process efficient functioning, develop reframing approach and a model of reframing the risk management process.
Methods The study employs general scientific methods, like observation, comparison, consistency, analysis, synthesis, as well as logical approach and modeling.
Results The paper offers our own interpretation of entity's risk management process, defines its stages, presents specifics of reframing approach to risk management and a model of reframing. It also provides an analysis of the nature, advantages and risks of frames.
Conclusions If implemented, the proposed reframing approach and the model will enable to increase the efficiency of entity's risk management process, its risk management system, and the entire entity.

Keywords: risk, management, frame, reframing, entity


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