ETHICAL ASPECTS OF RISK MANAGEMENT IN THE MODERN CONDITIONS OF ECONOMIC TRANSFORMATIONS: FROM THEORY TO PRACTICE

Abstract

Ethical aspects of risk management in modern conditions of economic transformations determine the need for innovative provision and constant search for effective management mechanisms in the defined problem area. Implementation of ethical norms and innovative principles of risk management in the activities of business structures ensure the need for complex economic changes, arguing for attention to the need for structural transformations. The effectiveness of doing business in the conditions of a full-scale military invasion determines the transformation of the macroeconomic level, ensuring the progressiveness of transformational shifts in the context of the strategic development of the state’s economic system. Despite its importance and relevance, the problem of analyzing the ethical aspects of risk management remains theoretically poorly understood. To date, no unambiguous categorical apparatus of the appropriate definition has been formed, there is no single classification of indicators of influence on the context of the formation of ethical aspects of risk management; there are no comprehensive studies of risk management problems in modern conditions of economic transformations. In today’s conditions of transformational economic transformations, the issue of in-depth analysis of ethical aspects of risk management is gaining relevance and comprehensive nature of strategic shifts at the macroeconomic level. Therefore, the definition of «ethical aspects of risk management» is poorly researched and is mostly based on the opinions and results of scientific research by foreign scientists. Ethical aspects form the prerequisites for management’s response to the level of probability and potential impact of undesirable economic events. The article analyzes the theoretical postulates of ethical aspects of risk management in modern conditions of economic transformations, focuses on the need to introduce comprehensive economic transformations, conduct an in-depth scientific study of the conceptual and categorical apparatus of the defined definition «ethical aspects of risk management», taking into account globalization shifts and transformational economic processes. In addition, the scientific research materials analyzed a list of the spectrum of models for quantitative and qualitative assessment of the degree of influence of real and potential risks of a macroeconomic nature, namely: Value at Risk (VaR), Conditional Value at Risk (CVaR), Standard deviation, Beta coefficient, Scenario analysis, Risk matrix, Credit risk models; the necessity of conducting further scientific studies in the direction of the formation of an effective mechanism of state management in the creation of ethical business in modern market conditions is highlighted.