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Words and word combinations
damage – ущерб housekeeping – хозяйствование
exodus – исход distant environment отдаленная среда
flood- наводнение macroeconomics – макроэкономика
fire risk – риск пожара non-system risks – несистемные риски
an inevitable element – неизбежный элемент product – продукт; продукция
earthquake – землетрясение systemic risks – системные риски
economic activity – хозяйственная economic entity – экономический субъект
деятельность implementation of – реализация
fire – возгорание, пожар material damage – материальный ущерб
defacement – порча management – менеджмент
damage caused by – ущерб вызванный poisonous substances – ядовитые
objective phenomenon – объективное явление вещества
unfavourable – невыгодный rising material costs – рост материальных
economic consequences – экономические затрат
последствия reimbursement of damages – возмещение
uncertainty – неопределенность ущерба
Words and word combinations
investment – инвестиции pollution of environment - загрязнение
natural risks – природные риски окружающей среды
hurricane – ураган tornado – смерч
financial loss – финансовый ущерб improper management – неквалифицированный
price increase – повышение цен менеджмент
landslide – оползень technological risks – техногенные риски
endogenous risk – эндогенные риски mixed risks – смешанные риски
the aggressive nature of the – агрессивный adequate measures – адекватные меры
характер transportation – транспортировка
purchase – закупки price risk control – контроль ценового риска
provide for risk – предусматривать риск blast – взрыв
rising material costs – рост материальных exogenous risk – экзогенный риск
затрат bankruptcy of a counterparty – банкротство
risk factors – факторы риска контрагента
losses – убытки the projected risks – прогнозируемые риски
inefficient structure – неэффективная структура
Economic security of the enterprise (organization) in conditions
of uncertainty and risks
1. The essence of the notion of “risk” in the concept of the economic security of
enterprise (organization).
2. Risk Classification

Risk is the future probable event with negative economic cosequences of unknown size.
Almost any area of economic activity is risky by nature since there is always the possibility
of incurring financial loses couset by advers events of their after-effects.
Every event in the life of a particular subject, a collective or society can be realized in
three directions:
● the result of events can be favourable(there is the probability of winning);
● the result of events doesn’t entail any changes(zero result);
● the result of events is negative(entail loss)
Risk means the risk of adverse outcome expected phenomenon. This is a
hypothetical possibility of occurrence of harm. Any particular risk (e.g., risk of fire, flood,
earthquake) represents the possibility of occurrence of a given event such as fire the insured
object or its damage, deterioration or destruction as a result of the flooding.
Risk is an objective phenomenon in any sphere of human activity. In essence it is an event
with negative economic consequences, which penalized might occur in the future at some
point in the unknown.
It is an inevitable element of any economic decision because uncertainty is often an inherent
feature of conditions managing. At the time of decision-making, it isn’t always possible to gain
full and exact knowledge of the environment of implementation of the decision remote in time,
of all of the operating or potentially possible internal and external factors.
Factors influencing the risk can be divided into 2 large groups:
macroeconomic and microeconomic.
● Risk due to the influence of macroeconomic factors,
sometimes referred to as systemic, i.e. relating to the
functioning of the economic system as a whole. Nonsystem
risks associated with a particular business and depend
mainly on exposure to the micro-economic factors.
● To microeconomic factors include risks associated with the
release of products and services. These risks will be
addressed later.
To the areas of economic security, a distinction must be made
between threat and risk. If the threat represents negative
manifestation of the environment (internal and external) in which
the economic subject, rather this subject acts, then the risk
characterizes result of realization of this threat, usually material
or financial.
Экономическая безопасность
The enterprise economic security is a предприятия - состояние наиболее
condition of the most effective using of the эффективного использования
corporate resources for prevention of корпоративных ресурсов для
threats and ensuring stable functioning of предотвращения угроз и обеспечения
the enterprise in the present time and in стабильного функционирования
the future предприятие в настоящее время и в

Risk in economic security can be defined as the events of material and financial
damage caused by the implementation of various kinds of economic activities in the
conditions of uncertainty and unpredictability or potential threats.
Based on the hazard risks are divided into three groups:
● man-made, caused by human activities (e.g., pollution of enviroment);
● natural, not dependent on human activity (hurricanes, tornados, floods, etc.);
● mixed, due to human activities (events of a natural character; a landslide as a result of
construction works, etc.).

On the probability of anticipation risks are divided:

● projected risks that can be calculated with a certain degree of probability;
● unpredictable, possibly calculate (natural anomalies: hail, drought, torrential rains, etc.).

Possible exposure risks are divided into two groups:

● adjustable or endogenous, inside that you can control or even completely prevent,
through appropriate means and methods (e.g., theft of technological accidents,
downtimes, etc.) ;
● unregulated or exogenous, outside that impossible to avert (bankruptcy of a
counterparty, hurricanes, tornadoes, etc.), but the amount of damages can be reduced
through the adoption of adequate measures.
At the place of occurrence risks are divided:
● external (systematic or market) arising from threats external to the railway body enviroment
and therefore does not depend on its activities (e.g., increased tax rates, raising interest rates
for use of borrowings, the movement of currencies, etc.);
● Internal (unsystematic or specific) caused by threats, formed in the entity as a result of
improper management, ineffective structure of both capital and resources of an enterprise.

On the effects risks are divided: On features of insurance risks are divided:
● valid ; ● insured;
● critical ; ● non-insured
● catastrophic.

On objects risks are divided into several groups: political, industrial, financial, technological,
social, transport, integration, environmental, investment and operating.

Economic risks, depending on the scope of activities in which or for which threats can be
again divided
● operating;
● financial;
● investment.
Operational risks, in turn, in accordance Operational risk is "the risk of a change in
with the types of processes are divided into value caused by the fact that actual losses,
production and marketing, including incurred for inadequate or failed internal
procurement, implementation processes and processes, people and systems, or from
transportation. external events (including legal risk), differ
● Risks associated with production losses from the expected losses".
as a result of the disruption of the
production process in relation to the
failures of machines and equipment,
their breakdowns, accidents (explosions,
fires, leakages and emissions of toxic
substances, etc.). This group included
the risks arising from the introduction of
new equipment or technology.
● Marketing risks, where damage results
from threats in the sphere of market
relations, in particular between sellers
and buyers
Marketing risks, in turn, can be divided into two groups:
● error choosing a trusted counterparty and wrong for its evaluation;
● improper selection of the goods;
● wrong decisions about the form of the proposed product to consumers.

The second group includes:

● the threat directly in the process of purchase and sale transactions;
● untimely delivery of goods of inadequate quality disruption of supplies and a possible decline
in production;
● rising material and other costs;
● payment of the increased deductions and taxes;
● the prospects for non-receipt or late receipt of the goods for the realization of products;
● refusal of received and paid product or its return.

Consisting of marketing risk separately monitor the price risk associated with the threat of financial
loss due to increased procurement prices and tariffs for goods purchased and services, such as
energy costs, transport fees, rental fee.
Transport risk, which forms an integral part of the marketing risk associated with loss or damage to
material goods during their transportation by different modes of transport: road, air, rail, sea, river.
Financial risk is the risk of complex, which Financial risk is the possibility of losing
includes a lot of their subspecies, which are money on an investment or business
divided into two groups: venture.
1) the purchasing power of money;
2) risks of investing financial resources.

Stall agreements regarding grants, loans and

investments. In order to minimize possible
risks, for the management of enterprise it is
necessary at least tentatively to assess what
risks more likely, rank them according to the
degree of probability of occurrence and to
identify certain compensatory measures.
Sources of occurrence of economic risk:
● insufficiently collected information about the problem for which the decision is made,
since the information has the property to change almost constantly. The lower the quality
of information received of choosing a solution, the higher the risk of undesirable
consequences of this decision;
● insufficient resources to implement the solution;
● randomness. Many processes due to economic activity can occur in the same conditions in
different ways, that is, there is a certain accident;
● the possibility of natural disasters, their spontaneity. They can use unforeseen expenses
for their elimination;
● the emergence of conflicts. This reason for the emergence of risks can be from the warrior
and interethnic conflicts to conflicts or contradictions of interests.

As a result of the war, the company may lose the ability to export or import goods, and there is a
likelihood of freezing assets located in another country. Due to competition, an unfair entrepreneur
can spoil the activities of a competitor due to various factors (slander, damage, illegal actions and
bribery). The probability of scientific and technological progress is predicting what will be the
development of science and technology in the near future can be almost exactly, but it is impossible
to determine the consequences of this development.
Economic risk in economic activity is Economic Risk is referred to as the risk
necessary for: exposure of an investment made in a foreign
● selection of new ways of influencing the country due to changes in the business
economic situation; conditions or adverse affect of
● the balance of planning, financial and macroeconomic factors like government
credit relations, pricing. policies or collapse of the current
government and major swing in the
General methods for assessing economic exchange rates.
There are two types of economic risk
assessment- quantitative and qualitative. The
task of qualitative assessment is to
determine the types of risk and factors that
affect 231 their dynamics. Qualitative
analysis should be conducted during the
development of a business plan, with ways to
minimize risks.
Words and word combinations
risky nature – рискованный характер reduce the negative effects – снижать
financial losses – финансовые потери негативные последствия
consequences – последствия be associated – ассоциироваться
depend on – зависеть от fear – страх
event – событие, явление property – собственность
face a variety of threats – сталкиваться с to compensate the losses – компенсировать
множеством угроз, опасностями утрату, потерю
commodity – money relations – товарно- require – требовать
денежные отношения awareness of the danger – осознание
entail changes – повлечь изменения опасности
implementation of the event – реализация further development – дальнейшее развитие
события continuity – бесперебойность, непрерывность
an adverse outcome – неблагоприятный исход uninterruption – непрерывность,
dimension – изменение, масштаб, факторы бесперебойность
allow – позволять, разрешать, использовать prevent – не допускать, предотвращать,
predict the likelihood – предсказывать воспрепятствовать
Words and word combinations
nature disasters – стихийные бедствия pre-determined targets – заранее
definition – определение определенные\намеченные цели
premiums – фонды(фонды страхования) reduce insurance risks – уменьшение
essenсe – сущность страховых рисков
risk transfer mechanism – механизм передачи be estimated – считаться, являться
риска approach – подход; подходить; приближаться
financial consequences – финансовые strict – строгий
последствия strictly –строго
to assume responsibility – брать на себя correspond to – соответствовать
ответственность identify – выявлять, идентифицировать
warn – предупреждать, предостерегать variable – изменчивый, переменный
provide-обеспечивать interaction of the nature forces and society –
minimize the damage – минимизация ущерба взаимодействие сил природы и
insurance events – страховые события общества
precautionary(preventive) measures – to maintain - сохранять, обслуживать,
предупредительные мероприятия поддерживать
protective measures – защитные меры
Words and word combinations

redistributive relations – перераспределить отношения

availability of an insurance risk – наличие страхового риска
closed layout of damage – солидарная ответственность за ущерб
repayment of insurance premiums – возвратность страховых платежей
voluntary insurance – добровольное страхование
an injury to life and health – причинение вреда жизни и здоровью
insurance contract – страховой договор
marine insurance – морское страхование
material values – материальные ценности
disabled people – инвалиды
profitability – рентабельность, прибыльность
The nature and functions of insurance

Almost any area of economic activity is risky

nature, since there is always the possibility of
incurring financial losses caused by adverse
events or
their consequences. The reason for this may be
due to the human factor and also with natural
events which don't depend on the person's or
company's will.
Throughout his life, a person is faced with a
variety of threats to his life, health and property.
These possible threats and danger are reflected
in the concept of "risk".
In society, where commodity-money relations exist, the risk of domestic
category becomes an economic one. As an economic category the risk is
characterized by the concept of probability and uncertainty of the situation.
Almost every event in the life of a particular subject, or a collective society
can be realized in three directions:
● events can be the result of the favourable situation (there is the
probability of winning);
● events result does not entail changes (zero result);
● events negative result (entails loss).
Usually the concept of risk (risky situation) associated with possible future
negative effects of the implementation of the event.
Risk is the future probable event with negative economic consequences of
unknown size. The actual risk of an adverse outcome is expressed through
the damage. In contrast, the risk of damage to the material is subject to a
specific dimension. A risk factor for the existence and the need to
compensate the possible damage requires the organization to protect the
mechanism from accidents.
The companies use a variety of Term insurance is primarily
measures that allow a certain reliability associated in the mind with the word
to predict the likelihood of the risk, "fear" (fear for the safety of their
which makes it possible to reduce its property, for their health, life and so
negative effects, ie. (damage). One of on).
the methods of risk management is an It is the fear of incurring financial
insurance system. losses and the need for compensation
was the cause of security. Property
owners quickly realized that to
compensate the losses incurred by it
alone is very difficult, as it requires the
creation of reserves replacement at its
own expense. As a way out of this
situation there was born an idea of
joint responsibility for damages.
The owners who suffered get
compensation at the expense of the
common fund. All participants in the
fund are making to it money that is
spent on compensation for losses of
investors. Therefore the man's
awareness of danger and the random
nature of adverse events lead to
mutual insurance - one of the first
organizational forms of
insurance activities.
Further development of the social relations of production has led to the need to
ensure continuity and continuity the reproduction process. Contradictions
between man and nature, as well as within society itself creates prerequisites
for the occurrence of random events that have negative consequences.

Thus, the risky nature of social production

is the need to organize the relationship
between people in order to prevent, localize
the destructive effects of natural disasters
and disasters of various kinds, and in
addition to the indemnity due to the
circumstances of damage.
As the modern definition of the term The economic essence of insurance
insurance can be identified as follows: consists of the following functions:
1) risk function
Insurance is a relationship to protect 2) warning function
the property interests of individuals 3) control function
or legal entities upon the occurrence 4) saving function
of certain events (insurance cases)
due to money funds generated from
insurance premiums paid by them
(insurance premiums).
1. Risk function. The essence of insurance is a risk transfer mechanism, or rather, the
financial consequences of risk. To this end, the insurance organization forms of specialized
insurance fund from the premium paid (payment for risks). The fund is made compensation of
material losses of the fund participants. In exchange for the paid premiums insurance
organization assumes responsibility for the risks.

2. Warning function provides measures to prevent the insured event and minimize the
damage caused by the insured events. To this end, the insurer made the formation of the fund
of precautionary (preventive) measures, the funds are spent on pre-determined targets to
reduce insurance risks and their negative consequences . Insurance risk is estimated the event
on which case of approach insurance is conducted . The event , considered as an insurance
risk, should have signs of probability and randomness of its occurrence .

3. Control function performed in strictly target of the formation and use of an insurance fund.

4. Saving function implemented during certain types of life insurance – savings insurance.
Insurance organization at the same time provides the client with insurance protection and acts
as a savings institution.