Implementation of a risk-oriented approach as a direction for improving corporate control in a joint stock company
- Authors: Arsakaev I.S.1
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Affiliations:
- The Chechen State University
- Issue: Vol 16, No 5 (2020)
- Pages: 87-90
- Section: Articles
- URL: https://journals.eco-vector.com/2541-8025/article/view/532481
- ID: 532481
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Abstract
Today, the activities of joint stock companies are inconceivable without effective corporate control, the mechanisms and tools of which allow achieving the goals set for the company and solving the tasks assigned to it, since joint stock companies must meet the requirements of a modern market economy, clearly understand and assess their own position and their role in the economic life of the country, as well as assess all kinds of risks. The author examines the corporate control system using the example of one of the largest companies in the oil and gas sector - PJSC «LUKOIL». The special organizational and legal form of a public joint stock company, the specifics of internal and external corporate control in such companies predetermined the choice of PJSC «LUKOIL» as the object of research, since this corporation is characterized by stricter state regulation, and the relationship between subjects and objects of corporate control in public joint stock companies are associated with a number of problems, the solution of which makes it possible to increase the effectiveness of control measures. The article notes that the basis of corporate control is the identification of all kinds of risks, from strategic to operational, which can be effectively reduced by introducing a risk-oriented approach to the internal control system into the practice of joint stock companies, as well as improving the corporate risk management system. In this regard, the author comes to the conclusion that the management bodies of a joint-stock company should reasonably approach the choice of a method of responding to each specific risk, taking into account the fact that even the most advanced risk management system cannot guarantee the achievement of the company's goals. Thus, the main goal of developing and improving the risk management system is to minimize risks.
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About the authors
Ilyas Sh. Arsakaev
The Chechen State University
Email: mail@chesu.ru
Cand. Sci. (Econ.), Associate Professor of the Department of Accounting, Analysis and Audit in the Digital Economy, The Chechen State University, Deputy Head of Human Resources Department Russian Federation
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