Integrated Risk Management in the Financial System: International Regulation and National Perspectives

The article is devoted to the problems of an integrated risk-based approach in the financial sector, implemented at the international and national levels. The author develops his ideas about the specifics of the mechanism of international legal regulation of the financial sector and, for the first time in the domestic science of international financial law, focuses on the problems of integrated (cross-sectoral) supervision in the field of international finance through the light of targets of financial stability and financial integrity. The article states the hypothesis that public supervision in the financial sector can be effective only if it is risk-oriented, internationally coordinated, cross-sectoral and capable of being assessed for compliance with international standards. The integrated risk management of the financial system is revealed in the study by analyzing the interrelationships between supervision in order to achieve financial stability and supervision in order to achieve financial integrity. Special attention is paid to the systems of international assessment of country profile of financial stability and financial integrity used by international financial regulators, their integration with each other. The article concludes that there are elements of integrality of financial supervision carried out by international financial regulators and the expediency of setting up the same cross-sectoral supervisory model at the national level. Proposals of an institutional and regulatory nature are formulated.