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Benchmarking of Corporate Risk Management and Its Impact on the Cost Indexes of the Company

Student: Samokhvalova Aleksandra

Supervisor: Vasilisa A. Makarova

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Economics (Bachelor)

Year of Graduation: 2017

Success in today's dynamic business environment requires corporations organization, integration support business processes from the point of view of corporate governance, risk management and internal control. The present work reveals the problems of complex evaluation of the effectiveness of risk management, the essence and the process of benchmark analysis procedures for the determination of key performance indicators are studied. Firstly, the concept of key performance indicators in enterprise risk management and the benefits of their use are discussed. Then I focused on methods for determining the KPI as the assessment of external rating agencies and the analysis of the system of indicators in the survey of stakeholders. The theoretical framework is confirmed by analytical calculations. A multi-factor model evaluation of the effectiveness of risk management presents instruments for application. In the work there are the values of the control points for the analyzed sample of firms and an econometric analysis of influence factors on the key outcomes of corporate governance of companies was conducted. The theoretical significance of the work is in the refinement and updating of control points the effectiveness of risk management from the perspective of stakeholders, the practical significance is in the opportunity to conduct a comparative analysis of any company in comparison with best practices. As directions for further research it is possible to allocate the study of the effectiveness of risk management falling under the competence of the standards separately from market risk management mechanisms.

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