УДК 336.11-043.83:658.14/.17

DOI: https://doi.org/10.36887/2415-8453-2023-3-60

Kulakovska Tetiana,
Doctor of Science in Economics, Professor, Department of Industrial Economics,
Odesa National University of Technology,
https://orcid.org/0000-0002-3391-9617
Petkova Dina,
Postgraduate, specialty 051 «Economics»
Odesa National University of Technology,
https://orcid.org/ 0000-0002-0304-8355

JEL classification: В30; D81; E31; E 32; E40; E44; O16

Financial risk is a key element of the modern economy, which affects the long-term success of companies, industries, and countries. The article analyses scientific and theoretical approaches to understanding the “financial risk” category and considers its dependence and relationship with the “risk” category. Primary attention is paid to three risk theories: subjective, objective, and subjective objective. The evolution of approaches to financial risk from classical theories (F. Knight, G. Markowitz) to modern interdisciplinary approaches is considered, including adapting methods to Ukrainian economic realities. Mathematical models, macroeconomic analysis, and behavioural aspects are highlighted in understanding financial risk. It is determined that the modern interpretation of financial risk includes aspects of uncertainty, volatility, credit, and regulatory factors. The results of the research carried out in the article contribute to the improvement of regulatory mechanisms aimed at controlling and reducing financial risks at the macro and micro levels, help to identify, evaluate, and develop tools for effective management of financial risks, for sustainable development, ensuring the stability of financial systems, which is the foundation for economic growth. This allows organizations to reduce the impact of adverse factors on the activities of enterprises and ensure financial stability, strengthening the stability of economies, enterprises, and society. Understanding financial risks allows for the development of mechanisms to protect investors and consumers of financial services, and using machine learning algorithms to predict risks prevents losses caused by financial crises or fraud. Research helps to identify systemic risks in the early stages and develop strategies to prevent their spread. Aspects of further research are highlighted, which should focus on developing integrated approaches, particularly the use of artificial intelligence, analysis of global risks, and adaptation to climatic and geopolitical challenges.

Keywords: risk, financial risk, uncertainty, probability, threat.

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The article was received 30.07.2023