Mathematical Methods Applied to Manage Risks Associated with Innovative Activity of High-Tech Enterprises
The authors formulate theoretical foundations of management of risks associated with innovative activity of enterprises operating within high-tech industries, elaborate risk management methodology that can be applied at high-tech enterprises in reliance o
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Mathematical Methods Applied to Manage Risks Associated with Innovative Activity of High-Tech Enterprises
8.1
Theoretical Foundations of Management of Risks Associated with Innovative Activity of High-Tech Enterprises
In the context of today’s unstable economic conditions, great attention is being paid to the study and adjustment of best international practices of risk management. The issue appears especially relevant for the countries that seek to move to the fore and boost their competitive capacity by developing high-tech innovative production, since competitive performance of any country is largely determined by the efficiency of high-tech industries creating innovative products with high added value. These products are commonly recognized for greater competitive edge which, more often than not, appears to be rather sustainable. Risk management has been a subject of research since the seventeenth century, but it was only in the mid-twentieth century that it established itself as one of the most important mechanisms of business management. This period of time was characterized by accelerating scientific and engineering progress, the development of high-tech industries, a significant increase in the scale of industrial activity, and a growing capital demand, which caused rapid development of financial markets and brought about new financial instruments (such as futures and the like). It was during this period that enterprises faced increasing risks and, thus, were forced to look for the ways to handle them. In this regard, the evolution of modern theoretical approaches to risk management (which is presented in Table 8.1) can be divided into two phases: – The “bottom-up” approach that had been applied since the 1970s up to the late 1990s – The “top-down” approach” that gained momentum in the twenty-first century
© Springer International Publishing Switzerland 2017 A. Chursin et al., Innovation as a Basis for Competitiveness, DOI 10.1007/978-3-319-40600-8_8
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8 Mathematical Methods Applied to Manage Risks Associated with Innovative. . .
Table 8.1 Stages of the evolution of contemporary theoretical approaches to risk management № 1
Period The 1970s
2 3
The 1980s
4
The 1990s
5 6 7
The twenty-first century
Stages and their features Micro-risk management, risks are managed by individuals (brokers, experts at financial departments) Management of assets and liability at the level of the treasury Strategic management of assets and liability through planning and monitoring procedures Market risk management through management of risks within the financial departments, emergence of the “risk management” function Credit risk management through management of risks within the financial departments, development of the “risk management” function Operational risk management through internal audit, application of the “risk management” function Enterprise risk management (ERM) is based on the integrated approach to risk management, capital management, operational management of assets and liabilities
The “bott
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