• Specialty of the Higher Attestation Commission of the Russian Federation08.00.10
• Number of pages 224

CHAPTER I. ECONOMIC CONTENT OF INSURANCE PROTECTION IN THE BANKING SECTOR

§2. The risky nature of banking activities and insurance protection as one of the methods of managing banking risk

§3. Classification of types of banking risk insurance

CHAPTER II. PROVIDING INSURANCE PROTECTION FOR COMMERCIAL BANKS

§1. Foreign experience in insuring banking risks

§2. Historical aspect of the development of banking risk insurance in the Russian Federation

§3. Characteristics of types of insurance of banking risks in the insurance market of the Russian Federation

CHAPTER III. PROMISING INSURANCE PRODUCTS IN THE BANKING SECTOR AND THE POSSIBILITIES OF THEIR APPLICATION IN THE RUSSIAN INSURANCE MARKET

§1. Problems of insurance protection of bank deposits

§2. Insurance protection of the bank plastic cards market

§3. Prospects for improving the relationship between insurance companies and commercial banks in the Russian Federation CONCLUSION

Introduction of the dissertation (part of the abstract) on the topic “Insurance of bank risks”

Over the past ten years, since the late eighties, we have been able to observe the rapid development of the financial market in the Russian Federation. First of all, against the backdrop of this growth, the increasing role of banks in the country’s economy, their formation and further development stood out. To date, as of December 1, 1998, there are a total of 2,498 registered commercial banks in Russia, of which 1,509 are actually operating1.

The systemic financial crisis taking place in our country and affecting, without exception, all sectors of the national economy, will undoubtedly affect the number of banks that can survive and operate further, but in any case, the market associated with the work of commercial banks as economic entities remains . It is possible that in the post-crisis period the extensive development of the banking sector will cease, but the need for the existence of a system of commercial banks as an important component of a market economy is of decisive importance for reforming the national economy of the Russian Federation.

The need to overcome the acute financial and economic crisis and reform the economy at the present stage has confronted the insurance industry of the Russian Federation with a number of pressing problems that require solutions. One of these problems is providing effective insurance protection in the banking sector of the national economy.

The interaction of two different sectors of the financial market - banking and insurance - went through several stages during its development. The nature of the relationship between banks and insurance companies has been a very little-studied problem to this day. There are very few economic studies that attempt to examine and analyze the nature of these relationships.

1 Official server of the Central Bank of the Russian Federation on the INTERNET computer network - http://www.cbr.nl/system/Credorg98.htm.

This work is perhaps one of the first attempts in Russian economic practice to consider a commercial bank as a subject of insurance relations and as an object of commercial interest of the insurer.

Currently, Russian banks are limited mainly to two types of insurance - insurance of bank property and cash collection transportation. The practical goal of this study is to determine the most complete “package of insurance services” that Russian insurance companies can offer to commercial banks to protect the property interests of the latter. However, this practical problem cannot be solved without a theoretical justification of the concept of banking risk, insurance banking risk, classification of types of insurance of banking risks.

In modern publications, including even special ones, insurance of banking risks is almost always mistakenly understood as the creation by a bank of reserve funds, reserving part of the funds in the form of contributions to the Central Bank of the Russian Federation (creation of a centralized insurance fund), hedging operations and others.

Insurance companies consider the bank as a subject of insurance legal relations, having two groups of insurance interests. The first group combines traditional risks characteristic of all business entities (property, transport, professional liability of employees and others). The presence of the second group of insurance interests is determined by the fact that in the activities of a commercial bank there are a huge number of risks associated with the specifics of this particular type of activity. A modern commercial bank is a complex business entity that carries out a large number of different operations and has a wide range of clients, partners and counterparties. The functioning of all sectors of the national economy depends on the smooth functioning of the bank. In addition, the stable operation of the banking sector is of great social importance.

That is why banking risk insurance must be considered as a comprehensive type, i.e. insurance, combining various industries, types and subtypes of insurance activities. As an analogue, we can cite construction and installation risks insurance, which includes three main types of insurance - construction and installation works, civil liability to third parties and insurance of post-launch warranty obligations, as well as a number of additional ones - insurance of workers against accidents, cargo transportation and others .

All this indicates the relevance of the topic of the dissertation research, which studies the insurance interests of commercial banks and their counterparties, the relationship between the insurer and policyholders arising under banking risk insurance contracts, issues related to development problems and the creation of the necessary incentives for the further expansion of insurance in the banking sector. market.

One of the important tasks of our work is to determine the insurance interests of commercial banks and identify precisely those areas of banking activity where insurance protection is most effective compared to other methods of minimizing risks and the use of commercial insurance opportunities in the banking business.

Other objectives of this dissertation research are to construct a classification of types of insurance for bank risks, analyze and study the accumulated experience of insuring bank risks abroad and in our country in recent years, develop insurance products that can be offered by domestic insurers for Russian commercial banks, study insurance in such specific areas of the bank’s activities, such as deposit operations and the market for bank plastic cards. In addition, the work will analyze and determine ways to further develop the relationship between insurers and banks in the Russian Federation.

The economic necessity and essence of all types of insurance, including insurance related to the banking sector, are deeply and comprehensively developed in the works of classics of Russian and Soviet economic science, such as F.V. Konshin, J.I.A. Motylev, P.A. Nikolsky. , Reikher V.K., Reitman L.I. Currently, such well-known Russian economists as Kolomin E.V., Lavrushin O.I., Larionova I.V., Or-lanyuk-Malitskaya L.A. pay great attention to these problems. Sevruk V.T., Spletukhov Yu.A., as well as foreign authors Napmen W.J., Rose P.S., Brown R.F.

When conducting this study, the works of domestic and foreign scientists in the field of insurance and banking were used.

The work was carried out based on the study, generalization and analysis of the legislation of the Russian Federation, official materials of government bodies of the Russian Federation, including the Government of the Russian Federation, the State Duma, the Department of Insurance Supervision of the Ministry of Finance of the Russian Federation and the Central Bank of the Russian Federation.

During the research process, practical materials from Russian insurance organizations and commercial banks, as well as foreign primary sources, were used. Periodical press materials were widely used, mainly economic magazines and newspapers.

We used statistical data published in periodicals, as well as in the materials of the Department of Insurance Supervision of the Ministry of Finance of the Russian Federation, the Association of Russian Banks, the Ministry of Internal Affairs of the Russian Federation, insurance and banking special printed and computer publications. l

Conclusion of the dissertation on the topic “Finance, money circulation and credit”, Kanamatov, Kemal Madzhirovich

CONCLUSION

In this work, a large segment of the insurance market that has not yet been mastered by Russian insurers was studied - insurance of banking risks. The formation and development of this segment of the insurance market is an important condition for strengthening and increasing the financial stability of the banking sector.

The author examined a wide range of risks present in the activities of a commercial bank and tried to identify from them those risks that are insurance and can be insured through traditional insurance methods. The purpose of the work was not to analyze the essence of internal banking and interbank actions aimed at minimizing risks when conducting a number of banking operations, for example, hedging operations (futures, forwards, options and others), since this is not within the scope of this work. This work was aimed at identifying exactly the insurance risks in their traditional understanding that are present in banking activities. In other words, work was carried out to determine the scope of application of the insurance company's forces in relation to a commercial bank, as an object that has a certain and wide range of insurance interests.

According to the author, the prospects for the development of various types of insurance in the banking sector will largely depend on compliance with a number of requirements that will contribute to strengthening the overall role of insurance in the process of market transformations in our country. The author lists these requirements as:

1. Improving the economic and insurance culture of the population;

2. Development of a long-term concept for the further development of insurance in the Russian Federation;

3. Implementation of a comprehensive program of measures related to the legal support of the banking risk insurance market;

4. Making additions to the documents regulating the procedure for the formation and placement of insurance reserves;

5. Formation, based on the development of insurance legislation, of an optimal combination of voluntary and compulsory forms of personal insurance;

6. Development of a set of measures aimed at strengthening the reinsurance market in the Russian Federation, regulating reinsurance operations when transferring risks to foreign insurance companies.

Until now, banks generally prefer other possible methods of covering losses from banking risks that are not associated with specific insurance companies. There are various reasons for this, related to economic, psychological and even historical reasons. The author hopes that this work will bring these two markets—insurance and banking—at least a small step closer and will influence the strengthening of the role of insurance in banking.

Insurance should become attractive to banks because by participating in the formation of the insurance fund by contributing relatively small amounts, the bank thereby becomes one of the participants in specially created reserves with the right to a part of these reserves sufficient to cover accidental damage. The amount of compensation due will be limited only by the amount of the insured amount agreed upon in advance when signing the contract and the actual amount of damage caused.

Unfortunately, until now, for commercial banks themselves, the opportunity to participate in insurance has not turned into a truly expressed need, which is confirmed by the events of the second half of 1998 in the Russian financial market. But we believe that it is only a matter of time. The insurance risk factor really exists, but it is not yet obvious to every bank. So far, banks attach greater importance to system-wide risk, as well as specific risks in banking activities.

In our opinion, it would be possible to propose certain ways to solve this problem in order to increase the interest of commercial banks in insuring their risks and strengthen the role of insurance in credit and banking activities. These are measures such as:

1. Legislative measures:

Granting the right to banks insuring their risks to attribute all relevant insurance payments to expenses (cost price);

Exclusion from the Civil Code of the Russian Federation of the ban on insurance against kidnappings and hostage-taking;

Acceleration and completion of legislative work on the introduction of a permanent system of compulsory insurance of bank deposits using insurance mechanisms;

Introduction of certain types of compulsory insurance for commercial banks based on the adoption of relevant legislative acts. For example, insurance against counterfeiting of plastic cards, securities and payment documents, against crimes related to penetration into computer networks and banking communication systems, against loss of valuables during their transportation, liability insurance for certain categories of bank employees. In particular, the Central Bank of the Russian Federation could include such requirements in the “State standards for bank security” that are currently being developed;

Adoption of the Federal Law “On the Circulation of Payment Cards in the Russian Federation”, which will provide precise definitions of all participants in the plastic card market and clearly define their areas of responsibility for the circulation of cards;

Development of standard conditions for comprehensive insurance of banking risks and approval of the licensing procedure by the Department of Insurance Supervision of the Ministry of Finance of the Russian Federation.

2. Organizational measures:

Introduction of comprehensive bank insurance based on the B.V.V. policy. Lloyd's by adapting it to the specific conditions of the Russian financial market, but in compliance with international standards;

Establishment of survey, valuation and brokerage work for insurance of banking risks. This is very important for a preliminary assessment of the bank’s position for carrying out insurance and compliance with the conditions and standards of Western insurers for reinsurance purposes;

Training of insurance company specialists who know the work of the bank and understand the specifics of banking activities;

Debugging methods for collecting and obtaining information on incidents in the credit and banking sector for correct insurance calculations and to eliminate problems with information, methodological and other materials that allow one to correctly assess the degree of insurance risk, draw up and conclude an insurance agreement, and eliminate damage when an insured event occurs.

Establishing connections between insurers and bankers. The conclusion of general agreements between ARB and a number of insurance companies, as mentioned in this work, is the first step in this direction. It is also possible to create joint public organizations that support the common interests of insurance companies and banks.

We hope that the present work is an important step towards achieving these goals. In any case, there is no doubt that insurance of banking risks can become a promising area of ​​activity for many insurance companies and play a role in achieving stabilization and strengthening of the financial position of the banking sector of the Russian Federation.

Please note that the scientific texts presented above are posted for informational purposes only and were obtained through original dissertation text recognition (OCR). In this connection, they may contain errors associated with imperfect recognition algorithms. There are no such errors in the PDF files of dissertations and abstracts that we deliver.

Introduction

The essence and types of banking risk insurance

Foreign experience in insuring banking risks

Current state and problems of banking risk insurance in Russia

Prospects for the development of banking risk insurance

Conclusion

List of used literature

Application

Introduction

One of the trends in modern Russian banking practice is the use of insurance. Insurance acts as one of the stabilizers of the economic and social situation in the country and as one of the areas of the economy and business. For banks, insurance is considered one of the risk management methods. The specificity of insurance protection is compensation for damage upon the occurrence of an insured event. The social and public function of insurance is to protect the bank from adverse external and internal influences that should not affect the financial stability of the credit institution, and therefore the state of the state’s monetary system. In addition, the importance of insuring banking risks is due to the fairly high degree of probability of their implementation, especially in unfavorable economic or political situations in the country. Different insurance programs allow you to neutralize possible losses.

The use of insurance in banking practice is necessary to manage part of the banking risks, and, in addition, allows you to expand the range of banking products offered. Foreign insurance has gone through a longer development path than Russian, however, all types of insurance products known in foreign practice are also available to Russian banks, so Russian banks have begun to value insurance more, and there is a trend in the development of the insurance market in banking.

Cooperation between banks and insurance companies allows banks to manage their own risks, modify banking products, and create factors that determine the demand for banking products and insurance services. In the course of joint activities of banks and insurance companies, the client receives the most convenient range of services, which may include insurance and banking services that complement each other in such a way that the overall productivity of service increases significantly. It should be noted that a significant disadvantage of using insurance in banking practice is the rise in price of the product for the client or additional costs for the bank. However, a bank that has insured its risks will have an advantage in the interbank market, increasing the degree of business reputation and trust, both among financial institutions and among its clients.

All this indicates the relevance of the topic of this course work, which studies the relationship between the insurer and policyholders arising under banking risk insurance contracts, issues related to development problems and the creation of the necessary incentives for the further expansion of insurance in the banking market.

Thus, the purpose of this work is to identify the main problems and prospects for the development of banking risk insurance in modern economic conditions.

This goal dictates the solution of the following tasks:

consider the essence and types of banking risk insurance in Russia;

study foreign experience in insuring banking risks;

analyze the current state and identify the main problems, as well as determine the prospects for further development of this field of activity.

The theoretical and methodological basis of the study was the scientific works of economic classics, the results of fundamental and applied research of modern domestic and foreign scientists. During the study, legislative and regulatory acts of the Russian Federation, monographic studies, reviews of periodical Russian and foreign publications on the topic under consideration, and thematic Internet pages were studied.

The essence and types of banking risk insurance

It is necessary to distinguish between the concept of “insurance” in a narrow sense and in a broad sense. In the narrow sense, these are actually those relations that are regulated by the Law of the Russian Federation No. 4015-1 of November 27, 1992 “On the organization of insurance business in the Russian Federation” and are the subject of activities of specialized insurance organizations (insurance and reinsurance companies).

In a broad sense, insurance also covers social insurance, compulsory health insurance, mutual insurance and captive insurance, which are regulated by other legislation.

The broad concept of insurance includes all those economic relations that express the creation of special monetary funds from contributions from individuals and legal entities and the subsequent use of these funds to compensate the same or other persons for damage (harm) upon the occurrence of various unfavorable events in their lives and activities, and also for payments in other cases stipulated by the terms of insurance.

As the economy develops and the country’s social infrastructure improves, the nature of interaction between these areas will certainly change. Certain functions can be transferred in the process of competition or on the basis of changes in legislation from one area of ​​insurance relations to another.

The first, initial sign of classification in insurance is its division into two areas:

non-profit insurance;

commercial insurance.

Non-commercial insurance includes social insurance, compulsory health insurance and mutual insurance. Commercial insurance includes primary (direct) insurance, including coinsurance and reinsurance.

The next most important aspect of classification in insurance is the industry aspect. There are the following three branches of insurance - personal insurance, property insurance and liability insurance. The Law of the Russian Federation “On the organization of insurance business in the Russian Federation” clearly defines the commonalities and differences of each of the insurance sectors. Differences between industries are determined by the peculiarities of the emergence of property interests of policyholders.

According to the forms of insurance, insurance is divided into voluntary and compulsory. The principle of voluntary insurance is the most consistent with a market economy. The legislation defines only the mandatory attributes (details) of the insurance contract (insurance policy), and the remaining conditions are determined by the agreement between the insurer and the policyholder.

As an additional classification of types of insurance that relate directly to our topic, namely the insurance of banking risks, we can include a grouping of types of insurance into certain industries, areas or areas of activity of a commercial bank. In our case, this is the identification of specific banking areas of activity. This classification reflects the specificity of the object in question, in our case a banking institution, from the point of view of the insurer, and its place in the modern financial system.

For this purpose, the following directions can be distinguished:

deposit operations (passive operations, to raise funds);

credit operations (active operations, placement of funds) -,

operations in the market of bank plastic cards (both credit and debit

leasing operations.

In accordance with the classification principles described above, a classification of types of banking risk insurance is proposed below.

Also, in this classification of types of insurance, for the sake of completeness of perception of this classification and to create a holistic picture of insurance in the banking sector, types of insurance are given that are not directly related to banking risks. These types of insurance relate to the banking sector as a whole, that is, they are associated with the insurance interests of bank clients - legal entities and individuals, and thus indirectly affect the activities of the bank and the level of risks in its activities.

The classification given below corresponds to the Law of the Russian Federation “On the Organization of Insurance Business in the Russian Federation”, does not contradict the Civil Code of the Russian Federation and reflects not only the established practice of insuring bank risks, but also insurance products that are potentially possible for use.

Classification based on commercial and non-commercial insurance:

Non-commercial insurance may be of interest only in terms of social and compulsory medical insurance for employees of commercial banks, as ordinary employees of commercial organizations.

Accordingly, all other existing types of insurance of bank insurance risks can be classified as commercial insurance.

Classification by forms of implementation:

When classifying types of insurance of bank insurance risks according to forms of implementation, it is necessary to carry out the following grouping: Compulsory insurance:

life insurance and medical insurance for employees of the Central Bank of the Russian Federation (insurance for employees of the Central Bank of the Russian Federation as civil servants);

life insurance for employees engaged in detective and security activities, working for hire - at the expense of the bank, in connection with the implementation of professional activities;

insurance of citizens' bank deposits;

insurance of property acting as collateral - by the pledgor;

Voluntary insurance:

all other types of insurance of bank insurance risks. Classification by insurance industry:

Personal insurance:

1. Life insurance:

various types of life insurance for the management of a commercial bank;

various types of life insurance for bank employees and persons working under temporary contracts;

pension insurance for management and employees of a commercial bank;

various types of life insurance for bank clients, including:

life insurance of clients - individuals who are borrowers of the bank (credit insurance);

life insurance for bank clients - legal entities and individuals, included as an additional service for deposits;

life insurance for bank clients - legal entities and individuals, included as an additional service for holders (owners) of bank plastic cards (credit, debit, chip (settlement);

Accident insurance:

accident insurance for the management of a commercial bank;

accident insurance for various categories of bank employees and persons working under temporary contracts;

accident insurance for bank clients, including:

insurance of the client against loss of ability to work as a result of an accident (credit insurance);

accident insurance for bank clients - legal entities and individuals, included as an additional service for bank deposits;

accident insurance for bank clients - legal entities and individuals, included as an additional service for holders (owners) of bank plastic cards (credit, debit, chip (payment);

Voluntary health insurance:

voluntary medical insurance (medical expenses) for bank management;

voluntary collective medical insurance (medical expenses) for bank employees and persons working under temporary contracts;

for holders of bank plastic cards (credit, debit, chip (payment) - traveling abroad;

for holders of bank plastic cards (credit, debit, chip (payment) - traveling across the territory of the Russian Federation;

Property insurance:

When insuring property, one can distinguish, in accordance with the general insurance classification, the following sub-sectors of property risk insurance related to the specifics of the insurance objects:

Classic property insurance against fire and related risks;

Insurance of specialized bank property;

Insurance of electronic and computer equipment;

Motor vehicle insurance;

Property insurance for individuals;

Other types of property insurance;

Insurance against downtime (interruptions) in the activities (business) of a commercial bank (or a branch, a separate direction, type of activity (the so-called “insurance of indirect risks”);

Financial risk insurance;

Cargo (transportation) insurance;

Liability insurance:

Insurance of borrowers' liability for non-repayment (non-repayment) of loans (principal amount together with or without interest on it).

Liability insurance for bank employees in case of disclosure of the contents of bank documents;

Insurance of liability of directors and employees of the bank to the Board of Directors or to shareholders;

Professional liability insurance for various categories of bank employees, including tellers, cashiers, collectors, security guards, etc.

Liability insurance for securities registrars;

Depository liability insurance.

Insurance of civil liability of banks as owners of vehicles, real estate and other property, for damage caused to third parties. Additional classification based on grouping types of insurance into separate designated specific banking areas of activity.

It is advisable to present this classification in the form of a table (in Appendix No. 1), which will summarize specific types of banking activities and the corresponding types of insurance. The cells in this table indicate the types of insurance corresponding to the insurance industries and types of banking activities.

It should be noted that, in accordance with this classification, from the point of view of payment of insurance premiums, almost every area of ​​banking activity can be considered from two sides:

When insurance premiums (payments, premiums) are paid by the commercial bank itself;

When insurance premiums are paid by a bank client - an individual or legal entity. This applies to all categories of banking clientele interacting with the bank in various areas of its activities, i.e. this applies to depositors, borrowers, pledgors, plastic card holders, buyers of securities, currency, holders of various types of bank accounts, lessees, etc.

In accordance with the above comments, a table is provided in Appendix No. 1 to this study.

After determining the entire set of insurance banking risks and the set of types of insurance in accordance with which these risks can be insured, it is advisable to move on in the next chapter to the consideration and analysis of foreign experience of the existing theory and practice of implementing this insurance, as well as the possibilities of its implementation in modern political and economic conditions of the Russian Federation.

Foreign experience in insuring banking risks

Developed foreign countries have accumulated a wealth of experience in insuring various property interests of banks. The history of such insurance goes back many decades. The first banking risk insurance agreement was concluded in 1911 in the USA. Over the period that has elapsed since then, an insurance protection system has been developed in the banking business, covering almost all objective channels of financial losses, that is, external risks of banks. The leading insurers in this area are members of the British insurance corporation Lloyd's.

Currently, banking risk insurance has become widely developed in many countries. For example, in the United States more than 2,000 banking risk insurance contracts are concluded annually. At the same time, for several years now, insurance against risks associated with robbery has been mandatory for American banks.

The growing popularity of banking risk insurance in the world is due to a number of reasons. One of them is the expansion of the insurance field, i.e. growth in the number of banks, their assets and capital, increase in the volume of banking operations. Another reason forcing banks to resort to insurance is the increase in the frequency and range of risks causing losses, the growth in the volume of damage caused by various random events.

Finally, the presence of an insurance contract improves the image of the bank, helps to attract customers and investments, since it reduces the risk of its insolvency and bankruptcy. This is due to the fact that in addition to insurers providing guarantees for compensation for losses caused to the bank, when concluding insurance contracts, insurers carefully monitor its activities.

The elements of the banking risk insurance system used in developed foreign countries, first of all, can be divided into two groups. The first of them covers insurance objects and insurance risks that are common to almost any enterprise and organization. The second category includes such objects and insurance risks, the need for insurance protection, in relation to which it is explained precisely by the specificity of banking activities. This division has already been shown when classifying types of insurance for banking risks.

The specificity of banking risk insurance is a group of types, the need and procedure for which are determined by the special nature of banking activities. This group of insurance operations can also, in turn, be divided into several areas.

The first of these includes insurance operations that provide protection for bank valuables and other bank property.

The second includes operations that provide insurance protection related to the use of computer equipment and software (hardware & software) in the banking sector (primarily, insurance against computer fraud).

The third is insurance against risks associated with the use of plastic cards in the banking sector.

The fourth is insurance of active banking operations (issuing loans, purchasing bonds, etc.).

And finally, to the fifth - insurance of passive banking operations (bank deposits).

At the same time, it should be emphasized that leading insurers around the world categorically reject the possibility of accepting for insurance a number of professional banking risks, which are an integral part of banking activities and largely depend on the qualifications of banking personnel. Such risks not accepted for insurance include currency, financial, and a significant part of credit. As already mentioned, the result of the bank’s activities when such risks (speculative risks) are realized can bring the bank both profit and loss. Insurance covers only risks that can cause damage.

Let's consider the procedure for conducting insurance operations by leading foreign insurers.

The basis of banking risk insurance contracts concluded by most European insurers is the “General Obligations for Bank Insurance” developed in the 70s by Lloyd's Corporation, known as Bankers' Blanket Bond Insurance (B.B.B.). The following definitions are also found in the specialized literature - “Comprehensive Banking Insurance”, “Comprehensive Banking Risk Insurance”, “Comprehensive Banking Insurance”, “General Policy for Bankers”, “Lloyd’s Banking Policy”, “Lloyd’s General Banking Policy”, and often simply "V.V.V."

In the USA, banking risk insurance is carried out on the basis of the so-called “General Policy” developed by the American Guaranty Association for US banks. The terms of such a policy are, in fact, identical to the terms of the Bankers Blanket Bond. For many years, American banks have been required to insure themselves on a “B.V.V.” basis. Over the past almost three decades, comprehensive bank insurance policies have been adapted to suit local laws for use in many countries and are now widespread throughout the world. This process is currently ongoing in the countries of Eastern Europe and the CIS.

Bankers Blanket Bond insurance contracts are concluded for insured amounts ranging from US$5-10 million to US$250 million. insurance banking risk

One of the most important parts of banking risk insurance is insurance against illegal fraudulent actions of bank employees. It usually accounts for more than half of all insurance claims. This is due to the fact that even the most sophisticated methods of internal control and audit do not always make it possible to completely protect the bank from the risk of theft of funds by its employees.

Objects of insurance of valuables located on the premises of the bank can be banknotes, securities and coupons from them, precious metals in bars and products, precious and semi-precious stones, coins made of such metals and alloys, checks, bills, bills of lading, insurance policies, guarantees letters, deposit receipts, cash orders, official stamps, mortgages and other monetary documents belonging to both the bank itself and other persons and located in the bank's vaults, storerooms and cash desks.

Insurance risks are:

A) theft, robbery, robbery and deception committed by persons while they were on the bank premises;

b) mysterious unexplained disappearance;

c) damage, destruction or malicious removal to another place committed by any persons with malicious intent.

Insurance against the occurrence of the following three groups of insurance events is becoming increasingly relevant due to the development of technical means of copying and their increasing availability, which, in turn, leads to an increase in the number of crimes related to forgery of documents, securities, and banknotes.

Thus, insurance against losses caused by the bank carrying out operations on the basis of forged documents compensates for losses that the bank incurred due to the fact that it issued loans, made money transfers, made any payments or carried out other operations on the basis.

a) forged (including with a forged signature) or substituted checks, cash orders, payment orders, promissory notes and other payment documents;

b) fictitious instructions received by the policyholder by telegraph, teletype, fax and other means of communication, allegedly sent on behalf of a client of a bank, broker, other bank or financial institution, but in fact not transmitted by them or transmitted, but with a different content.

Insurance against losses caused by loss, theft or counterfeiting of securities compensates for damage caused to banks in connection with their transactions based on forged (including forged signatures), forged, lost or stolen shares and certificates for them, bonds, securities coupons securities, mortgages and other securities.

Finally, insurance against losses incurred by the bank in connection with the acceptance of counterfeit currency is carried out in the event that bank tellers accept counterfeit, counterfeit or non-payment paper money or coins.

As a result of the widespread introduction of electronic technology into banking practice, banks' losses from crime in the area of ​​using such technology have sharply increased. Suffice it to say that, according to estimates by the British Federation of Entrepreneurs, the amount of damage from fraud using computer systems averages $500,000 per case, and the total annual loss, for example, in the United States is estimated at $3-5 billion. Moreover, a significant part of such crimes are solved only by chance and after the criminals have fled. It should be noted that computer fraud, first of all, can be committed by employees of the insured bank itself.

US insurers have developed their own version of insurance against crimes related to the use of computer and other electronic equipment. Moreover, the American version of such insurance, in contrast to the insurance conditions developed by Lloyd's, actually consists of one paragraph, which states that the insurer covers the insurer's losses incurred as a result of unauthorized access of persons not working at the bank to its computer system or to a payment transfer system for the purpose of fraud.

Insurance against risks associated with the use of plastic cards as a means of payment is carried out due to the fact that, in accordance with the conditions for the use of plastic cards by clients of the issuing bank, in some cases, the risks of financial losses caused by the use of such cards are assigned to it. Therefore, they have an insurable interest when concluding insurance contracts against such risks.

The most well-known conditions for insuring risks associated with plastic cards are also the conditions developed by Lloyd's Corporation.

Now let's move on to the Japanese experience of insuring bank risks. The Japanese form of the “Comprehensive Banking Risk Insurance” policy was introduced relatively recently, since February 1983 and, in its main features, repeats the classic Bankers' Blanket Bond. Licenses for this insurance are issued by the Ministry of Finance of Japan. The Japanese credit and banking sector is the largest in the world in terms of capital, but the number of large and medium-sized banks does not exceed one hundred.

The Japanese banking risk insurance system was created on the basis of American and European experience, but it also has some of its own characteristics. First of all, the peculiarity of the Japanese policy form V.V.V. is that its insurance coverage includes the following three separate parts with different amounts of insurance coverage.

Part I. Property insurance:

Section 1. Cash insurance;

Section 2. Insurance against counterfeiting;

Section 3. Insurance of interior decoration and equipment;

Part II. Professional liability insurance for bank employees;

Part III. Insurance against electronic and computer crimes.

According to the Japanese form of V.V.V. the following combinations are possible:

Part I, only;

A combination of Part I and Part III;

Part III, only.

The policyholder is required to insure all of its buildings, offices, branches and branches in Japan, and does not have the right to select or exclude individual offices and premises from the insurance policy.

The insurance period is usually one year, but at the request of the policyholder it can be either shorter or longer, but in any case a multiple of one month.

As far as the objects of insurance are concerned, they are almost identical to the classic form of V.V.V.

Throughout the world, in addition to V.V.V., insurance can extend to various types of activities of commercial banks. One of the main activities of banks is such active operations as issuing loans, purchasing shares, bonds, etc. When carrying out these activities, banks bear the risks of non-repayment of the loan by the borrower, non-repayment of bonds or non-payment of interest on them, etc. It is clear that banks are interested in protection against such risks, including through insurance. Types of insurance that provide insurance protection against these risks are: insurance of mortgaged property, life and health insurance of borrowers, insurance of financial guarantees, credit insurance.

Current state and problems of banking risk insurance in Russia

When characterizing the current state of the banking risk insurance industry, one cannot fail to mention in general the pace of development of the entire bank insurance industry. In general, today in this insurance industry there is a tightening of banks’ requirements for insurance companies, but it is also important to note that banks are increasingly turning to insurers to protect themselves from their own risks. At the same time, insurance companies are doing everything possible to increase their portfolio.

In 2012, in the bancassurance market, insurers associated with banks grew by 70%, market ones - by only 13%. At the same time, the volume of the bancassurance market in 2012 amounted to 161 billion rubles, which is 28% higher than last year, and this growth was ensured primarily by one type - life and health insurance for consumer loan borrowers (an increase of 77%). According to a study prepared by the Expert RA rating agency, the share of insurers associated with banks increased from 28% in 2011 to 37% in 2012, and in 2013, according to the Expert RA forecast, it will reach 50%. In 2013, the growth rate of bancassurance is forecast to be 20%. The basis of the bancassurance market of previous years - comprehensive insurance of cars purchased on credit - is moving into the dealer sales channel. The driver of the bancassurance market in 2013 will remain life and health insurance for borrowers in consumer lending, its growth will be 50%. However, from 2014, the growth rate of the insurance market for consumer lending will decrease - “it is impossible to grow forever by imposing simple products.”

Thus, we can say that bank lending has begun to gradually recover; accordingly, we should expect an increase in the receipt of insurance premiums for new business in retail bancassurance.

There were no significant changes in the structure of bancassurance in 2011. As in 2010, the largest share is occupied by retail insurance through the banking sales channel - 81%, insurance of legal entities through banks accounted for 13%, insurance of the risks of banks themselves - 6%.

The top five main types of bank insurance in 2011 included motor hull insurance (54% of premiums from the total volume of the bank insurance market), mortgage insurance (12%), life and health insurance of consumer loan borrowers (28%), insurance of collateral property of borrowers (13%), Voluntary health insurance for bank employees (3%).

The first places in the ranking in terms of bancassurance volume in 2011 were taken by VSK JSC (10.8 billion rubles in bank insurance premiums), Generali PPF Group (9.2 billion rubles), Ingosstrakh Group (9.1 billion . rubles), LLC IC Soglasie (7.2 billion rubles) and OSAO RESO-Garantiya (6.9 billion rubles).

A smaller share of the bancassurance market associated with insurance of risks of legal entities and insurance of risks of banks will remain to universal insurers. With proper organization of risk management in banks, their own risks and complex large risks of legal entities should not be transferred to affiliated insurance companies, so that there is no accumulation of risks within the group. However, the rest of the bancassurance market is not as attractive as the retail market.

Despite the revival of lending, insurance of collateral property of legal entities is stagnating; it has not reached the pre-crisis level and continues to decline (-4% in 2011).

The reason for this is the increase in the share of unsecured lending, the replacement of collateral with other types of collateral, such as working capital, control of financial activities, and more. This was also reflected in the dynamics of premiums, which increased significantly for other types of insurance of risks of legal entities associated with banking services (+32% in 2011).

Insurance for small and medium-sized businesses when lending is increasing. However, SME companies do not always have property that could be provided as collateral, so in this category of borrowers the most common is insurance of goods in circulation (+86% for 2011). Most banks view insurance not as a tool to protect their own operational risks, but simply as a way to increase staff loyalty.

In insurance of the risks of banks themselves, the main share is consistently occupied by VHI of bank employees; the share of this type amounted to 56% of the total volume of insurance of banks’ own risks. As before, banks prefer to spend most of their funds on insurance for their employees rather than on other operational risks. Life and health insurance for bank employees is growing at a significant pace (133% in 2011); liability insurance for bank managers (D&O) has increased by 95%. BBB insurance is not widespread among banks; the volume of this market in 2011 remained at the same level.

In the post-crisis period, banks began to approach the selection of insurance companies more and more carefully, so not every insurer can become a partner of the bank. Last year, only those insurers that had high financial stability could be accredited by banks. The main requirements of banks are high reliability of the company and timely settlement of losses. The procedure for selecting insurance companies by different banks is approximately the same, but the requirements of banks may differ in the number of requested documents. Insurers complain that sometimes this list can be very large, and the decision on accreditation can be too long. On the other hand, thanks to the actions of the FAS, the requirements of banks have become more transparent - banks began to publish a list of necessary documents and requirements for insurance companies on their websites, and after a positive response from the bank, the name of the company appears in the list of recommended insurers.

One of the pressing problems today remains the issue of the financial stability of an insurance company, which often arises when an insurer fails to comply with solvency guarantees, systematically fails to fulfill its obligations to policyholders, and other violations. Thus, it is difficult for the policyholder himself to verify the financial stability of the insurance company, as well as the reliability of the information it provides. The company's conscientious fulfillment of its obligations to the client can be evidenced by the ratio of its assets and liabilities. In such cases, the insurance regulatory body has the right to suspend, limit the validity of the license and even revoke the insurer’s license.

To date, the function of control and supervision in the field of insurance activities has been transferred from September 1, 2013 to the Bank of Russia (in accordance with Federal Law dated July 23, 2013 No. 251-FZ “On amendments to certain legislative acts of the Russian Federation in connection with the transfer to the Central the Bank of the Russian Federation has powers to regulate, control and supervise the financial markets").

Another important issue is the issue of reinsurance of the insurance company's obligations in the event of insufficient reserve funds to pay off its monetary obligations to clients. In this case, it would be a good idea for potential clients to inquire whether the insurance company you wish to deal with has a reinsurance agreement with a larger insurance company, preferably a foreign one.

Guarantees of financial stability are an important factor when choosing an insurer, but the choice of an insurance company largely depends on the conditions and insurance rules offered by a particular insurer. Despite all the differences in the insurance rules offered by insurance companies, the basic conditions for insuring certain interests of the bank usually have a lot in common: as a rule, the lists of risks in the event of which an agreement is concluded, the procedure for determining the amount of loss, etc. are similar. Often, insurers enter into agreements to insure the interests of a bank on the terms of the general insurance rules developed by them. For example, an insurance contract for valuables in a bank vault is concluded on the terms of the property insurance rules, insurance of cash-in-transit transportation - on the terms of the cargo insurance rules, etc. However, insurance companies specializing in insuring banking interests usually offer the policyholder original insurance rules developed specifically for the bank or its clients. Such rules reflect all the features of insurance of banking interests, which, however, need to be paid special attention to.

Analyzing the current practice of Russian insurance, unfortunately, we have to admit that banks are not ready to conclude large combined insurance contracts: this is due to both financial reasons (such insurance is very expensive) and reluctance to allow the insurer to have access to banking information (and without this, the conclusion of such an agreement insurance is unthinkable). It is obvious that it is possible to radically change the situation for the better only with mutual trust and interest in each other among banks and insurers. Only under these conditions will comprehensive banking insurance become a reality, offering the most optimal model for preventing the risks of banking business existing in the modern world.

Prospects for the development of banking risk insurance

In modern economic conditions, banking sector institutions have begun to increasingly value insurance, and this applies not only to the insurance of collateral, but also to the risks of the banks themselves. Taking into account all the pros and cons of partnership with an insurance company, banks are expanding the insurance protection necessary to more fully cover their risks, and when borrowers refuse to purchase insurance, banks themselves began to insure the pledged property in cases of serious liquidity problems for borrowers.

Credit institutions are increasingly interested in insuring their own risks. A promising area of ​​bancassurance in the near future will be comprehensive insurance of bank risks (Bankers Blanket Bond - BBB). In 2011, according to Expert RA estimates, the insurance of operational risks of banks (OBR) accounted for 270 million rubles, which exceeded the volume of 2010 by 12.5%. For the bancassurance market this is an insignificant amount, but it is gradually increasing.

Typically, in Russia, banks insure individual operational risks, and not their entire complex. Comprehensive insurance of banking risks is widespread abroad, and sometimes even mandatory, and is only just beginning to develop in Russia. At the same time, this type of insurance allows you to “cover” a significant part of the risks that arise in the process of banking activities, and therefore is an important component of the comprehensive risk management system of any bank focused on long-term development and caring for its image and reputation. For the Russian banking market, these are pressing issues for the near future.

Another area of ​​protection against bank losses is insurance of bank card issuers. In 2011, the insurance segment for bank card issuers amounted to an insignificant amount - 25 million rubles, which exceeded the 2010 value by only 1.3%. This type of insurance is still very poorly developed in Russia, but with the increase in fraud committed with bank cards, interest in insurance will grow. Despite the crisis, this type of insurance has not decreased, which indicates that banks are interested in reducing losses associated with fraud in this area. There are two possible schemes for cooperation between an insurance company and a bank: issuing a policy directly to the bank or insuring bank clients. Currently, banks prefer to insure the risks associated with plastic card fraud themselves, as they understand that clients are more willing to choose a bank that has such protection.

The cooperation scheme under a collective insurance agreement is by far the most convenient and technologically easy. But the actual choice of cooperation scheme usually depends on the bank’s assessment of legal and tax risks. Sometimes, for these reasons, the choice is made in favor of a less convenient agency agreement.

Now the banking market is reviving, lending is being restored, and accordingly, in 2011, retail bancassurance will grow again. Today, due to excess liquidity of banks and the post-crisis recession in the corporate sector, it is in the field of retail lending and, accordingly, retail loan insurance that there is a noticeable revival.

According to Expert RA, the most promising types of bancassurance in the next years, in addition to popular retail types, will be insurance of collateral, goods and property of legal entities through banks, as well as BBB, insurance of bank card issuers, and personnel liability insurance.

Conclusion

Banking, like any business, is associated with numerous risks. The term "banca insurance" has many different interpretations. In Russia, until recently, bancassurance was understood either as the creation by a bank of its own insurance company, or as a mechanism for “tax optimization.” Both of these options have taken root quite well in Russian conditions.

A bank that accumulates depositors' funds is naturally interested in the safety of these funds and in protecting them from various types of risks. Banking risks, as well as their management system, are a complex concept. A special place in the management of banking risks is given to insurance, which, as a tool for compensating for banking risks, fits very harmoniously into the mechanism of banking risk management, and in most cases is much more profitable, based on its fairly acceptable cost, than the classical tools of neutralization, minimization or evasion. banking risk management.

New technologies, the complexity of bank management, computer crimes, armed raids, the emergence of new types of activities and much more, which gives rise to the acquisition of insurance policies by financial institutions. Typically, those risks that the bank cannot influence are insured. Banking experts identify many banking risks. Currently, the interaction between banks and insurance companies is intensively expanding, which is understandable, taking into account the mutual benefit of such cooperation, because the main goal of doing business is to ensure joint sustainability while simultaneously achieving mutually beneficial operating results. This kind of interaction, in which part of the risks of a credit institution is transferred to the insurer, is beneficial to both participants in this relationship: banks in this case insure their risks and can focus directly on providing banking services, and insurance companies, in turn, receive new channels for selling insurance policies in various areas (car insurance, collateral insurance, mortgage lending), ensuring the stability and reliability of the credit institution, which is an important factor influencing the positioning of banking products.

Banks that have decided to insure their risks determine, together with the insurer, the insured amount taking into account the insured risk. The amount of insurance rates is set depending on the object and period of insurance, the volume of the insurer's obligations, as well as the degree of risk. For example, the tariff for insuring collected and transported funds can range from 0.005 to 0.01% of the insured amount.

In recent years, this segment has shown significant growth rates and attracted the attention of numerous financial market participants and its researchers. The attitude of banks towards insurers is also noticeably changing, which is understandable, because in the future it will be those who establish relationships with insurance companies now who will take leading positions.

List of used literature

Civil Code of the Russian Federation (Civil Code of the Russian Federation) dated November 30, 1994 N 51-FZ - Part 1. (current edition dated September 1, 2013) // SPS Consultant-plus.

Federal Law No. 177-FZ of December 23, 2003 “On insurance of deposits of individuals in banks of the Russian Federation” (as amended on May 7, 2013).

Federal Law No. 4015-1 of November 27, 1992 “On the organization of insurance business in the Russian Federation” (as amended on June 21, 2004 N 57-FZ)

Letter of the Bank of Russia dated June 23, 2004 N 70-T “On typical banking risks” // “Bulletin of the Bank of Russia”, N 38, 06/30/2004.

Letter of the Bank of Russia dated May 24, 2005 N 76-T “On the organization of operational risk management in credit institutions” // Bulletin of the Bank of Russia, N 28, 06/01/2005.

Letter of the Bank of Russia dated June 30, 2005 N 92-T “On organizing the management of legal risk and the risk of loss of business reputation in credit institutions and banking groups” // “Bulletin of the Bank of Russia”, N 34, 07/06/2005.

Alenichev D.V. Insurance of currency risks, bank and export commercial loans. - M.: Publishing House "East Service". - M.: 2004.-114 pp.;

Aminov D.I., Revin V.P. Crime in the credit and banking sector. - M.: Brandes, 2007.

Alekseeva D.G., Pykhtin S.V., Khomenko E.G. Banking law. Study guide. 4th ed., revised. and additional M.: NORM; INFRA-M, 2010.

Afonchenko A.G. The essence and significance of risk as a civil category // Modern law. 2007. N 8. P. 58.

Banking risks: Textbook. allowance / Ed. O.I. Lavrushina, N.I. Valentseva. M.: KnoRus, 2007. P. 122.

Banking management / Ed. O.I. Lavrushin. M.: Knorus, 2011.

Banking supervision. European experience and Russian practice / Ed. M. Olsen. M., 2005.

Banking: A Reference Guide / Ed. Babicheva Yu.A. - M.: Economics, 2006.

Vdovina O.N. Insurance of credit risks of banks // "Organization of sales of insurance products", 2008, No. 3.

Vdovina O.N. Insurance products related to bank cards and consumer lending // "Organization of sales of insurance products", 2009, No. 3.

Vysokovsky D.V. Risk management in a commercial bank // “Calculations and operational work in a commercial bank”, 2006, No. 5.

Gracheva E.Yu., Boltinova O.V. Legal basis of insurance: textbook. M.: Prospekt, 2011. 128 p.

Dedikov S.V. Comprehensive insurance of banking risks // Legal work in a credit organization. 2011. N 3. P. 8 - 21.

Dedikov S.V. Insurance of credit risks of banks // Legal work in a credit organization. 2011. N 3. P. 67 - 79.

Official website of the rating agency "Expert RA" // #"justify">Official website of the Central Bank of Russia // #"justify">Sevruk V.T. Methods for assessing and forecasting banking risks // Management in a credit organization. 2010. N 3. P. 59 - 76.

Sevruk V.T. Banking risks. M.: Publishing house "Delo LTD" .-2004.-70 p.

Slutsky A.A. Banking risks: classification for insurance// "Bank lending", 2007, N 1.

Slutsky A.A. Risks of consumer lending: principles of building an insurance system taking into account the negative experience of ROSNO// "Bank Lending", 2007, No. 2.

Sokolinskaya N.E. Banking risks. // Money and credit.- 2003.-N 12.-P.21.

Frolova N. Banking risks: ways to minimize // “Audit and Taxation”, 2009, No. 1.

Appendix 1

Correspondence of industries and types of insurance and areas of banking activities

Deposit (passive) operations Credit (active) operations Bank plastic cards (credit and deposit) Leasing operations 1234 Personal insurance, including voluntary medical insurance: Insurance at the expense of the bank: life insurance for depositors, as an additional service of the bank; accident insurance for depositors as an additional service of the bank; Insurance at the expense of the depositor's funds: 1. the bank can transfer all payments for the above types of insurance to the depositor, including them in the interest accrued by the bank on the deposit; Insurance at the expense of the bank's funds: no Insurance at the expense of the borrower's funds: life insurance of borrowers - individuals, (with credit insurance); insurance of a borrower - an individual against disability as a result of an accident; Insurance of bank plastic card holders at the expense of the bank: life insurance for bank plastic card holders; accident insurance for plastic card holders; voluntary medical insurance (medical expenses) for those traveling abroad - holders of bank plastic cards; voluntary medical insurance (medical expenses) for holders of bank plastic cards traveling across the territory of the Russian Federation; Insurance at the expense of holders (owners) of bank plastic cards: the bank can shift all payments for the above types of insurance to the owner, including them in the costs of servicing the card; Insurance at the expense of the bank: no Insurance at the expense of the client: no Property insurance: Property insurance Insurance at the expense of the bank: no Insurance at the expense of the depositor: no; for: Insurance at the expense of the bank: no Insurance at the expense of the borrower: insurance of real estate collateral for mortgage lending; insurance of various types of collateral when a borrower receives a loan; Insurance at the expense of the bank: insurance of processing equipment, ATMs, plastic cards and other property related to this market; Insurance at the expense of the cardholder's funds: noInsurance at the expense of the bank: no Insurance at the expense of the leasing company or lessee: insurance of property leased;Insurance of financial risks: Insurance at the expenseInsurance at the expense of the bank: no Insurance at the expense of the borrower: insurance the risk of non-repayment (non-repayment) of the loan, including or not interest on it; Insurance at the expense of the bank: insurance of financial losses (losses) on plastic cards (as a result of loss, forgery, theft, unauthorized access, etc. ); Insurance at the expense of the cardholder's funds: the bank can shift all payments for the above types of insurance to the owner, including them in the costs of servicing the card; Insurance at the expense of the bank: no Insurance at the expense of the leasing company or lessee: insurance of financial risks in favor of the bank - creditor (the insurance policy is security for the repayment of the loan under which equipment is purchased on lease); bank funds: insurance of deposits by the bank itself or within the framework of the Federal Deposit Insurance Program; Insurance at the expense of the depositor: insurance of bank deposits; Liability insurance: Insurance at the expense of the bank: no Insurance at the expense of the depositor: no Insurance at the expense of the bank: 1. liability insurance of bank employees in case of disclosure of the contents of bank documents; 2. insurance of liability of directors and employees of the bank to the Board of Directors or to shareholders; professional liability insurance for various categories of bank employees; civil liability insurance of banks as owners of various types of property for damage caused to third parties; Insurance at the expense of the borrower's funds: insurance of the borrowers' liability for non-repayment of the loan (the principal amount of the loan, including or not interest on it).Insurance at the expense of the bank's funds: no Insurance at the expense of holders (owners) of bank plastic cards: noInsurance at the expense of the bank's funds: no Insurance at the expense of the leasing company or lessee: no

Similar works to - Prospects for the development of banking risk insurance

Introduction

Any entrepreneurial activity, as we know, is associated with surprises, the degree of which depends on the entrepreneur’s ability to predict the political and economic situation, calculate the financial return on the project, choose partners for his activities, quickly respond to market changes and make effective management decisions. However, it is usually impossible to foresee all the surprises that accompany entrepreneurial activity, and therefore there is always a risk of losses or failure to receive the intended profit.
An important function of management is to protect the organization from risk. Foreign practice has accumulated many methods of risk protection. The main attention is directed to compliance with risk parameters both before the development and adoption of a decision, and during its implementation, rapid response in cases of deviation of risk parameters and taking measures to reduce the negative consequences of activities.
Currently, diversification processes have become widespread: the development of production facilities located at different levels or different regions of the country, the direction of investments in different areas of activity, the formation of parallel structures for the manufacture of modifications of products or solving a complex problem.
Distribution of risk between partners and reduction of its level for each partner is created by mutual ownership of shares in associations, corporations, financial and industrial groups (FIGs). Thus, industrial organizations as part of financial industrial groups acquire bank shares, thereby protecting their assets and receiving benefits on loans. The banking structure within the financial industrial group acquires shares of industrial organizations, promoting their development and exercising control over their activities. A new look at relations with competitors is used. Large US automobile corporations Ford, Chrysler, General Motors are pursuing mutually beneficial cooperation and integration in the automotive business.
In foreign practice, information about a potential partner, competitor or client is contained in business references provided by information services markets. To assess the risk of relationships, informal contacts and meetings “without a tie” are of interest, which allow you to obtain information about a potential partner and timely develop a behavior strategy to minimize risk.

Part 1

Development of risk management.

In the leading industrial powers, risk management as an independent branch of the science of production management took shape, oddly enough, quite recently. One of the earliest references to the term “risk management” is found in the American economic publication “Harvard Business Review” and dates back to 1956. It was then that it was proposed that someone could be hired as a risk manager on a full-time basis in order to minimize losses . This was a significant expansion of the functions of an insurance manager (a profession that had long existed and was recognized at that time).
Various discussions of risk arose in the 1950s, but they were highly “mathematical” in nature. Probability theory has been used to try to predict how businesses will behave in unstable markets. The increasing instability of the economic climate generated by the 1973 oil crisis accelerated the emergence of risk assessment practices, and in the early 1970s. Risk management has become widely used in business, especially in the United States. It was then that the first consulting agencies appeared, specializing mainly in “country” risks, that is, in assessing how economic instability in foreign markets could affect large Western industrial corporations.
The first certifications in risk management were issued in the United States in 1973. In 1975, the Professional Insurance Association of America changed its name to the Risk and Insurance Management Society (RIMS). Industrial corporations began purchasing foreign currency futures contracts as a risk management tool. Clearly, the development of investment capital in the 1970s was motivated in part by the growing need to insulate corporations from financial market instability.
Against this background, it is interesting to note that industrial corporations did not create risk management departments. A 1973 survey of industrial corporations found that less than 25% of them had established their own risk assessment departments, and only about 10% of respondents used consulting agencies. A similar review in 1975 demonstrated that "few multinational corporations have developed systematic approaches for determining the political stability of their foreign markets." Banks, on the contrary, were more advanced in this direction. In the USA, Chase Manhattan Bank created a “Country Risk Committee” already in 1975.
In the 1970s, risk management was not a commonly used term. To solve problems of risk identification and assessment, top managers consulted with a wide range of organizations, government officials, diplomats and scientists. However, all this happened on a random basis. In industrial companies, the systematization of centralized risk management methods began only two decades later.
The most intensive methods of risk management were limited to certain industries, large-scale projects in the fields of energy, transport, oil production and space research. In these areas, the need for additional risk regulation was associated with increased levels of technological complexity and safety requirements.
In the 1980s, attention was drawn to political risk. The main catalyst for this was the overthrow of the Shah of Iran in 1979 and losses of about $1 billion. According to some data, more than 75% of transnational companies suffered significant losses of their Iranian assets. Anti-Western sentiment was also common in developing countries. At this point, an opinion arose about the need to create internal departments involved in assessing political risks. The insurance industry has become more active in offering not just political risk insurance, but also risk assessment services.
By the time the Berlin Wall fell (late 1980s), many long-standing political conflicts seemed to be ending. At the time, observers noted the closure of risk management departments in many corporations.
Although risk management units continued to be organized at that time and later in the early 1990s, this was not associated with the development of risk theory and risk management. It can be assumed that the creation of risk management departments within corporations was largely associated with the application of a policy of reducing internal costs, including insurance. Greater loss prevention efforts meant lower premiums (corporate insurance costs), demonstrated firms' responsible risk management, and reduced the importance of purchasing insurance.
In the first half of the 1990s. the situation began to change qualitatively. Essentially, the reason for assessing risk has changed. The starting point was no longer to minimize corporate losses from external sources of danger. Top managers now recognize the need to have more risk information when considering the possible consequences of their strategic decisions.
Corresponding changes occurred at the organizational level of corporations. In the mid-1990s. One of Europe's leading passenger car manufacturers has set up a "risk unit" to assess significant risks that could seriously destabilize the company. The division studied the risks associated with the financial market, the possible consequences of unsuccessful investments and capital expenditures, as well as failures in the work of supplier firms. Throughout the United States and Europe, risk departments turned into internal consulting groups engaged in the development of risk assessment practices and methodologies. The time for working with “passive risks” (unfavorable accidents encountered on the path of a corporation) was ending; the time had come for risk management focused on the expansion and growth of corporations in an increasingly competitive market.
Risk experts have become increasingly involved in assessing risk when making strategic decisions. Since the second half of the 1990s. The average risk manager was primarily concerned with assessing the risks of new investments and corporate reorganizations as they strategically maneuvered the market.
Having analyzed the evolution of risk management in the West, we can assume that in the next 2-3 years Russian risk management will have the following characteristic trends.
1. A sharp increase in the range of risks that enterprises of industrial holdings will have to work with. The term “risk”, in fact, will become a designation for any activity of the holding.
2. The approach to the weight of risk will change. Businesses will begin to focus more on risks that could lead to the collapse of the entire business, rather than risks that occur frequently and do not cause serious harm. In parallel, crisis management will also develop radically (for comparison: in 2002, 72% of UK companies developed and implemented anti-crisis plans, an indicative figure was 26% in 1991).
3. The status of risk management at the organizational level will increase - in many joint-stock companies the post of risk director will be added to the Board of Directors.

1.2. Concepts of risk, its types and classification.
American economist Thomas Stewart, a recognized authority in the world of risk management, in the monograph “Risk Management in the 21st Century” (Thomas A. Stewart “Managing Risk in the 21st Century”) noted the following: “Let us immediately agree that risk is good . The essence of risk management is not to eliminate risk, since then the reward will disappear, but to manage it. You need to determine when you can take risks and when you shouldn’t do it at all.”
Various options for classifying economic risks are based on the basic principles of a market economy, which determine different attitudes towards a certain result that is perceived as a risk. These principles include:
freedom of consumer choice and behavior (consumer risks);
freedom of choice of professional activity (risks of professional activity);
freedom of entrepreneurship (entrepreneurial risks);
rational behavior of all market participants, i.e. their desire to optimize their benefits (minimum costs - maximum benefits).
Depending on the possible result (risk event), risks can be divided into two large groups: pure and speculative.
Pure risks mean the possibility of obtaining a negative or zero result. These risks include the following risks: natural, environmental, political, transport and part of the commercial risks (property, production, trade).
Speculative risks are expressed in the possibility of obtaining both positive and negative results. These risks include financial risks that are part of commercial risks.
Depending on the main cause of risks (basic or natural risk), they are divided into the following categories: natural risks, environmental, political, transport, commercial risks.
Natural risks include risks associated with the manifestation of natural forces: earthquake, flood, storm, fire, epidemic, etc.
Environmental risks are risks associated with environmental pollution.
Political risks are associated with the political situation in the country and the activities of the state. Political risks include:

the impossibility of carrying out economic activities due to military operations, revolution, aggravation of the internal political situation in the country, nationalization, confiscation of goods and enterprises, the introduction of an embargo, due to the refusal of the new government to fulfill the obligations assumed by its predecessors, etc.;
introduction of a deferment (moratorium) on external payments for a certain period due to the occurrence of emergency circumstances (strike, war, etc.);
unfavorable changes in tax laws;
prohibition or restriction of conversion of national currency into payment currency. In this case, the obligation to exporters can be fulfilled in national currency, which has a limited scope.

Transport risks are risks associated with the transportation of goods by road, sea, river, rail, plane, etc.
Commercial risks represent the danger of losses in the process of financial and economic activity. They mean the uncertainty of the results of a given commercial transaction. Based on their structural characteristics, commercial risks are divided into property, production, trade, and financial.
Property risks are risks associated with the likelihood of loss of an entrepreneur’s property due to theft, sabotage, negligence, overvoltage of technical and technological systems, etc.
Production risks - risks associated with losses from stopping production due to the influence of various factors and, above all, with the loss or damage of fixed and working capital (equipment, raw materials, transport, etc.), as well as risks associated with the introduction of new equipment into production and technology.
Trade risks are risks associated with loss due to delayed payments, refusal to pay during the transportation of goods, non-delivery of goods, etc. .
Financial risks are associated with the likelihood of loss of financial resources (i.e. cash). Financial risks are divided into two types: risks associated with the purchasing power of money, and risks associated with the investment of capital (investment risks).
The risks associated with the purchasing power of money include the following types of risks: inflation and deflation risks, currency risks, liquidity risks.
Inflation risk is the risk that when inflation rises, cash income received depreciates in terms of real purchasing power faster than it grows. In such conditions, the entrepreneur suffers real losses.
Deflationary risk is the risk that with increasing deflation, a fall in the price level, a deterioration in economic conditions for business, and a decrease in income occur.
Currency risks represent the danger of foreign exchange losses associated with changes in the exchange rate of one foreign currency in relation to another, when conducting foreign economic, credit and other foreign exchange transactions.
Liquidity risks are risks associated with the possibility of losses when selling securities or other goods due to changes in the assessment of their quality and use value.
Investment risks include the following subtypes of risks: risk of lost profits, risk of decreased profitability, risk of direct financial losses.
The risk of lost profits is the risk of indirect (collateral) financial damage (lost profit) as a result of failure to implement any activity (for example, insurance, hedging, investing, etc.).
The risk of a decrease in profitability may arise as a result of a decrease in the amount of interest and dividends on portfolio investments, deposits and loans.
Portfolio investments are associated with the formation of an investment portfolio and represent the acquisition of securities and other assets.
The risk of decreased profitability includes the following types: interest rate risks and credit risks.
Interest risks include the risk of losses by commercial banks, credit institutions, investment institutions, and selling companies as a result of the excess of the interest rates they pay on borrowed funds over the rates on loans provided. Credit risk is the risk that a borrower will not pay the principal and interest due to the lender. Credit risk also refers to the risk that the issuer of a debt security will be unable to make interest or principal payments. Credit risk can also be a type of risk of direct financial loss.
The risks of direct financial losses include the following types: exchange risk, selective risk, bankruptcy risk, and credit risk.
Exchange risks represent the danger of losses from exchange transactions. These risks include the risk of non-payment on commercial transactions, the risk of non-payment of brokerage firm commissions, etc.
Selective risks (Latin selectio - choice, selection) is the risk of incorrect choice of types of capital investment, type of securities for investment in comparison with other types of securities when forming an investment portfolio.
The risk of bankruptcy is a danger resulting from the wrong choice of capital investment, the complete loss of the entrepreneur's own capital and his inability to pay off his obligations.

Part 2
2.1. Foreign risk management.
In the last decade of the last century, there was a transition to a new paradigm of risk management, which provides for a comprehensive consideration of the risks of all divisions and areas of the company’s activities. Initially, even the most successful foreign enterprises showed a desire for isolation in risk management. Management of insurance, technological, financial and environmental risks was autonomous and concentrated in various departments. As a result, there was no coordination in the organization in the field of risk management, and new risks were identified late.
Currently, more and more leading companies are moving to a new risk management model - enterprise-wide risk management (ERM). It can also be called “comprehensive risk management” or “enterprise risk management”.
Specialists from the Federation of European Risk Managers Associations (FERMA) justify the need to introduce a risk management system into the enterprise infrastructure as follows: “Risk management protects the organization and contributes to its capitalization through:
a systematic approach that allows you to plan and implement long-term activities of the organization;
improving the decision-making process and strategic planning by developing an understanding of the structure of business processes, changes occurring in the environment, potential opportunities and threats to the organization;
contribution to the process of the most effective use/allocation of capital and resources of the organization;
reducing the degree of uncertainty about less critical aspects of the organization's activities;
protecting the property interests of the organization and improving the company’s image;
improving the qualifications of employees and creating an organizational “knowledge” base;
optimization of business processes" (Risk Management Standards, p. 5 // A Risk Management Standard, "AIRMIC, ALARM, IRM": 2002, translation copyright "FERMA": 2003)..
Building a risk management system
The risk management system has certain specifics related to the characteristics of the object, goals and management methods. And this is reflected in the basic principles on which risk management is based.
An adequately built risk management system in the ERM concept must meet the following basic principles.
The risk management system is part of the company's general management procedures, which means its compliance with the company’s development strategy and the institutional features of its functioning. FERMA's Risk Management Standards note: Risk management is not just a tool for commercial and public organizations. First of all, this is a guide for any actions both in the short and long term of the organization’s life. The concept of “risk management” includes the analysis and assessment of the strengths and weaknesses of an organization in the broadest sense from the point of view of interaction with all possible counterparties. The risk management system should be an integral element of general management procedures and in no case should it be opposed to them. Since the company’s goals and methods for achieving them in the long term are set by the organization’s strategy, it is the company’s strategy and its position in the market that should determine the features of the risk management system. It is also important to note here that the unity of the risk management system and the general management of the company is manifested at the level of not only agreeing on goals, but also linking the relevant decision-making procedures.
Features of the risk management system are reflected in its goals and objectives, which implies a highly specialized nature of decision-making within the risk management system. The task of risk management is to identify risks and manage risks. The main goal is to contribute to the process of maximizing the value of the organization. This means identifying all the potential “negative” and “positive” factors affecting the organization. In other words, the main goal of the risk management system is to ensure the successful functioning of the company in conditions of risk and uncertainty. This means that even if economic harm occurs, the implementation of risk management measures should ensure that the firm can continue operations, maintain stability and the sustainability of associated cash flows, maintain the firm's profitability and growth, and achieve other goals. As for the tasks of risk management, they specify the goals set. They are more closely related to the specifics of risk and methods of managing it.
When managing risk, external and internal restrictions should be taken into account, which means coordinating relevant special events with the capabilities and operating conditions of the company. External constraints are associated with factors that the firm's managers cannot influence (at least directly). Such restrictions may appear in the following forms:
legal restrictions;
restrictions related to the obligations of counterparties and obligations to them;
market restrictions.
Internal restrictions are associated with the peculiarities of the functioning of the company and management decision-making:
institutional restrictions;
budget restrictions;
information restrictions.
A unified risk management policy must be implemented in relation to the entire set of risks, which requires comprehensive and simultaneous management of all risks. Risk management must be integrated into the overall culture of the organization, accepted and approved by management, and then communicated to each employee of the organization as a general development program with specific local objectives. The ERM concept involves advanced risk management, which means that all risks and opportunities must be taken into account when making decisions. This requirement leads to the fact that risks must be considered at two levels:
separately, which creates conditions for the risk manager to understand the features of a particular risk situation or the specifics of the implementation of this situation. This analysis makes it possible to select the most appropriate management tools for each risk;
in general, which allows us to establish the overall impact of risks on the company.

2.2.Building risk management according to international standards.
Newly released global standard ISO 31000:2009 "Risk management principles and recommendations" and its companionsISO 31010:2009 "Risk management techniques for risk assessment"and ISO/IEC 73:2009 Risk Management Terminology describe this systematic and logical process in detail.
To promote the organization's risk management in accordance with ISO 31000:2009 It is recommended to take five “simple” steps:
changing concepts for risk and risk management,
adoption of a “risk management process”,
adoption of a “risk management system”,
assessment of the maturity of the risk management system and
developing a plan to start and keep the risk management system moving.
The recommendations can be used where ERM has not yet been implemented, where this strategy has been adopted but is not yet working effectively, and also where the COSO model 1 has been adopted as a basis.
Five steps to implementing an organization's risk management system
Step 1 - Changing the concepts for risk and risk management
Many risk management practitioners have already realized that it is very difficult to implement effective risk management in an organization if management, especially at senior level, does not have a mature understanding of risk and how it can be managed.
ISO/IEC 73 defines risk as: "the effect of uncertainty in achieving goals." Of course, the new definition is far from the concepts of the majority, which still pose a risk as "danger" or "what is going wrong". Unfortunately, many organizations often confuse the concepts "risk" And "danger" and the relationship between goals and risk is not properly understood or appreciated.
ISO 31000 targets risk, which is the uncertainty that lies between us and our goals. This concept is quite simple and, of course, very important for managers and executives. It involves a top-down approach where risk management becomes a key process to enable the organization to define and achieve its objectives. Risk is neither positive nor negative. It's just a risk. Of course, consequences can be both negative and positive, and the main goal of the risk management process is to treat the causes of risk in such a way as to increase the likelihood and size of a positive, desirable consequence and, at the same time, act in such a way as to reduce the likelihood and size of a negative, harmful one. consequences. An illustration of this approach to risk treatment is shown in Figure 1.
Figure 1: Illustration of concepts for risk and risk management
If management, especially senior management, does not appreciate these conceptual concepts for risk and risk management, then no real progress can be made in implementing the standard. Achieving this understanding must be done, first of all, when obtaining authority to implement the standard.
Step 2 - Adopt a "Risk Management Process"
The ISO 31000 standard uses a risk management process to manage all forms of risk, which is shown in Figure 2.
Figure 2: Risk management process
Setting the context. The risk management process must begin by defining what we want to achieve and attempting to understand the external and internal factors that may influence success in achieving our goals. This step is called "establishing context" and is an essential precursor to risk identification. An important part of establishing context is identifying our stakeholders, understanding their goals, so that we can decide how to engage them and take their goals into account when setting risk criteria. Stakeholder analysis is often seen as part of the “communication and consultation” step, an activity that continues throughout the risk management process.
The next three process elements, risk identification, analysis and assessment, comprise what is commonly referred to as risk assessment.
Risk identification involves the application of a systematic process to understand what could happen, how, when and why? Developing an understanding of the causes of risks is vital to the adoption of adequate forms of risk treatment. Failure to use a systematic process for risk identification can lead organizations to focus on “well-known” risks and therefore miss those that are “little known” or “not known at all”, which can never be adequately addressed. Risk identification must also identify existing controls that modify the consequences or their likelihood.
Risk analysis is concerned with developing an understanding of each risk, its consequences and the likelihood of those consequences. It involves much more than simply applying a matrix (or risk map) that some organizations use to perform risk rankings. For example, understanding the effectiveness of existing controls and their deficiencies is a vital part of risk analysis and must be examined before a conclusion about the level of risk is reached.
Risk assessment involves deciding the level or priority of each risk through the application of criteria developed in establishing the context. Risks are prioritized for consideration and a cost-benefit analysis is then carried out to determine the feasibility of their treatment.
Risk Treatment the process by which existing controls are improved or new ones are developed and implemented. Controls are ways in which risks are sought to be changed. They can be considered "enablers" for our purposes. Risk treatment usually involves actions that seek to change either the likelihood of consequences or the type and magnitude of those consequences. Risk treatment may involve increasing an organization's exposure to risk, for those who prefer it and from which they can benefit, as well as limiting exposure for those who do not.
Various options for risk treatment must always be taken into account. The decision on the most appropriate option for an organization in pursuing a goal can be made through an analysis of the cost-effectiveness of various options. This analysis must be further translated into specific actions or tasks that form the "risk treatment plan".
Monitoring and review. New risks emerge and existing risks change as the organization's internal and external environments change. Sometimes these changes occur because risk treatment introduces new risks. Often, we find that risks have changed because controls we may have relied on for years have become inadequate or ineffective. If an organization does not monitor changes in its internal and external context and review whether its controls remain effective, then the understanding of the risks to which the organization is exposed and the levels of those risks may not be correct.
One of the most effective ways to carry out risk monitoring is through viewing the environment by the people who are responsible for ensuring that each risk is assessed and treated in a timely and appropriate manner. These people are called "risk owners." Likewise, "control owners" are responsible for ensuring that controls remain appropriate and effective. Control owners do this through planned security programs based on approaches such as self-assessment of controls or management systems.
Another very effective means of monitoring and reviewing risk and controls in an organization is to strive to learn from successes and failures, and to do so consistently. Typically, this addresses the use of root cause analysis to ensure that causes are systematically identified. What's important is that this leads to lessons being learned and actions taken to repeat successes and prevent future failures.
Step 3 - Adoption of a "risk management system"
Section 4 of ISO 31000 provides guidance on how the system should be designed, implemented, improved and effective. Figure 3 provides an outline of the steps in this section of the standard, which are based on the Deming quality management model: Plan Do Check Act. This is what ISO 31000 has in common with all ISO standards. All aspects of management are associated with uncertainty in achieving goals such as: finance, market share, reputation, customer satisfaction, quality, health and environmental safety and this makes ISO 31000 key " integrated management systems".
Figure 3: Steps for developing, implementing and maintaining a risk management system and its characteristic elements and processes
The starting point for improving an organization's approach to risk management should always begin with a GAP analysis, which takes into account the characteristic elements of the risk management system and evaluates which elements and processes are currently present. If any of the essential elements are missing, risk management is unlikely to be effective. Typically this assessment is carried out using the GAP analysis protocol, an excerpt from which is shown in Figure 4.
Step 4 - Assessing the maturity of the risk management system
Unfortunately, some organizations that have attempted to implement ERM and other forms of risk management in the past have been imprudent or followed an imperfect standard. Because of this, one can often encounter dysfunctional risk management systems that are viewed only in terms of reporting risks rather than effectively handling them.
Section 3 of ISO 31000 contains a list of practical and important "principles" which should serve as a starting point for assessing the maturity of the risk management system. These principles are addressed not only to "does an element, process or system exist?", but also "Are they effective and relevant to your organization?" And " Do they add value to the organization?"In fact, the first principle of the third section is that risk management should add value to the organization.
The annex to ISO 31000 also contains a list of attributes that represent excellence in risk management. They should be taken as a perspective when setting goals for implementing a good risk management process and system.
Step 5 - Develop a Plan to Start and Keep the Risk Management System Moving
Plan for starting a risk management system. It is necessary that the person or teams conducting risk management activities create a plan showing the measures that will be taken initially to " run" risk management according to ISO 31000. This plan must be carefully developed as it will become the basis for effective risk management and a guide that the entire organization will follow.
The plan should include:
Conducting GAP analysis and maturity assessment;
Appointing a sponsor and obtaining clear authority;
Establishing a realistic schedule (years);
Getting a budget (and some help?);
Lapping in processes (one year?);
Definition "early adopters" for a reliable start to working with them;
Definition "saboteurs" to attract them later;
Considering the possibility for "demonstrations" success of risk management.
In particular, the plan should include a strategy that will be adopted to "to engage" management in lower layers of the organization, since the risk management system "rolls" top down.
Plan for keeping the risk management system moving.
Often organizations start risk management successfully, but after the first few months, the process can stall and momentum is lost. This may result from a change in staffing or leadership, but often occurs because senior management assumes that risk management no longer needs their attention, which is diverted to some other initiative or project. It is significant that such problems arise due to the perception of risk management as short-term "initiatives" or "project" and there is no understanding that implementing ERM requires a significant cultural change. There is often an unrealistic understanding of how long it takes to change an organization's culture to include risk management. Some changes can happen quickly, but it does require serious effort and management attention to make risk management self-evolving. For these reasons, it is also important for organizations to plan how they will maintain, reinforce, improve and adapt their risk management approaches as the external and internal context changes.
Key actions to make the risk management system self-evolving include:
Integrating risk management processes into key business processes. For example, using risk assessment as part of change management, integrating strategic plan development with risk assessment and root cause analysis, building line management responsibility and skills in reviewing and maintaining controls.
Applying execution of management processes to risk management, both at the personal and organizational level. This will involve line management in establishing ownership of their own risk management plans, strengthening ownership of risks and controls through monitoring and reporting using a risk management information system and setting up a periodic " self-esteem " management and its subsequent verification through internal audit. An example of this is shown in Figure 6.

Part 3
3.1. Risk management tools in foreign practice.
3.1.1. Foreign experience in business risk insurance.
The following main types of entrepreneurship can be distinguished:

basic production (production of goods, performance of work, provision of services for production, non-production and personal consumption, purpose, their sale);
auxiliary production (engineering, consulting services, know-how, research (applied) and development work, audit, etc.);
innovative (development and transfer to commodity producers for the implementation of scientific and technical innovations (innovations) - new types of goods, works, services, equipment, technologies, materials, sources and methods of obtaining energy, etc.);
trade and intermediary (wholesale and retail trade, stock exchange, brokerage, agency activities, commission trade, etc.);
financial and credit (activities of banks, investment funds and companies, mutual funds, insurance organizations);
for the provision of services in the social sphere (medicine, education, sports, tourism, recreation, culture).

The following remain the subjects of business risk insurance in relation to the property sold by the entrepreneur: goods (not subject to insurance as cargo); work performed, services provided; unused material, fuel and energy resources, equipment; intangible assets and securities. Business risk insurance items include funds stored on deposits and in various bank accounts, as well as issued loans for banking institutions.
In accordance with these insurance items, the following types of business risk insurance can be distinguished:

insurance of losses on transactions of sale of goods, works, services, and other property of the entrepreneur;
insurance by the entrepreneur of time deposits and money in bank accounts;
insurance by the bank of non-repayment of the loan by the borrower.

Insurance of financial investments. Financial investments represent the purchase of assets in the form of property or credit securities. At the same time, risk is one of the key concepts of the financial market, which leads to the need to develop an adequate insurance protection system.
The developed financial market has many types of insurance protection. One of them is manifested in state regulation of the financial market. Its goal is, on the one hand, to maintain the liquidity of the financial market, and on the other, to maintain confidence in it on the part of investors and issuers. Methods of such regulation include licensing financial market participants, establishing rules for issuing securities, introducing an obligation to provide information about issuers of securities, etc. The second method of organizing insurance protection is a kind of self-insurance for investors, which manifests itself, in particular, in hedging operations, when an investor, along with a security, acquires an option to buy or sell it. Mutual insurance of investors is also manifested in the organization of a system of securities quotations on the stock exchange. The presence of securities of a particular company listed on a stock exchange with its pre-established strict requirements, as a rule, indicates the sufficient reliability of these securities.
All these methods of insurance protection are characterized by the fact that they are embedded in the very model of the functioning of the financial market and are carried out in the absence of a professional insurer who assumes the risks. In addition, they do not provide a complete guarantee against losses.
A special type of insurance protection is the conclusion of insurance contracts with insurance companies. The purpose of such insurance is to protect investments from possible losses arising from unfavorable, unpredictable changes in market conditions and deterioration of other conditions for investment activities. It is divided according to the nature of the insurance risks into insurance against political and commercial risks.
Political risk insurance contracts are concluded when making investments in foreign countries. It is characterized by the impossibility of mathematically assessing the probability of occurrence of insured events and extremely high amounts of damage. Therefore, private insurers, with rare exceptions, do not provide this insurance. Such insurance is carried out mainly by state insurance structures of the investor country and international financial organizations. Currently, 3 government organizations (in the USA, Germany and Japan) account for 80% of the total volume of transactions carried out within the framework of national government investment risk insurance programs 2 .
Insurance risks here are events emanating from government bodies, management, other government entities, as well as the masses. When determining a specific list of them, the agreement takes into account the political and economic situation of the country, its potential financial capabilities, the level of development of industry, agriculture and infrastructure, the size of the gross domestic product, the volume of internal and external debt of the state and its structure, the timeliness of repayment of existing loans, the level of inflation , object and subject of insurance, amount of investment, geographical location of the investment object, insurance period, etc. At the same time, the above factors can affect not only the volume of insurance coverage, but also, in general, the economic feasibility and possibility of insurance and, consequently, the very fact of investment.
Depending on the listed factors, the scope of insurance coverage may include the following risks:

changes in foreign exchange laws that could prevent investors from carrying out activities in accordance with a previously agreed program;
changes in foreign exchange laws that would prevent the remittance of dividends to foreign investors;
adoption of regulations that would prevent investors from using invested funds and possible income from them for subsequent investment;
nationalization of enterprises created with the participation of foreign investors or expropriation of their assets as a result of government changes in the economy or politics;
the adoption of legislation that would deprive the right of ownership of land owned by the enterprise;
the adoption of legislation allowing for the full or partial confiscation of the products of an enterprise in which foreign investment has been made;
the introduction of tax legislation that would discourage further investment or profitable operation of the business;
introducing regulations that would prohibit enterprises dominated by foreign investors from participating in stock exchange transactions;
military actions, civil unrest and social unrest resulting in damage to the property interests of the investor.

At the same time, this list of possible risks can be supplemented based on the characteristics of the political and economic situation in the country.
For example, in the United States, one of the specialized government agencies that insures the property interests of investors against political risks is established in 1969. US government Overseas Private Investment Corporation (OPIC). It provides support to American investors in foreign countries through a number of programs, one of which is to insure the property interests of investors against political risks associated with expropriation or nationalization, irreversibility of local currency into freely convertible currency, damage to property or loss of profits resulting from civil unrest and war, change political regime, etc. OPIC's activities cover US investments in 140 developing countries and emerging market economies 3 .
Banking risk insurance. The object of this type of insurance is the responsibility of all or individual borrowers (individuals or legal entities) to the bank for timely and full repayment of loans and interest on loans within the period established in the insurance agreement. Under the insurance contract, the insurer pays the policyholder compensation in the amount of 50 to 90% of the amount of the loan outstanding by the borrower and interest on it. The insurer's liability arises if the policyholder has not received the amount stipulated by the loan agreement within 20 days after the payment deadline stipulated by the loan agreement or the deadline established by the bank if the borrower fails to comply with the terms of the loan agreement.
Financial guarantee insurance involves the provision by the insurer of guarantees that certain financial obligations agreed upon in the process of concluding a business transaction, the parties to which are the borrower and the investor, will be fulfilled. It is considered a special type of guarantee that provides insurance protection for risks associated with financial transactions.
Guaranty is an area of ​​business activity in which banks, special agencies and insurers can operate. Moreover, in each country there are peculiarities in the legal regulation of such operations. Thus, in France and Japan, the issuance of guarantees is a monopoly of banks, and in the USA their issuance by banks is limited. In England and Italy, banks and insurance companies have equal opportunities in this type of business. In Germany, there are special agencies that deal only with such operations. Among the types of financial guarantee insurance are:

insurance of bonds and other securities;
credit insurance for short-term trade transactions and long-term investments;
mortgage bond insurance;
insurance of payments for rent, leasing, etc.;
insurance for payment of the cost of supplied equipment;
car loan insurance.

One of the most well-known types of financial guarantee insurance is municipal bond insurance, which appeared in the United States in the early 70s. Another common type of such insurance is insurance of bonds of legal entities, which may be subject to bonds of enterprises in various industries, construction, trade, etc. When carrying out these types of insurance, the insurer guarantees the investor payment of capital and interest on the insured bonds in the event of failure to fulfill its obligations by the issuer of the insured securities papers
The interest of banks in this case is that insurance allows:

transfer the investor's risk to the insurance company;
ensure stability of the price of insured bonds, i.e. their lesser exposure to market conditions;
increase the degree of liquidity of insured bonds, i.e. the ability to sell them on the secondary market before the redemption deadline;
free the investor from a comprehensive analysis of the issuer’s creditworthiness.

The insured amount under insurance contracts is set within the amount of debt and interest on it in accordance with the timing of payments according to the schedule determined by the prospectus. When insuring bonds of legal entities, it usually does not exceed 90% of the value of the bonds. Municipal bond insurance rates typically range from 0.25% to 2% of the total principal and interest. When insuring bonds issued by legal entities, insurers carry out an in-depth analysis of the commercial prospects of the enterprise whose bonds are subject to insurance, the quality of management, growth rates, financial stability, the work of suppliers and customers, and the professionalism of personnel. The key to ensuring break-even in this type of insurance is the profitability of the enterprise, as well as the property it owns. The premium amount, calculated on the basis of the insured amount and the established tariff rate, is usually paid at the beginning of the insurance period for its entire period.
Operations for accepting deposits are one of the main activities for banks to attract funds from legal entities and individuals. At the same time, there are numerous cases of bank failures that led to depositors losing their money, and therefore in almost all developed countries there are insurance systems for bank deposits. Such insurance is a set of measures that provide insurance protection for deposits in the event of bankruptcy of a commercial bank.
However, according to many insurance companies, in conditions where the insured enterprise systematically understates profits, it is impossible to adequately assess its risks. But if you look at the financial statements of some of our enterprises, you will get the impression that they are barely breaking even. Abroad, it is generally not customary to insure unprofitable businesses.
Another feature of this type of insurance is as follows. Under a business interruption risk insurance contract, only the risk of the policyholder himself can be insured and only in his favor.
A business interruption insurance contract (as a financial risk) allows you to compensate for indirect losses in cases where a classic property insurance contract does not provide for this. For example, if, due to a power failure, failures occurred in computer networks (even though the equipment was not physically damaged). The stoppage of production is obvious. The loss of profit is quite provable. In this case, the client can seek compensation under the insurance contract with the subsequent transfer from the policyholder to the insurer of the right of subrogation (the right to file a recourse claim against the organization whose actions caused the damage).
3.1.2 Hedging.
Hedging means the action of reducing or offsetting risk exposure. The main purpose of hedging is to protect against unfavorable changes in interest rates. A narrower objective is to profit from favorable changes in interest rates. The decision to hedge risk is made at the level of the company's management.
Hedging is a method of insuring risks. As contractual insurance of risks against unfavorable changes in prices for any inventory items. An insurance contract is called a hedge. There are two hedging operations: upside, downside 4 .
Upside hedging, or purchase hedging, is an exchange transaction for the purchase of futures contracts or options. An upward hedge is used in cases where it is necessary to insure against a possible increase in prices (rates) in the future. It allows you to set the purchase price much earlier than the actual product has been purchased.
Downward hedging, or sell hedging, is an exchange transaction involving the sale of a futures contract. A hedger who hedges down expects to sell a commodity in the future, and therefore, by selling a futures contract or option on the exchange, he insures himself against a possible price decline in the future.
An option and a futures contract differ in that with an option, the investor can exercise or not exercise his right depending on his desire, which is determined by the circumstances. If the sale price decreases contrary to expectations, the investor will not exercise his right. In this case, however, he will lose the part that he paid in the form of a fee to the broker when concluding a contract with him. An options contract is a safer (less risky) way of speculating compared to a forward contract, because the loss can only be equal to the broker's fee.
We know that risk has two sides: favorable and unfavorable. In this regard, the need for hedging arises in two cases:
- when the risk of unfavorable changes is greater than the risk of favorable changes;
- when adverse changes will have a significant impact on the company's earnings.
Instead of hedging its risks, a company can "gamble" on future changes in interest rates. Through speculative borrowing and investing, it can earn higher returns due to changes in interest rates.
There are two main methods of hedging interest rate risk. These are structural hedging and treasury market instruments.
Structural hedging is the reduction or elimination of interest rate risk by matching the interest income of a company's assets with its interest expense. Many companies make investments and borrow large amounts at the same time. This policy is alien to structural hedging. Structural hedging is the simplest and cheapest means of insuring interest rate risk through prudent borrowing and lending in the money markets. Structural hedging techniques can help companies with large borrowings reduce, but not eliminate, interest rate risks.
Hedging methods using treasury market instruments include money market products (loans, futures, options, etc.).
Hedging helps reduce the risk of an unfavorable price change, but does not provide the opportunity to take advantage of a favorable price change.
3.2 Foreign experience in managing business risks using the example of ABC Company
It is more convenient to analyze the assets of an entrepreneurial firm on the basis of the firm's balance sheet. Let's analyze the presence, composition and placement of the company's assets. The company's balance sheet and revenue data (see tables 3.1 and 3.2).
Firm ABC, whose risk management issues are analyzed below, is a small firm manufacturing automobile parts and assemblies. The president of the firm owns 60% of the shares, the vice president owns 20%, and the treasurer owns 20%.
The company owns one brick building containing workshops and management units. The building was built 12 years ago and costs $540,000 plus the cost of land. It has three floors and a basement. The total production area in the building is 60 thousand square meters. foot. (approximately 5600 sq. m.). The building does not have an automated fire extinguishing system. According to the company, its replacement cost is $900 thousand, but taking into account depreciation, the building today costs $270 thousand at current prices. The railway line approaches the eastern side of the building. The company is responsible for it according to the standard transport agreement. Parking for 100 cars is located on the west side of the building. The remaining two acres of land owned by the company are dedicated to green space. The company also rents a brick building along the street, using it as a warehouse for finished goods and a garage for a fleet of 10 cars and 10 trucks. The actual present value of the building is 360 thousand dollars. The cost at market prices of a passenger car is 9 thousand dollars, and a truck is 21 thousand dollars. Similar new cars would cost 15 thousand and 30 thousand dollars, respectively.
The company sells its products only to wholesale buyers and manufacturers. Sales volume is stable from year to year and is not subject to serious fluctuations. About 80% of deliveries are made to consumers within a 50-mile radius (about 80 km), usually using company transport. Delivery to other regions is carried out by rail and general purpose vehicles. There are no deliveries by sea transport outside the United States.
etc.............

Debt risk insurance as a separate branch of insurance activity originated in Europe more than 150 years ago - in the middle of the 19th century. Until the beginning of the 20th century, the industry developed as insurance of commercial (intra-trade) loans. It should be noted here that Lloyd (the leader in the insurance market at that time) was also actively developing credit insurance operations. However, later, at the beginning of the 20th century, the credit insurance line was closed at Lloyd's due to the fact that one of the underwriters provided policies that covered credit risks for financial transactions, which led to significant losses. Lloyd returned to the credit insurance market only in the 90s of the 20th century.

At the beginning of the twentieth century, after the First World War, in connection with the increasingly complex landscape of the global economic and political space, specialized government agencies were organized in Europe with the goal of supporting national exports, which later received the general name of export credit agencies. Thus, a state monopoly on export credit insurance is emerging. The prerequisites for the formation of a monopoly were the difficulties of managing the risks of export loans: the catastrophic nature of the risks, methodological difficulties, the need for significant capital to insure such risks. That is why insurance was carried out at the expense of budget funds through specialized institutions - export credit agencies.

Due to the fact that the activities of export credit agencies are not aimed at making a profit, but are a reaction to changes and complications in the international environment and are aimed at supporting national exporters, the following features of their operations for insuring the risks of debt obligations can be highlighted:

• - insurance is aimed at protecting the property interests of exclusively national exporters;
• - insurance is preferential. The priority when determining the price of insurance coverage is not the real amount of risk and the possibility of assessing it, but, first of all, the exporter’s need for insurance protection and the availability of appropriate financial resources from the state;
• - insurance protection is provided to exporters for those product groups that are of priority importance for the development of the national economy, i.e. meet the national interests of the state;
• - the maximum amount of responsibility of export credit agencies is limited by the state.

These features of the activities of government agencies caused the following main problems in the development of credit insurance:

• - the preferential nature of insurance leads to significant losses of export credit agencies, which constitute additional expenses of the state budget. For example, the French company Coface, which provides coverage for export loans on behalf and at the expense of the state, showed a positive result in 1996 for the first time after 15 years of unprofitable state insurance operations;
• - focus on priority sectors of the economy and limited insurance capacity, which are limited by the state, lead to the fact that many companies that need to protect their property interests do not fall into the insurance field.

During the historical development of the debt risk insurance market, these contradictions intensified. At the same time, against the backdrop of the crisis of the state insurance system, private insurers already had sufficient capital and experience, obtained including through the insurance of commercial (domestic) loans, to insure export loans. In this regard, in the eighties of the last century there was a liberalization and demonopolization of the export credit insurance market by the state, which has especially intensified in the last decade. On the one hand, private insurance companies are entering the export credit insurance market; on the other hand, the functions of divisions of government agencies that insure short-term export credits are being transferred to the private sector.

An important prerequisite for the formation of an effective commercial system of debt risk insurance was the concentration of private insurance capital that has occurred in recent years. The following reasons can be identified for the high monopolization of the debt risk insurance market:

• - the main reason was globalization and internationalization of the activities of trading companies themselves. In order to quickly serve the interests of a client selling in different countries of the world, the insurer must be present in the country of risk, that is, it must have a subsidiary in the country of risk or an established partnership with a local insurer;
• - another reason is the need to obtain high-quality and reliable information about the insurer’s counterparties and further financial monitoring, as well as the need to analyze the main directions of development of local markets in order to timely respond to unfavorable changes in the environment (both economic and political) to avoid the cumulation of risk, which may lead to significant devastation of the insured event;
• - in order to effectively collect debt through a recourse claim in the event of an insured event, the insurer must have a clear understanding of the specifics of local legislation governing debt collection and bankruptcy procedures, incl. compliance with creditors' rights;
• - the capital intensity of the credit insurance industry is also explained by the catastrophic nature of credit risk.

Thus, at the present stage, the organization of the credit risk insurance system in developed countries can be represented as follows:

Based on the study of foreign experience, several groups of problems were identified that hinder the development of credit insurance in Russia: legal and regulatory support; insufficiently developed market infrastructure; methodological and financial problems; trust and awareness of this instrument among potential policyholders; personnel problems.

Against the backdrop of the further strengthening of the private insurance market for debt risk insurance, an important direction for the development of this insurance industry in Russia was the creation of a state agency focused on supporting the export of goods from priority sectors of the Russian economy. Along with other measures, the creation of a state agency should contribute to the reorientation of Russian exports from the export of raw materials (oil, gas, timber) to high-tech engineering products with a significant amount of added value. At the same time, state export insurance should come into force only in cases where private insurers, which have already accumulated experience in conducting credit risk insurance operations in cooperation with world leaders in credit insurance, cannot offer effective coverage of the exporter’s risks.

Thus, when assessing the prospects for various types of credit risk insurance, one can focus on the volume of credit transactions, the possibility or need to insure the risks of which led to the emergence of this insurance product.

Based on an analysis of the annual reports of the Central Bank of the Russian Federation “On the development of the banking sector and banking supervision,” we can conclude that the Russian lending market has entered a stage of intensive growth, which, according to experts, will last for the next few years. In particular, consumer and mortgage lending demonstrate the maximum growth rates - the volume of loans provided more than doubles annually (with the exception of the last two years).

This dynamics is the object of close attention, including from insurance companies, which in recent years have shown adequate interest in the development of credit types of insurance - insurers are ready to make significant efforts to develop, sell and introduce complex competitively sound insurance products to capture key positions in this promising market segment.

The potential annual volume of the debt risk insurance market exceeds 16 billion rubles and is most likely to grow due to the active development of lending in the regions.

Cooperation between banks and insurance companies in insuring credit operations over the past two years has already led to a noticeable revival of the real financial risk insurance sector. The main credit insurance products are quite well developed by the largest insurers; a significant part of the insurance market participants have licenses to insure key types of risks. According to experts, despite the current existence of a number of factors hindering the development of credit risk insurance (such as the imperfection of the legislative framework, insufficient volumes of lending to small businesses, a certain infringement of the competitive rights of some participants in the insurance market), these difficulties are temporary and will not seriously prevent major players from tapping into the very significant potential of this market.

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