RISK MANAGEMENT IN THE FINANCIAL MANAGEMENT SYSTEM
Every company is exposed to risks of different nature. Their consequences can be more or less serious, in the worst case even threatening to the organization. Risks do not disappear if they are ignored. Therefore, it makes sense to consider on a regular basis which risks are tolerable and which can be contained with special tools. Such systematic reflections are called risk management. In the specialized literature, risk is usually identified as a combination of the magnitude of damage and the probability of its occurrence. If managers of an organization wish to minimize risk, they will try to reduce either the magnitude of damage or the probability of its occurrence. The goal of risk management is not to eliminate all risks because it is impossible, the goal is to find the optimal balance between opportunities and damage to the company based on risk assessment. The article outlines the issues of risk management in the financial management system, describes the phases of the risk management process, outlines the authors approach to documenting risks in order to manage them.
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