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RISK MANAGEMENT: TYPOLOGIES, PRINCIPLES AND APPROACHES

Anton Gerunov

Abstract

The article presents a broad overview of key definitions, approaches and strategies for managing economic risk. The literature review is based on a wide variety of sources and aims to underline the similarities in thinking between them. Four main typologies of risk are reviewed and evaluated by putting them in context. We elucidate the converge between different risk management methodologies and present a unified consensus model. A more special attention is devoted to qualitative risk management and its typical instruments. The article concludes with a short outline of available generic risk management strategies that can be fruitfully employed by the modern organization.

 

Keywords

risk management; risk typology; risk matrix; risk strategy

 

JEL Codes: D81, M10

 

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