What are the risk management strategies?

Risk management strategy. Because the result of risk may threaten the survival of enterprises, enterprises must adopt appropriate risk management strategies for risk management. What are the risk management strategies? Let's pay attention together.

What are the risk management strategies? 1 What are the risk management strategies?

(1) risk avoidance strategy.

The strategy of any economic unit to deal with risks is to avoid risks first. When the losses caused by risks cannot be offset by the possible profits of the project, avoiding risks is the most feasible and simple method. For example, if you don't invest, you can avoid the risks brought by investment. However, the method of avoiding risks has great limitations. First, avoiding risks can only be effective if it can be avoided. Second, some risks are inevitable; Third, some risks may be avoided but the cost is too high; Fourth, enterprises passively avoid risks, which will make enterprises content with the status quo and not strive for progress.

(2) Risk control strategy.

When an economic unit is engaged in an economic activity, it is inevitable to face certain risks. The first thing that comes to mind is how to control and reduce the occurrence of risks, or how to reduce the losses caused by risks. This is risk control. Controlling risk has two meanings: one is to control risk factors and reduce the occurrence of risks; The second is to control the frequency of risks and reduce the degree of risk damage. To control the frequency of risks, we need to make accurate predictions and reduce the degree of risk damage, and we need to take decisive and effective measures. Risk control is limited by various conditions. Although human knowledge and technology have been highly developed, there are still many difficulties that cannot be broken through, so it is impossible to completely control risks and fully reduce losses.

(3) Decentralization and risk neutralization strategy.

Diversification of risks mainly refers to the diversification of risks by economic units by means of multi-angle operation, multi-investment and multi-financing, multi-source foreign exchange assets, attracting multi-suppliers and striving for multi-customers. Neutralizing risks mainly refers to the decisions taken in foreign exchange risk management, such as reducing foreign exchange positions, futures hedging, forward foreign exchange business and other measures to neutralize risks.

(4) Adventure strategy.

Only when economic units can neither avoid risks nor completely control or disperse and neutralize risks can they bear the losses caused by risks. The ways of economic units taking risks can be divided into simple retention outside the plan or self-protection within the plan. Unplanned simple retention mainly refers to the way to bear the losses caused by unforeseen risks; Planned self-insurance refers to the way to bear the losses caused by expected risks, such as provision for bad debts.

(5) Risk transfer strategy.

In order to avoid the harm and disadvantage of economic activities after taking risks, economic units can adopt various transfer methods for risks, such as insurance or non-insurance transfer. Modern insurance system is the most ideal way to transfer risks. If the unit carries out property and medical insurance, the risk loss will be transferred to the insurance company. In addition, the unit can also transfer some risks to the other party through the provisions of the contract.

Five strategies of project risk management

1, risk mitigation strategy

Risk mitigation strategy is to reduce risks, reduce the possibility of risks or reduce the adverse consequences of risks by means of mitigation or prediction, so as to achieve the purpose of reducing risks. This is a positive risk management method.

2. Risk avoidance strategy

It refers to a risk management strategy (risk control network) that voluntarily abandons the project or changes the project objectives and action plans to avoid risks when the potential threat of project risks is too great and the adverse consequences are too serious, and no other risk management strategies are available. For example, an enterprise is currently facing a zi project with immature technology. If it is found through risk assessment that the implementation of the project will face a huge threat, the project management organization has no other measures available to control the risk, and even the insurance company refuses to underwrite because of the great risk. At this time, we should consider giving up the implementation of the project to avoid huge risk accidents and property losses.

3. Accept the risk strategy

Accepting the risk strategy is also one of the risk management strategies, which means that the project team consciously chooses its own strategy to bear the risk consequences. When the cost of other risk avoidance methods exceeds the loss caused by risk events, the method of accepting risks can be adopted. Accepting risks can be proactive, that is, some risks have been prepared in the risk planning stage, so emergency plans are implemented immediately when risk events occur; Passive acceptance of risks means that the project management team has insufficient understanding of the existence and severity of risks due to subjective or objective reasons, and fails to deal with risks, and finally the project management organization personnel bear the risk losses themselves. In the implementation of the project, we should try our best to avoid passively accepting risks, and only when we are prepared in the risk planning stage can we actively accept risks.

4. Reserve risk strategy

Reserve risk strategy refers to making emergency measures and scientific and efficient project risk plan in advance according to the project risk law. Once the actual progress of the project is different from the plan, backup emergency measures will be used. Project risk emergency measures mainly include cost, schedule and technology. Budget contingencies are a sum of money prepared in advance to compensate for the influence of errors, omissions and other uncertain factors on the accuracy of project cost estimation. Budget emergency expenses should be listed separately in the project budget, and cannot be scattered under specific expenses, otherwise the project management organization will lose control of expenditures.

5. Risk transfer strategy

Refers to the transfer of risks to other people or organizations, with the purpose of transferring part of the losses to individuals or organizations capable of undertaking or controlling project risks in the event of a risk accident through contracts or agreements. The specific implementation can be manifested as financial risk transfer (such as banks, insurance companies or other non-bank financial institutions taking indirect responsibility for project risks). Non-financial risk transfer (transferring the property or project related to the project to a third party, or transferring the risk to other people or organizations in the form of contracts, while retaining the property or project that will generate risks).

The success of the project is related to the future development of the enterprise. The enterprise should increase the risk management of project investment and minimize the failure, so as to enhance its competitiveness and make it invincible and develop for a long time. The ultimate goal of risk management strategy is to take measures to avoid risks, resolve and transfer risks, or weigh advantages and disadvantages to reduce the impact of risk losses.

Seven basic strategies to deal with risks

1. Risk

Taking risks is the risk within the scope of enterprise risk tolerance. After weighing the costs and benefits, they are not prepared to take control measures to reduce risks or losses.

A group or subsidiary adopts an adventure strategy, either because it is an economic strategy or because there is no other choice (such as reduction, avoidance or sharing). When adopting risk tolerance, management needs to consider all options, that is, if there are no other options, management needs to ensure that all possible ways to avoid, reduce or share risks have been analyzed to decide to take risks.

In the process of considering risk response, the management needs to evaluate the cost of various risk control measures and the benefits brought by reducing the possibility and impact of risks, and choose risk response strategies.

2. Risk aversion

Risk aversion is a strategy for enterprises to avoid and reduce losses by giving up or stopping business activities related to risks beyond their risk tolerance.

The purpose of risk aversion is to resolve risks when adverse consequences are expected. For example, the group can think that the risk of an investment project is very likely, but it cannot undertake or take measures to reduce the risk. The group can choose to withdraw from the investment project or order its subsidiaries to withdraw from the investment project, thus avoiding risks.

3. Risk transfer

Risk transfer is a risk management strategy for enterprises to transfer risks to another person or unit through contract or non-contract.

Generally speaking, the ways of risk transfer can be divided into financial non-insurance transfer and financial insurance transfer.

Financial non-insurance transfer refers to the transfer of risks and financial achievements related to risks to others through the conclusion of economic contracts. Common financial non-insurance risk transfer includes leasing, mutual insurance and fund system.

Financial insurance transfer refers to transferring risks to insurance companies (insurers) by concluding insurance contracts. When individuals face risks, they can pay a certain premium to the insurer to transfer the risks. Once the expected risk occurs and causes losses, the insurer must make economic compensation within the scope of responsibility stipulated in the contract. Because insurance has many advantages, transferring risks through insurance is the most common risk management method.

4. Risk conversion

Risk conversion refers to the risk management strategy of converting one risk into another or several other risks by some special means, which makes the converted risks easier to manage or gain additional benefits.

The typical application of risk conversion strategy is convertible bonds. Convertible bond refers to a kind of corporate bond that is issued by the issuer in accordance with legal procedures and can be converted into shares (usually ordinary shares) according to agreed conditions within a certain period of time. When holding this bond, the main risks include the failure of issuing convertible bonds, the failure of stock listing, the inability to convert convertible bonds into shares at maturity, earnings per share after conversion, the risk of dilution of return on net assets, the risk of price fluctuation of convertible bonds, etc. When bonds are successfully converted into ordinary shares, the risks faced by the holders are transformed into risks such as stock price fluctuation and stock locking. , and may bring some profits.

5. Risk hedging

There are two explanations for risk hedging. One is a management strategy to reduce these risks by taking various related risks and establishing a hedging relationship between them. Another explanation refers to a risk management strategy to offset the potential risk loss of the underlying assets by investing in or buying some assets or derivatives that are negatively related to the fluctuation of the underlying assets. Typical examples are hedging business and options trading business.

6. Risk compensation

Risk compensation refers to the necessary compensation mechanism for risk-taking measures in advance (before the loss occurs) to increase the confidence and courage of individuals or units to take risks.

Generally speaking, this risk compensation strategy can be adopted for those risks that cannot be managed through risk hedging, risk conversion or risk transfer, and that cannot be avoided but have to be borne. A typical application is the compensation mechanism for the assessment and incentive of marketers in marketing. For example, the company sent Xiao Zhang to the northwest to open up new markets. According to the company's current performance-oriented sales assessment method, it is difficult for Xiao Zhang to complete the sales task, so the probability of winning the bonus is very small and his work enthusiasm is not high. So the sales director made a compensation plan for him alone: if Xiao Zhang didn't complete the sales task, he would get an extra bonus as long as there was a 20% increase every month compared with last month. In this way, Xiao Zhang's work enthusiasm is much higher, which is a typical risk compensation strategy.

7. Risk control

Risk control is a strategy for enterprises to take appropriate control measures to reduce risks or losses and control risks within the scope of risk tolerance after weighing costs and benefits. Because the two main dimensions of risk are the possibility of occurrence and the degree of influence after occurrence, risk control is to reduce the possibility of occurrence or the degree of influence after occurrence to reduce the risk level.

For example, a group company wants to participate in a project investment, with an investment of 654.38 billion yuan. The more it invests for the first time, the greater the return if the project is successful and the greater the loss if the project fails. After analysis, the company decided to take risk control measures: the first measure is to reduce the possibility of risks, that is, to send a large number of professional project management talents to improve project quality and strengthen project supervision to better ensure the success of the project; Another measure is to reduce the impact of the risk, that is, to invest 654.38+0 billion yuan in batches, 40 million yuan for the first time, and 30 million yuan for the second time if the project goes well. In this way, if the first investment fails, the loss will be 40 million, which actually reduces the impact of risks.

What are the risk management strategies? 2. Enterprise financial risk refers to the uncertainty of financial situation caused by various unpredictable or uncontrollable factors in the process of various financial activities, which may make the enterprise suffer losses. Under the condition of market economy, financial risk exists objectively, and it is unrealistic to completely eliminate the risk and its influence. The goal of enterprise financial risk management is to understand the source and characteristics of risks, correctly predict and measure financial risks, carry out appropriate control and prevention, improve risk management mechanism and financial policy, minimize losses and create maximum benefits for enterprises.

First, the financial policy and its position in enterprise management

Generally speaking, financial policy refers to the guiding principle that financial subjects consciously change financial objects through certain methods in order to achieve the financial management objectives of enterprises. Fiscal policy has two different target orientations and manifestations, because it has two different subjects: the state and enterprises:

(1) As far as the state is concerned, fiscal policy is a mandatory fiscal policy, which is formulated by the state in the form of fiscal rules and systems. Its basic goal is to regulate and restrict the financial activities of enterprises as the coordination of macroeconomic policies. From the content of financial policy, it mainly includes the provisions on the form and management of funds, the methods of cash management, the methods of depreciation of fixed assets, the scope and standards of cost expenditure, and the policies of profit and its distribution. From the form of financial policy, it is mainly aimed at the financial rules of enterprises and the financial systems of various industries.

(2) As far as enterprises are concerned, financial policy is an independent set of financial management action guidelines formulated or selected by enterprises under the guidance of national financial policies and according to the overall objectives and actual requirements of enterprises. This is an independent and selective financial policy. Its basic goal is to cooperate with enterprise management policies, adjust enterprise financial activities and coordinate enterprise financial relations, and strive to improve enterprise financial efficiency. From the content of financial policy, it mainly includes risk management policy, credit management policy, financing management policy, working capital management policy, investment management policy and dividend management policy. From the form of fiscal policy, it is an independent and flexible internal financial system.

Under the background of China's long-term implementation of the planned economy system, enterprises, as accessories of the government, have no independent right to operate, and their financial behavior can only be passive. Fiscal policy is basically a compulsory fiscal policy with the state as the main body, and the choice of enterprises is very limited, resulting in "no money to manage". With the establishment of the socialist market economic system and the establishment of enterprises as the main body of the market, especially the establishment of financial entities with legal personality, the financial behavior of enterprises has become a proactive behavior, and the independent and selective financial policies have become the external manifestations of financial managers' independent financial management. In this case, the position of enterprise financial policy becomes more and more important, which is an important guarantee to realize the business policy and financial objectives of the whole enterprise, and also an important foundation to standardize and optimize the financial management behavior of enterprises and improve the efficiency of financial management of enterprises.

Second, the current financial management problems

1. The original theory and system of property rights have intensified the conflict of interests among shareholders, operators and employees. Knowledge economy is an economy based on the production, distribution and use of knowledge and information. It changes the traditional resource allocation structure with factories, machines and capital as its main content into one with knowledge capital as its main content. However, China's existing property rights theory and system still maintain the "owner's property rights theory", ignoring the important role of human capital in company development. In fact, in the existing market economy, employees who create, accept, use, process information and master knowledge and technology play an increasingly important role in the creation of corporate wealth. Therefore, in the transition from traditional industrial economy to knowledge economy, modern enterprises are no longer just a problem of "separation of ownership and management rights". Modern enterprise is actually a "compound contract" of financial capital, intellectual capital and their ownership, and it is the property right cooperation of "stakeholders". In the era of traditional industrial economy, property rights theory and system only pay attention to the allocation of tangible assets and invested capital, ignoring the effective allocation of intellectual capital, only paying attention to the investor's right to claim the enterprise surplus, and excluding the distribution right of intellectual labor and other stakeholders to the enterprise surplus, which will aggravate the conflicts and contradictions among owners (shareholders), operators, employees and other stakeholders. In this case, it is necessary for financial personnel to further clarify whose interests should be maximized as the financial management goal of the enterprise.

2. Risk financing has become an important issue in financial management. With the advent of knowledge economy, enterprises will face more risks:

(1) Due to the networking and virtualization of economic activities, the speed of information dissemination, processing and feedback will be greatly accelerated. If the internal and external information disclosure of the enterprise is not sufficient and timely, or the competent department of the enterprise can not choose and use the internal and external information in time and effectively, it will increase the decision-making risk of the enterprise;

(2) Due to the acceleration of knowledge accumulation and innovation, if the enterprise and its employees can't respond in time and can't adapt to the development and changes of the environment, it will further increase the risk of the enterprise;

(3) With the development of high technology, the product life cycle is shortened continuously, which not only increases the risk of inventory, but also increases the risk of product design and development;

(4) Due to the infinite expansion of "media space" and the use of "online banking" and "electronic money", the international capital flow has been accelerated, further aggravating the risks in the commodity market;

(5) Driven by the pursuit of high returns, enterprises invest a lot of money in high-tech industries and intangible assets, further increasing the investment risk. Therefore, how to effectively prevent and resist all kinds of risks and crises, so that enterprises can better pursue innovation and development, has become an important issue to be studied and solved in financial management.

3. The existing financial management theory and content can no longer meet the needs of investment decision-making in the era of knowledge economy. In the era of traditional industrial economy, economic growth mainly depends on tangible assets such as factory buildings and machinery funds; In the era of knowledge economy, the proportion of intangible assets such as patent rights, trademark rights, computer software, talent quality and product innovation based on knowledge will be greatly increased. Intangible assets will become the most important and important investment object of enterprises. However, the theory and content of financial management today rarely involve intangible assets. In the actual financial management activities, many enterprises often underestimate the value of intangible assets and are not good at using intangible assets for capital operation. The traditional financial management theory and content in the era of industrial economy can no longer meet the needs of investment decision-making in the era of knowledge economy.

4. The quality of existing financial institutions and financial personnel has seriously hindered the informationization and knowledge of financial management. With the advent of knowledge economy, all economic activities must be guided by fast, accurate and complete information. The establishment of enterprise financial institutions should have the characteristics of less management levels and middle managers, and be sensitive, efficient and fast. Most of the existing corporate financial institutions in China are pyramid-shaped, with many intermediate levels, low efficiency and lack of innovation and flexibility. Financial managers are backward in financial management concepts, knowledge and methods, accustomed to obeying leaders, and lack the initiative and innovative spirit and ability to master knowledge. All these are far from the requirements of the knowledge-based economy era, which seriously hinders the informationization and knowledge-based process of financial management.

Third, the prediction and measurement of financial risks.

The financial activities of enterprises run through the whole process of production and operation, and there may be risks in financing, long-term and short-term investment and profit distribution. According to the source of risk, financial risk can be divided into:

(1) Financing risk refers to the uncertainty of financial results brought by enterprise financing due to the changes of capital supply and demand market and macroeconomic environment.

(2) Investment risk refers to the risk that the final income deviates from the expected income due to the change of market demand after the enterprise has invested a certain amount of money.

(3) Cash flow risk refers to the risk caused by the inconsistency between cash outflow and cash inflow.

(4) Foreign exchange risk refers to the uncertainty of foreign exchange business results caused by exchange rate changes. Specifically, it includes economic risk, transaction risk and conversion risk. Economic risk refers to the impact of unexpected exchange rate changes in the foreign exchange market on the foreign exchange business of enterprises. Transaction risk refers to the losses that an enterprise may suffer when handling foreign currency business due to the inconsistency between the exchange rate on the trading day and the settlement day. Translation risk refers to the influence of exchange rate changes on accounting statements when enterprises convert accounting statements expressed in foreign currencies into accounting statements expressed in specific currencies.

A correct understanding of the sources and types of financial risks is the premise of financial risk prediction and measurement. On this basis, enterprises should establish a financial information network to ensure timely access to a large number of high-quality financial information and create conditions for correct decision-making and risk prediction. Enterprises collect and sort out information about forecasting risks, including internal financial information, production technical data, planning and statistical data, market information of enterprises and production and operation information of competitors in the same industry.

On the basis of preliminary forecast, we can measure financial risk with the help of simplified model, that is, calculate the expected return under risk. Usually, qualitative and quantitative methods are used to combine the analysis and judgment of the situation with the collation and calculation of data. Because of the direct relationship between risk and probability, probability statistics is often used to measure the degree of risk. Firstly, the probability of various possible situations and possible benefits or costs are analyzed, and the expected value, variance and standard deviation of benefits or costs are calculated. Finally, the degree of risk is judged according to the coefficient of variation. Sensitivity analysis can also be used to determine the scope of various risk influencing factors, especially in the prediction of investment risk, investment projects are often selected by measuring the sensitivity of annual cash inflow, investment payback period and internal rate of return, thus reducing risks.

Fourth, financial risk management strategy

1. Make strict control plans to reduce risks.

Diversification is the first choice for enterprises to spread risks. Diversification means that an enterprise simultaneously intervenes in several basically unrelated industrial sectors, produces and operates several unrelated products, and competes with corresponding rivals in several basically unrelated markets. The theoretical basis of risk diversification lies in: from the perspective of probability and statistics, the profit rates of different products are independent or not completely related, and operating a variety of industries and products can offset each other in time, space and profit, which can reduce the profit risk of enterprises. On the premise of highlighting the main business, enterprises can combine their own human, financial and technological research and development capabilities, moderately set foot in diversified operations and diversified investments, and spread financial risks.

2. Risk transfer methods, including insurance transfer and non-insurance transfer.

Non-insurance transfer refers to the transfer of a specific risk to a specialized agency or department, such as selling products to commercial departments and handing over some special businesses to professional companies with rich experience and skills and specialized personnel and equipment. Insurance transfer refers to an enterprise insuring against a certain risk with an insurance company and paying the insurance premium.

3. Self-insurance risk is the risk borne by the enterprise itself.

Enterprises reserve risk compensation funds in advance and amortize them in installments. At present, the state requires listed companies to withdraw bad debt reserves of accounts receivable, inventory depreciation reserves, short-term investment depreciation reserves and long-term investment impairment reserves, which is an important measure for listed companies to guard against risks and operate steadily. In the process of financial activities, if some risks can be predicted and controlled in the planning stage, we can compare the actual situation with the planned situation and analyze the control effect. Some risks are sudden and unpredictable, so we should find out the source and nature of risks, measure losses and try to find the best way to control or weaken risks.

4. Establish and improve the financial risk mechanism.

The enterprise financial risk mechanism is to introduce the risk mechanism into the enterprise, so that the operators of the enterprise can bear the risk responsibility in the fierce competition, exercise the right to control financial risks and obtain the benefits of risk management. For the risk-takers, first of all, it is required to establish a correct risk awareness and clarify the responsibilities legally and economically; Secondly, risk-takers should be given certain investment decision-making rights, fund-raising rights and fund distribution rights, so that decision-makers can fully consider the changes in the internal and external environment of enterprises and carefully consider the activities of fund raising, use and distribution while exercising their rights; Thirdly, let the risk takers enjoy the risk reward, clarify the responsibilities and rights, and mobilize their enthusiasm. Establishing a perfect financial risk mechanism also requires enterprises to distinguish risk responsibilities and determine the channels for enterprises to compensate for risk losses, which truly reflects the effectiveness of enterprise risk control and management.