Banks are the main participants in the financial market: the overall development of the Russian economy depends on their stable functioning. In the conditions of increased instability of national and world financial markets, the problem of maintaining the financial stability of the Russian banking system is becoming extremely important.

The devastating effects of modern economic crisis called into question the effectiveness of many basic principles of modern financial management, including the actualization of issues related to the effectiveness of financial risk management in banks.

In the current economic situation, the main condition for maintaining financial stability is the formation and implementation of a financial risk management system, which should be effective both in a relatively stable external environment and during a crisis. The effectiveness of financial risk management tools for banks depends on the improvement of the scientific and methodological foundations of bank risk management.

The category “banking risk” in the paper refers to the probability of deviation from the planned performance of the bank due to the active-passive operations of a credit institution, the state of corporate governance and the influence of environmental factors.

Banking risk should not be viewed only as a negative phenomenon. On the contrary, the presence of risk to some extent can be considered as a factor in the dynamic development of the banking sector of the economy. Note that it makes sense to make risky financial decisions only if a positive economic result is expected from the risky operation. If, even under favorable conditions, the operation does not give any income, then it is necessary to eliminate the risk altogether. At the same time, it should be borne in mind that a bank that always refuses risky operations loses the opportunity to further increase profits and further development.

In the process of grouping banking risks, various classification components can be distinguished, namely: financial; temporary; place of formation; the degree of influence on the main operations of the bank; the ability to predict and manage.

Examples of the classification of banking risks according to the above criteria are shown in Table 1.

Table 1

Examples of classification of banking risks

	Types of banking risks
H. Van Gruning, S. Braionovich - Bratanovich	financial: net (credit, liquidity risk and solvency) and speculative (interest, currency and market); operating rooms; business; emergency
	risks on balance sheet and off-balance sheet operations; risks passive operations (deposit); risks of active operations (credit, currency, portfolio, investment, liquidity risk)
S. Kozmenko, F. Shpyg, I. Voloshko	risks associated with the characteristics of customers; banking risks operations: risks of active operations (credit, portfolio, liquidity risk) and risks of passive operations (issue, deposit, risks due to the type of bank)
T. Osipenko	credit; market; liquidity risk; operational risks; legal; management risks
Y. Potiyko	credit; percentage; currency; risk of the securities market; risk of early return of deposits
L. Primostka	liquidity risk; credit; the risk of insolvency; risk variability

We offer the following classification of banking risks:

1. Financial risks - a high probability of determining the quantitative value of the risk. Financial risks refer to internal risks that arise in the process of carrying out active and passive operations of the bank.

2. Operational risks - low probability of determining the quantitative value of the risk. Operational risks refer to internal risks and are related to the effectiveness of corporate governance and the organization of banking operations.

3. Functional risks are related to the external environment of the bank and are almost impossible to quantify.

In a crisis, the size of financial risks increases most strongly, which include:

1. Credit risk - the probability of deviation from the planned indicators due to the borrower's failure to fulfill obligations to the bank. It is advisable to divide credit risk into individual (a specific counterparty of the bank) and portfolio (total debt to the bank).

2. Liquidity risk - the probability of deviation from planned indicators due to loss of balance between the bank's assets and liabilities (balance sheet risk) and inability to raise financial resources for the implementation of strategic development goals (market liquidity risk).

3. Currency risk - the probability of deviation from the planned indicators due to changes in the exchange rate. With a long open currency position, devaluation national currency improves the profitability of the bank; revaluation worsens. With a short currency position, the devaluation of the national currency worsens the level of profitability; revaluation - improves.

4. Interest risk - the probability of deviation from planned indicators due to changes in interest rates.

5. Stock risk - the probability of deviation from the planned indicators due to changes in the value of securities or other financial instruments in the market.

The main methods for determining the quantitative assessment of the above financial risks of the bank are shown in table 2

table 2

Bank financial risk assessment methods

	financial risk	Advantages of the method	Disadvantages of the method
1. Statistical:	credit	high definition size of losses and probability realization of risk in ordinary conditions	need processing a large amount of statistical information. Low efficiency assessments in times of crisis
1.1 "Monte" method
1.2 Z-model Altman
1.3 Cheser model
1.4 Duran model
1.5 VaR - method	credit, currency, stock
2. Expert 2.1 Delphi method	credit, currency, percentage,	effective in conditions of lack or absence	subjective character

2.2 decision tree method		stock	reliable information.
		credit	effective crisis		conditions
3. Analytical: 3.1 duration		stock	Includes the possibility of factor analysis of parameters. High Evaluation Efficiency in a Crisis			labour intensive
3.2 stress testing		currency, stock
3.3 GAP analysis		percentage
4. Method of analogies		credit, liquidity, currency, stock, interest	evaluation efficiency in ordinary conditions			hard to create similar conditions
5. Combined			synergistic the effect. High efficiency in ordinary conditions and in crisis conditions			a lot of time, requires the processing of statistical, financial and management information

Most statistical methods - in order to determine the likelihood of risk realization and determine its magnitude - use the statistics of profits and losses of banks. These methods are based on the theory of probability distribution of random variables.

Some methods of expert assessments are similar to statistical ones. The fundamental difference lies in the fact that expert methods involve the analysis of assessments made by various specialists (internal or external experts). An expert assessment can be obtained both after carrying out relevant studies, and using the accumulated experience of leading experts.

In turn, analytical methods are based on game theory and include the following steps: 1) selection of a key indicator (for example, the rate of return); 2) determination of factors of the external and internal environment that affect the selected indicator;

3) calculation of the values ​​of the indicator when the factors of the external or internal environment change.

The analogy method is used when analyzing new banking products or business lines of a credit institution. The essence of this method is to transfer a similar situation to the object of study. The main disadvantage of this method is that it is very difficult to create conditions in which the past experience would be repeated.

As can be seen from Table 2, the advantage of the combined method is that it uses the advantages of all the methods discussed above (for example, the statistical method, as a result of assessing the past, can be supplemented with an analytical method). In addition, the combined method is effective both in ordinary conditions and in crisis conditions.

It should be noted that the formation of a financial risk management system in banks occurs in three stages:

1. The preparatory stage includes the formalization of the bank's business process system; description of control and decision-making procedures; development of risk assessment and forecasting methods; determination of collegial bodies and departments that will be directly involved in financial risk management; compilation of financial risk maps by the bank's responsibility centers (Table 3).

Table 3 Definition of financial risks by the main centers of responsibility of the bank

responsibility	Business areas	financial risks
Treasury Department	Optimization and regulation of cash flows bank, purchase and sale of currency for clients and own needs in the interbank market of Russia, attraction and placement of funds in the interbank market of Russia and international markets	liquidity, percentage, currency
Control corporate business	Providing clients with a wide range of services lending, transactions with promissory notes, attraction of funds from legal entities	credit, currency, percentage
Control individual business	Sale of banking products to individuals bank customers, optimization of the cost of services for individuals	credit, currency, percentage
Control investment business	Issue of own securities, organization purchase and sale of securities on behalf of clients, carrying out transactions in the securities market on their own behalf, underwriting, investing in authorized funds and securities of legal entities, trust management of funds and securities under agreements with legal and individuals	stock

2. The procedural stage of the bank's financial risk management system includes the development of procedures for setting limits; the concept of minimizing financial risks; procedures for reviewing the main parameters of the bank's limit policy; insurance procedures, hedging, etc.

3. The integration stage includes an analysis of the requirements for the quantity and quality of information entering the automated financial risk management system; development of recommendations for the introduction of a mechanism for managing financial risks in the corporate system of the bank; development of a phased plan for the implementation of a financial risk management system.

Consider the main financial risk management tools of the bank:

1. Insurance (bankashurance) - one of the elements of the transfer of financial risks of the bank. When using this tool, it should be remembered that, firstly, not all financial risks are subject to insurance, and secondly, the more risk is transferred to the insurance company, the higher the cost of paying for the corresponding insurance policy. Therefore, one of the main problems in the implementation of bankassurance is to determine which risks it makes sense to leave in the bank, making additional expenses to reduce them, and which ones to shift to the insurer, making additional expenses to pay for the BBB policy.

2. Hedging - reducing the bank's financial risks with the help of financial market derivatives: futures, forwards, swaps and options (the advantages and disadvantages of derivatives are shown in Table 4).

3. Diversification is a tool to reduce financial risks by allocating bank resources to various assets or activities (for example, lending to corporate clients belonging to various sectors of the economy).

Table 4

Advantages and disadvantages of financial risk hedging derivatives

Derivative tool	Advantages	disadvantages
	individual character making a deal; no commission; does not require daily revaluation at the current exchange rate or rates	Low liquidity tool; the difficulty of finding a counterparty
	High liquidity of the instrument; ensuring the timeliness and completeness of payments from the exchange	Standard Conditions agreements; limited flexibility regarding terms and other terms of the contract

4. Limits are a tool to reduce the financial risks of the bank by limiting the values ​​of open positions at risk (examples of limits are shown in table 5)

Table 5 Limits on financial risks of the bank

Financial
Credit	Limits for individual counterparties
	Geographic concentration limits
	Industry concentration limits
liquidity	Limits on cumulative gaps
Stock	Limits on changes in the value of the bank's investment portfolio
Percentage	Limit on overall sensitivity to interest rate fluctuations
	Interest Gap Limits
Currency	Limits on open currency positions for each currency
	Limit on the total open currency position of the bank

5. Asset securitization is a tool for transforming a bank's portfolio credit risk into financial instruments stock market. In securitization, a bank "sells" all or part of its loan portfolio, debiting it from its balance sheet before maturity, and transfers the right to receive principal and interest on it to a new lender, not necessarily a bank.

6. The formation of reserves consists in the accumulation of part of the bank's resources, which are subsequently directed to the "repayment" of unreturned assets. The main problem in the formation of reserves is the assessment of the potential consequences of risk.

Conclusions. Modern crisis phenomena raise the problem of forming qualitatively new methodological foundations of banking management. This is naturally accompanied by the actualization of the issue of increasing the efficiency of managing the financial risks of a credit institution. The variety of financial risks, methods of their assessment and management indicates the need for constant modernization of the bank's risk management system.

Bibliography

1. Grüning H. Wang. Analysis of banking risks. System for assessing corporate governance and financial risk management / H. Van Gruning, S. Brayonovich-Bratanovych. - M. : Ves Mir, 2004. - 150 p.

2. Zotov V. A. Banking risks in practice / V. A. Zotov. - Bishkek: 2000. - 128 p.

3. Kozmenko S. M. Strategic management of the bank: Navch. posib. / CM. Kozmenko, F. I. Shpyg, I. V. Voloshko. – Sumi: University book, 2003. – 734 p.

4. Osipenko T. V. On the system of banking risks / T. V. Osipenko // Money and credit. - 2000. - No. 4. - S. 28–30.

5. Potiyko Yu. Theory and practice of managing various types of risks in commercial banks / Yu. Potiyko // Bulletin of the NBU. - 2004. - No. 4. - S. 58–60.

6. Management of banking risks: Navch. posib. / per zag. ed. L. O. Primostki. - K. : KNEU, 2007. - 600 p.

7. Financial risks of banks: theory and practice of crisis management: monograph / VV Bobil; Dnipropetr. nat. un-t zalizn. transp. im. Academician V. Lazaryan. - Dnipropetrovsk, 2016. - 300 p.

Galiya Sharifullina (Salavat, Russia)

Risk is inherent in any form of human activity, which is associated with a variety of conditions and factors that affect the positive outcome of people's decisions. Historical experience shows that the risk of not getting the intended results is especially evident in the generality of commodity-money relations, the competition of participants in economic turnover. Therefore, with the emergence and development of capitalist relations, various theories of risk appear, and the classics of economic theory pay great attention to the study of risk problems in economic activity.

In the course of their activities, commercial banks are exposed to many risks. In general, banking risks are divided into 4 categories: financial, operational, business and extraordinary. Financial risks, in turn, include 2 types of risks: pure and speculative. Pure risks - incl. credit risk, liquidity and solvency risks - may, if not properly managed, lead to a loss for the bank. Speculative risks based on financial arbitrage can result in a profit if the arbitrage is done correctly, or a loss if it is not. The main types of speculative risk are interest rate, currency and market (or positional) risks.

It should be noted that commercial banks deal with financial assets and liabilities (loans and deposits) that cannot be sold on the market as easily as stocks, bonds and other securities. As a result credit organizations face increased risk compared to non-banking institutions. This is manifested in the fact that, along with the funds of its shareholders, the bank also bears increased risks for attracted funds, but which, in the event of a risk event, will meet with its own funds, which is an objective factor that needs to be taken into account. On the other hand, banks in their activities also take into account subjective factors, among which the expert opinion of analysts is of decisive importance, the purpose of which is to use the available information, taking into account risk factors, to determine the economic effect of a particular banking operation.

The basis for the functioning of an effective financial risk management system is their classification.

Credit risk

· Liquidity imbalance risk

Market risk

interest rate risk

The risk of shortfall in profits

The risk of insolvency

Other important types of risk Rose P. refers to four more types, which he defines as follows:

Inflationary risk

currency risk

political risk

The risk of abuse

The advantage of this classification is that this system includes both risks arising within the bank and risks arising outside the bank and affecting its activities. At the same time, at present, such a classification cannot be used by commercial banks for practical application due to its enlargement, which means that a more detailed classification is needed with the allocation of risk groups and subgroups, depending on the specifics of the bank's operations.

The main documents that guide the risk managers of Western companies in their practical activities are developed by the Basel Committee on Banking Supervision and are called Principles of Banking Supervision. This document contains 25 principles, the implementation of which is designed to be the minimum necessary condition for ensuring effective banking supervision. Comments on these principles are based on the recommendations of the Basel Committee and the best international practice in the field of banking and banking supervision. The integration of Russian banking financial statements with International Financial Reporting Standards (IFRS) will undoubtedly be developed in the application of these principles in Russian practice.

International audit companies operating in Russia, based on the recommendations of the Basel Committee, develop their own risk classifications, an example is the risk map (a detailed structure of the financial risks of a commercial bank) created by PricewaterhouseCoopers, called GARP:

1. Credit risk is the risk of possible losses associated with the deterioration of creditworthiness caused by the inability or unwillingness to fulfill its obligations in accordance with the terms of the agreement. For a bank, credit activity is the main one in the structure of active operations, therefore, the failure of the creditor to fulfill its obligations leads to financial losses and, ultimately, leads to a decrease in capital adequacy and liquidity.

2. Market risk - a possible adverse deviation of the bank's financial results from the planned ones, caused by changes in market quotations (market prices).

3. Portfolio concentration risk - a class of risks associated with the bank's increased dependence on individual counterparties or groups of related counterparties, individual industries, regions, products or service providers.

4. Liquidity risk - the risk associated with a decrease in the ability to finance the positions taken on transactions when the deadlines for their liquidation come, the inability to cover the requirements of counterparties with cash resources, as well as collateral requirements, and, finally, the risk associated with the inability to liquidate assets in various segments of the financial market. Maintaining a certain level of liquidity is carried out by managing assets and liabilities. The main task is to maintain an optimal ratio between liquidity and profitability, as well as a balance between the terms of investments in assets and liabilities. To ensure current liquidity, the bank must have an adequate supply of liquid assets, which imposes restrictions on investments in low-liquid assets (credits).

5. Operational risk is the risk of losses associated with human actions (both intentional and unintentional), equipment failures or external influences.

6. Business event risk - a class of risks faced by the bank as an economic entity. These risks are not specific to banks, they are faced by any other business entity.

The main task facing banking structures is to minimize credit risks. To achieve this goal, a large arsenal of methods is used, including formal, semi-formal and informal procedures for assessing credit risks. The credit risks of banks can be minimized by diversifying the loan portfolio, the quality of which can be determined on the basis of assessing the degree of risk of each individual loan and the risk of the entire portfolio as a whole. One of the criteria that determine the quality of the loan portfolio as a whole is the degree of portfolio diversification, which is understood as the presence of negative correlations between loans, or at least their independence from each other. The degree of diversification is difficult to quantify, so diversification rather refers to a set of rules that a lender must adhere to. The most famous of them are the following: do not provide credit to several enterprises of the same industry; do not provide credit to enterprises of different industries, but interconnected with each other by the technological process, etc. In fact, the desire for maximum diversification, which is the process of collecting the most diverse loans, is nothing more than an attempt to form a portfolio of loans with the most diverse types of risks, so that changes in the external economic environment where borrowing enterprises operate do not have negative impact on all loans.

The bank, according to its purpose, should be one of the most reliable institutions of society, represent the basis for the stability of the economic system. In today's unstable legal and economic environment, banks must not only save, but also increase the funds of their clients almost independently. Under these conditions, professional banking risk management, prompt identification and accounting of risk factors in daily activities are of paramount importance.

Literature:

1. Arseniev Yu. N., Davydova T. Yu., Davydov I. N., Shlapakov I M. Fundamentals of the theory of safety and riskology. - M.: Higher school, 2009. - 350 p.

2. Balabanov I.T. Risk management. M.: Finance and statistics, 2008. - 200 p.

3. Belyakov A.V. Banking risks: problems of accounting, management and regulation. - M.: BDC-press Publishing Group, 2009. - 256p.

4. Kabushkin S.N. Management of banking credit risk: textbook. allowance / S.N. Kabushkin. - 3rd ed., erased. - M.: New knowledge, 2010. - 336s.

Scientific adviser:

Candidate of Economics, Assoc. Alekseeva N.G.

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1. Financial risks in the activities of a commercial bank

In the course of their activities, commercial banks are exposed to many risks. In general, banking risks are divided into 4 categories: financial, operational, business and extraordinary. Financial risks, in turn, include 2 types of risks: pure and speculative.

Pure risks - incl. credit risk, liquidity and solvency risks - may, if not properly managed, lead to a loss for the bank.

Speculative risks based on financial arbitrage can result in a profit if the arbitrage is done correctly, or a loss if it is not. The main types of speculative risk are interest rate, currency and market (or positional) risks.

Like any enterprise operating in market conditions, the bank is exposed to the risk of losses and bankruptcy. Naturally, while striving to maximize profits, the bank's management simultaneously seeks to minimize the possibility of losses. These two goals contradict each other to a certain extent. Maintaining an optimal ratio between profitability and risk is one of the main and most difficult problems of bank management. Risk is associated with uncertainty, the latter being associated with events that are difficult or impossible to foresee. The loan portfolio of a commercial bank is subject to all the main types of risk that accompany financial activities: liquidity risk, interest rate risk, loan default risk. The latter type of risk is especially important, since the failure to repay loans by borrowers brings large losses to banks and is one of the most common causes of bankruptcy of credit institutions. Credit risk depends on exogenous factors associated with the state of the economic environment, with the conjuncture, and endogenous, caused by erroneous actions of the bank itself. The ability to manage external factors is limited, although the bank can mitigate their impact to a certain extent and prevent losses by timely actions. However, the main levers of credit risk management lie in the sphere of the bank's internal policy.

The main task facing banking structures is to minimize credit risks. To achieve this goal, a large arsenal of methods is used, including formal, semi-formal and informal procedures for assessing credit risks. The credit risks of banks can be minimized by diversifying the loan portfolio, the quality of which can be determined on the basis of assessing the degree of risk of each individual loan and the risk of the entire portfolio as a whole. One of the criteria that determine the quality of the loan portfolio as a whole is the degree of portfolio diversification, which is understood as the presence of negative correlations between loans, or at least their independence from each other. The degree of diversification is difficult to quantify, so diversification rather refers to a set of rules that a lender must adhere to. The most famous of them are the following: do not provide credit to several enterprises of the same industry; do not provide credit to enterprises of different industries, but interconnected with each other by the technological process, etc. In fact, the desire for maximum diversification, which is the process of collecting the most diverse loans, is nothing more than an attempt to form a portfolio of loans with the most diverse types of risks, so that changes in the external economic environment where borrowing enterprises operate do not have negative impact on all loans. The ongoing changes in the economic environment should affect the situation of borrowing enterprises in different ways. This means that under the most differentiated types of risks, lenders understand the most diverse response of loans to events in the economy. Ideally, it is desirable that the negative reaction of some loans, when the probability of their default increases, is offset by the positive reaction of others, when the probability of their default decreases. In this case, we can expect that the amount of income will not depend on the state of the market and will be preserved. It is important to note here that, if the concept of the variety of risks by type is rather difficult to define, then the variety of the impact exerted on the situation of borrowers by changes in the economic situation is quite simple, since the natural measure of impact is the amount of lost income on a single loan compared to the planned one. . In other words, the impact on credit is the difference between the planned and actual income on a given loan over a certain period of time.

Different types of financial risks are also closely related to each other, which can significantly increase the overall risk profile of banks. For example, a bank engaged in foreign exchange transactions is usually exposed to foreign exchange risk, then it will also be exposed to additional liquidity risk and interest rate risk if it has open positions in a net position on futures transactions or discrepancies in the terms of claims and obligations.

Operational risks depend on: the overall business strategy of the bank; from its organization: from the functioning of internal systems, including computer and other technologies; on the consistency of the bank's policies and procedures; from measures aimed at preventing management errors and against fraud (although these types of risk are extremely important and are covered by banking risk management systems, this work does not devote much attention to them, since it focuses on financial risks).

Business risks are associated with the external environment of the banking business, incl. with macroeconomic and political factors, legal and regulatory conditions, as well as with the overall infrastructure of the financial sector and the payment system.

Extraordinary risks include all types of exogenous risks that, if an event occurs, could jeopardize a bank's operations or undermine its financial condition and capital adequacy.

In the course of their work, commercial banks face various types of risks, which differ in the place and time of occurrence, the totality of external and internal factors affecting their level, in the way of risk analysis and methods of their description. In addition, all types of risks are interrelated and affect the activities of banks. A change in one type of risk causes a change in almost all other types, which makes it difficult to choose a method for analyzing the level of a particular risk.

Banking risks cover all aspects of the activities of banks - both external and internal. Thus, there are internal and external risks.

In accordance with the letter of the Central Bank Russian Federation(Central Bank of the Russian Federation) dated June 23, 2004 No. 70-T “On Typical Banking Risks”, the following typical risks of commercial banks are distinguished:

Credit;

Country;

Market, including stock, currency and interest risks;

Liquidity risk;

Operating;

Legal;

Risk of loss of business reputation;

Strategic.

2. The main types of risks in the activities of a commercial bank

2.1 Credit risk

Credit risk occupies a central place among internal banking risks. It can be considered as the largest risk inherent in banking. Low rates of growth in the volume and profitability of lending are forcing banks to systematically and systematically develop and improve the methodology for managing credit risks and create organizational structures for its implementation in everyday banking practice.

Credit risk- the risk of a credit institution incurring losses due to non-fulfillment, untimely or incomplete fulfillment by the debtor of financial obligations to it in accordance with the terms of the agreement, in other words, the risk of non-payment by the borrower of the principal and interest on it in accordance with the terms and conditions of the loan agreement.

To the specified financial obligations debtor's obligations may include:

Loans received, including interbank loans (deposits, loans), other placed funds, including claims for receipt (return) of debt securities, shares and promissory notes provided under a loan agreement;

Promissory notes discounted by the credit institution;

Bank guarantees under which the funds paid by the credit institution are not reimbursed by the principal;

Financing transactions against the assignment of a monetary claim (factoring);

Rights (claims) acquired by a credit institution under a transaction (assignment of a claim);

Mortgages acquired by a credit institution in the secondary market;

Transactions of sale (purchase) of financial assets with deferred payment (delivery of financial assets);

letters of credit paid by a credit institution (including uncovered letters of credit);

return Money(assets) under a transaction to acquire financial assets with an obligation to sell them back;

requirements of a credit institution (lessor) for financial lease (leasing) operations.

As part of the credit risk, the following types of risks can be distinguished:

The risk of non-repayment of the loan means the risk of non-fulfillment by the borrower of the terms of the loan agreement: full and timely repayment of the principal amount of the debt, as well as payment of interest and commission.

The risk of delay in payments (liquidity) means the risk of delayed repayment of the loan and late payment of interest and leads to a decrease in the liquidity of the bank. The risk of delay in payments can be transformed into the risk of non-payment.

The risk of securing a loan is not an independent type of risk and is considered only when the risk of default on the loan occurs. This type of risk is manifested in the insufficiency of income received from the sale of the loan security provided to the bank to fully satisfy the bank's debt claims to the borrower.

The risk of non-repayment of the loan is preceded by the risk of the borrower's creditworthiness, which is understood as the inability of the borrower to fulfill its obligations in relation to creditors in general. Each borrower is subject to individual credit risk, which is present independently of the business relationship with the bank and is the result of business and capital structure risk.

Business risk covers all types of risks associated with the operation of enterprises (purchasing, production and marketing activities). But unlike the named types of risks that can be managed by the company's management, business risk is influenced by uncontrollable external factors, in particular the development of the industry and the situation. The magnitude and nature of the risk is largely determined by investment programs and manufactured products.

Capital structure risk is determined by the structure of liabilities and reinforces business risk.

By issuing a loan, the bank thereby increases the overall risk of the enterprise, since the use of borrowed money enhances, due to the effect of financial leverage, possible both positive and negative changes in the return on equity of the enterprise.

A feature of credit risk that distinguishes it from other types of banking risks is its individual nature. This circumstance largely determines the originality of the credit risk management methodology. When making a decision to issue a loan, the bank should focus not on assessing individual types of risk, but on determining the overall risk of the borrower. General risk is a combination of business risk and capital structure risk.

Credit risk concentration manifested in the provision of large loans individual borrower or a group of related borrowers, as well as as a result of the fact that the credit institution's debtors belong either to certain sectors of the economy or to geographical regions or if there are a number of other obligations that make them vulnerable to the same economic factors.

Credit risk increases when lending to persons related to a credit institution (related lending), i.e. granting loans to individual individuals or legal entities that have real opportunities to influence the nature of decisions made by the credit institution on the issuance of loans and on lending conditions, as well as persons whose decision-making can be influenced by the credit institution.

When lending to related parties, credit risk may increase due to non-compliance or insufficient compliance with the rules, procedures and procedures established by the credit institution for considering applications for loans, determining the creditworthiness of the borrower(s) and making decisions on granting loans.

When lending to foreign counterparties, a credit institution may also face country risk and the risk of non-transfer of funds.

Level of credit risk depends on the type of loan provided by the bank. Depending on the timing of the loans are: short, medium and long-term; on the type of collateral: secured and unsecured; on the specifics of creditors: banking, commercial, state, etc.; from the direction of use: consumer, industrial, investment, seasonal, import, export; size: small, medium, large.

When developing a risk management policy, banks need to take into account that they are exposed to negative trends in the development of borrowers to a much greater extent than positive ones. Even with a favorable development of the economic situation of the borrower, the bank can count on receiving the maximum payments provided for in the contract, but if it is unfavorable, it risks losing everything. When making a lending decision, banks should take into account the possible negative development of borrowers to a greater extent than the positive one.

Banks should strive to detect and assess the risk of bankruptcy as early as possible in order to reduce lending in a timely manner and take adequate measures. Banks should not lend to borrowers who are at significant risk of bankruptcy. Therefore, it is necessary to correctly evaluate the loan offer provided by the potential borrower. First of all, you need to find out the reputation of the borrower. This is especially important for new clients. Then it is necessary to analyze whether the loan offer is realistic from an economic point of view, for which the bank should develop its requirements for the loan offer and bring them to the attention of the borrower. After analyzing the loan offer, the bank must determine how its loan portfolio will change with the advent of a new loan, whether this will lead to a diversification of the loan portfolio, and, consequently, to a decrease in the level of the bank's overall risk, or, conversely, a new loan will lead to a concentration of the loan portfolio in one industry or on the same terms of payment, which will increase the level of risk. The next stage of credit risk assessment is the selection of financial information about a potential borrower, on the basis of which the bank assesses the borrower's creditworthiness, determines the possible volumes of lending, the amount and method of fixing interest rates, the maturity of loans, and the requirements for their security. At the same time, the bank should be guided by the fact that the higher its risk, the greater should be the profit of the bank.

Reducing credit risk is possible through the following measures:

Checking the solvency of a potential borrower;

Current control over issued loans;

Risk insurance;

Use of collateral, guarantees, guarantees;

Receiving a risk premium from the client;

Limitation of risk through certain standards established by the Central Bank.

2.2 Country risk

Country risk(including the risk of non-transfer of funds) - the risk of losses for a credit institution as a result of non-performance by foreign counterparties (legal entities, individuals) of obligations due to economic, political, social changes, as well as due to the fact that the currency of the monetary obligation may not be available to the counterparty due to for the peculiarities of national legislation (regardless of the financial position of the counterparty itself).

Numerous factors are taken into account when analyzing this risk, as country risk is a complex risk that includes economic and political risk. The economic risk depends on the state of the country's balance of payments, the economic system, the economic policy pursued by the state, especially restrictions on the transfer of capital abroad. The assessment of economic risk is usually made on the basis of national statistics. A distinctive feature of country risk is the complexity of its calculation and analysis, since in order to assess it, the bank needs to create a highly efficient, flexible and reliable data bank.

2.3 Market risk

Market risk- the risk of the credit institution incurring losses due to unfavorable changes in the market value of the financial instruments of the trading portfolio and derivative financial instruments of the credit institution, as well as the exchange rates of foreign currencies and (or) precious metals.

Market risk includes equity risk, currency risk and interest rate risk.

stock risk- the risk of losses due to unfavorable changes in market prices for stock assets (securities, including those securing rights to participate in management) of the trading portfolio and derivative financial instruments under the influence of factors related both to the issuer of stock assets and derivative financial instruments, and general fluctuations market prices for financial instruments.

Currency risk- the risk of losses due to unfavorable changes in the exchange rates of foreign currencies and (or) precious metals on positions opened by the credit institution in foreign currencies and (or) precious metals.

Interest risk- the risk of financial losses (losses) due to unfavorable changes in interest rates on assets, liabilities and off-balance sheet instruments of the credit institution.

The main sources of interest rate risk can be:

Mismatched maturities of assets, liabilities and off-balance sheet exposures and liabilities on instruments with a fixed interest rate;

Mismatch between the maturities of assets, liabilities and off-balance sheet claims and liabilities on instruments with a variable interest rate (repricing risk);

Changes in the configuration of the yield curve for long and short positions in financial instruments of one issuer, creating the risk of losses as a result of the excess of potential expenses over income when closing these positions (yield curve risk); for financial instruments with a fixed interest rate, provided that their maturity dates coincide - a discrepancy in the degree of change in interest rates on the resources attracted and placed by the credit institution; for financial instruments with a floating interest rate, subject to the same frequency of revision of the floating interest rate - a discrepancy in the degree of change in interest rates (basis risk);

The widespread use of option transactions with traditional

interest-bearing instruments that are sensitive to changes in interest rates (bonds, loans, mortgage loans and securities, etc.), giving rise to the risk of losses as a result of refusal to fulfill the obligations of one of the parties to the transaction (option risk).

The most exposed to interest rate risk are banks that regularly practice interest rate gambling for profit, and those banks that do not carefully forecast changes in interest rates.

There are two types of interest rate risk: positional risk and structural risk. Positional risk is the risk on any one position - on the percentage at this particular moment. For example, a bank has issued a loan with a floating interest rate, while it is not known whether the bank will make a profit or incur losses. Structural risk is the risk on the bank's balance sheet as a whole, caused by changes in the money market due to fluctuations in interest rates. Thus, interest rate risk affects both the balance sheet as a whole and the results of individual transactions.

The main causes of interest rate risk are:

incorrect choice of interest rate types (constant, fixed, floating, declining);

underestimation in the loan agreement of possible changes in interest rates;

changes in the interest rate of the Central Bank of Russia;

the establishment of a single interest for the entire period of use of the loan;

lack of a developed interest rate policy strategy in the bank;

incorrect definition of the cent of the loan, that is, the value of the interest rate.

Interest risk can be avoided if changes in asset returns are fully balanced by changes in fundraising costs. This is theoretical. However, it is practically impossible to achieve such a balance all the time, so banks are always exposed to interest rate risk.

Interest rate risk management includes the management of both assets and liabilities of the bank. The peculiarity of this management is that it has boundaries. Asset management is limited by credit risk and liquidity requirements, which determine the content of the bank's portfolio of risky assets, as well as price competition from other banks in the established loan cents.

Liability management is also hampered primarily by the limited choice and size of debt instruments, that is, the limited funds needed to issue a loan, and again price competition from other banks and lending institutions.

You can also reduce interest rate risk by conducting interest rate swaps. These are special financial transactions, the terms of which provide for the payment of interest on certain obligations at a predetermined time, that is, in essence, the parties entering into the contract exchange the interest payments that they must make. The exchange of interest payments on a fixed rate transaction occurs against a variable rate transaction. At the same time, the party that undertakes to make payments at fixed rates expects significant growth over the period of the variable rate transaction; and the opposite side - to reduce them. Then the party that correctly predicted the dynamics of interest rates wins.

2 . 4 Liquidity risk

Liquidity risk- the risk of losses due to the inability of the credit institution to ensure the fulfillment of its obligations in full. Liquidity risk arises as a result of an imbalance in the financial assets and financial liabilities of a credit institution (including as a result of untimely fulfillment of financial obligations by one or more counterparties of the credit institution) and (or) an unforeseen need for the credit institution to immediately and simultaneously fulfill its financial obligations.

2 . 5 Operational risk

Operational risk- the risk of losses as a result of non-compliance with the nature and scale of the activities of the credit institution and the requirements of the current legislation of the internal procedures and procedures for conducting banking operations and other transactions, their violation by employees of the credit institution and other persons (due to incompetence, unintentional or deliberate actions or inaction), disproportion ( insufficiency) functionality(characteristics) of the information, technological and other systems used by the credit institution and their failures (malfunctions), as well as as a result of the impact of external events.

2 . 6 Legal risk

Legal risk- the risk of a credit institution incurring losses due to:

non-compliance by the credit institution with the requirements of regulatory legal acts and concluded agreements;

committed legal errors in the implementation of activities (incorrect legal advice or incorrect preparation of documents, including when considering controversial issues in the judiciary);

imperfections of the legal system (inconsistency of legislation, lack of legal norms to regulate certain issues that arise in the course of a credit institution's activities);

violations by counterparties of regulatory legal acts, as well as the terms of concluded agreements.

2 . 7

Risk of loss of business reputation for a credit institution (reputational risk) - the risk that a credit institution will incur losses as a result of a decrease in the number of customers (counterparties) due to the formation in society of a negative perception of the financial stability of a credit institution, the quality of its services or the nature of its activities in general.

2 . 8 Strategic risk

Strategic risk- the risk of a credit institution incurring losses as a result of errors (shortcomings) made when making decisions that determine the strategy for the activities and development of the credit institution (strategic management), and expressed in the failure to take into account or insufficient consideration of possible dangers that may threaten the activities of the credit institution, incorrect or insufficiently substantiated definition of promising areas of activity in which the credit institution can achieve an advantage over competitors, the absence or incomplete provision of the necessary resources (financial, logistical, human) and organizational measures (managerial decisions) that should ensure the achievement of the strategic goals of the credit institution organizations.

3. The concept and methods of risk management in the activities of a commercial bank

3.1 The concept of risk management

What is hidden behind these words? Ways of influence of the managing subject on the managed object in order to minimize losses. In the case of a bank, we have ways to influence the bank on possible banking risks in order to minimize losses from their implementation.

A very important part of developing a risk strategy is the development of measures to reduce or prevent the identified risk. In general, the term hedging is used to describe actions aimed at minimizing financial risk.

It is in the development of basic approaches to risk assessment, determination of its acceptable level and development of an appropriate strategy that the main task of risk management or risk management lies.

To take into account the factors of uncertainty and risk, when assessing the feasibility of carrying out any risky activity or in the process of its implementation, all available information is used and, on its basis, possible ways of managing risks are considered.

Risk management methods are divided into analytical and practical methods. Analytical risk management methods are used as a tool for proactive risk management and allow you to develop forecasts and risk management strategies before the start of the project. The main task of analytical risk management methods is to identify risk situations and develop measures aimed at reducing the negative consequences of their occurrence. The tasks of analytical methods of risk management also include the prevention of risk situations.

Practical methods of risk management are designed to reduce the negative result of risk situations that have arisen in the course of implementation. As a rule, they are based on analytical methods of risk management. At the same time, practical methods of risk management are the basis for creating an information base for risk management and the subsequent development of analytical methods.

There are the following risk management methods:

a) avoidance (avoidance) of risk;

b) risk limitation;

c) risk reduction;

d) transfer (transfer) of risk, including insurance;

e) risk acceptance.

Within the framework of these methods, various strategic decisions are applied aimed at minimizing the negative consequences of the decisions made:

risk avoidance;

retention (limitation) of risk;

self-insurance;

distribution of risks;

diversification;

limiting;

hedging;

insurance;

coinsurance;

double insurance; reinsurance

3.2 Bank risk management methods

1. Risk avoidance. Development of strategic and tactical decisions that exclude the occurrence of risky situations, or the refusal to implement the project.

2. Retention (limitation) of risk. Delimitation of the system of rights, powers and responsibilities in such a way that the consequences of risky situations do not affect the implementation of the project. For example, the inclusion in the contract for the supply of equipment of the conditions for the transfer of ownership of the delivered goods upon receipt by the customer.

3. Self-insurance. Creation of reserves to compensate for the consequences of risky situations. Self-insurance acts in monetary and in-kind forms, when a self-insurer forms and uses a monetary insurance fund and (or) reserves of raw materials, materials, spare parts, etc. in case of unfavorable economic conditions, delays in payments by customers for delivered products, etc. Procedure for using funds insurance fund under the conditions of self-insurance is provided for in the charter of an economic entity. The market economy significantly expands the boundaries of self-insurance, transforming it into a risk fund.

4. Distribution of risks. Organization of project management, providing for collective responsibility for the results of the project.

5. Diversification. Reduction of risks due to the possibility of compensating for losses in one of the areas of the enterprise's activity with profits in another.

Diversification is widely used in financial markets and is the basis for managing portfolio investments. It has been proved in financial management that portfolios consisting of risky financial assets can be formed in such a way that the total risk level of the portfolio is less than the risk of any individual financial asset included in it.

6. Limitation. Establishing limit values ​​for indicators when making tactical decisions. For example, limiting the amount of expenses, setting export quotas, etc.

The most convenient and applicable way to limit risks is to set limits on financial results. If it is decided that the maximum level of losses is limited, for example, to the amount of 500 thousand dollars, then all limits in the integrated calculation should correspond to this parameter. The use of limits widely used in international practice, such as stop-loss, stop-out, take profit and take out, allows you to effectively control the level of losses.

7. Hedging. Insurance, reducing the risk of losses caused by changes in market prices for goods that are unfavorable for sellers or buyers in comparison with those that were taken into account when concluding the contract.

Hedging ends with a buy or sell. The essence of hedging is that the seller (buyer) of the goods enters into an agreement for its sale (purchase) and at the same time carries out futures deal of the opposite nature, that is, the seller enters into a transaction for the purchase, and the buyer - for the sale of goods.

Thus, any change in price brings sellers and buyers a loss in one contract and a gain in another.

As a result of this, they generally do not suffer a loss from the rise or fall of the prices of commodities, which are to be sold or bought at future prices. To confirm the validity of classifying transactions with financial instruments of futures transactions as hedging transactions, the taxpayer submits a calculation confirming that the performance of these transactions leads to a decrease in the amount of possible losses (loss of profit) on transactions with the hedging object.

8. Insurance.

The most common insurance is bank credit risks. The objects of credit risk insurance are bank loans, obligations and guarantees, investment loans. If the loan is not repaid, the lender receives an insurance indemnity that partially or fully compensates for the amount of the loan.

9. Coinsurance.

Insurance of the same insurance object by several insurers under one insurance contract.

If the co-insurance contract does not define the rights and obligations of each of the insurers, they are jointly and severally liable to the insured (beneficiary) for the payment of insurance compensation under the property insurance contract or the sum insured under the personal insurance contract. In certain cases, the insured may act as an insurer in respect of its own deductible deductible. And sometimes insurers participating in co-insurance require that the insured is a co-insurer, that is, he holds a certain share of the risk on his responsibility.

In co-insurance, a joint or separate insurance policy may be issued based on the share of risk accepted by each co-insurer and fixed in the sum insured.

10. Double insurance.

Insurance with several insurers of the same type of risk. 11. Reinsurance.

Activities for the protection by one insurer (reinsurer) of the property interests of another insurer (reinsurer) associated with the obligations of insurance payment accepted by the latter under the insurance contract (main contract). An insurer accepting a risk for insurance that exceeds its ability to insure such a risk.

Relations are formalized by an agreement under which one party - the reinsurer, or assignor - transfers the risk and the corresponding part of the premium to the other party - the reinsurer, or assignee. The latter undertakes, in the event of an insured event, to pay for the part of the risk assumed. Risk transfer operations are called cessions.

In turn, the reinsurer can transfer part of the risk for reinsurance to the next insurance company. In this case, the reinsurer acts as a retrocedent, the new insurance company is called a retrocessionary, and the risk transfer operation is called a retrocession.

Reinsurance relations involve two types of contracts - for the reinsurance of all received risks, regardless of their size, and for the reinsurance of only certain "excessive" risks.

Distinguish between compulsory reinsurance, based on the conclusion of an agreement with the assignee on the mandatory acceptance of reinsurance of all the risks of the company, facultative, suggesting the possibility of refusing to reinsure certain risks, and facultative-mandatory in the form of a combination of the first and second.

Reinsurance is carried out on the basis of a reinsurance agreement concluded between the insurer and the reinsurer in accordance with the requirements of civil law.

Along with the contract of reinsurance, other documents applicable on the basis of the customs of business can be used as confirmation of the agreement between the reinsurer and the reinsurer.

Conclusion

Any form of human activity is associated with a variety of conditions and factors that influence the positive approach of decisions. Any entrepreneurial activity does not exist without risk. The main place is occupied by financial risk. Bringing the most profit financial operations with increased risk. However, the risk must be calculated up to the maximum allowable limit.

Financial risk is understood as the probability of unplanned losses, shortfall in planned profit. Financial risk arises in the process of financial and economic activities of the organization. A variety of financial risk is banking risk.

Financial risk is an objective economic category. And this economic category represents an event that may or may not occur. If such an event occurs, three economic outcomes are possible:

Negative (loss, loss);

Null;

Positive (gain, benefit).

Risk is the probability of losing something. For a bank, financial risk is the risk of losing money. Huge amounts of money pass through banks and thousands of transactions are made, therefore, loss prevention is one of the main tasks of the bank, the more opportunities for the bank to make a profit, the greater the risk of losing invested funds.

Banking activities are subject to a large number of risks. Since the bank, in addition to the function of business, has the function of social significance and a conductor of monetary policy, knowledge, identification and control of banking risks is of interest to a large number of external stakeholders: the National Bank, shareholders, financial market participants, customers.

Consideration of the most well-known types of risk showed their diversity and complex nested structure, that is, one type of risk is determined by a set of others. The above list is far from exhaustive. Its diversity is largely determined by the ever-increasing range of banking services. The variety of banking operations is complemented by a variety of customers and changing market conditions. It seems quite natural to want to be not only the object of all kinds of risks, but also to bring a share of subjectivity in the sense of influencing the risk in the implementation of banking activities.

Bibliography

risk credit bank expense

1. Letter of the Central Bank of the Russian Federation No. 70-T dated June 23, 2004 “On Typical Banking Risks”

2. Law of the Russian Federation “On Banks and Banking Activity” No. 395-1 dated December 2, 1990 (as amended on December 6, 2011 No. 409-FZ).

3. Law of the Russian Federation “On the Central Bank of the Russian Federation (Bank of Russia)” No. 86 dated July 10, 2002 (as amended on October 19, 2011 No. 285-FZ).

4. Banking: textbook / Ed. G.N. Beloglazova, L.P. Krolivetskaya - M.: Finance and statistics, 2008.

5. Banking: textbook / Ed. IN AND. Kolesnikova, L.P. Krolivetskaya - M.: Finance and Statistics, 2009.

6. Balabanov I.T Financial management: textbook - M.: Finance and statistics, 2008.

7. Money, credit, banks: textbook / Ed. G.N. Beloglazova - M.: Yuray Publishing House, 2009.

8. Money, credit, banks. Express course: textbook / Ed. O.I. Lavrushina - M.: Knorus, 2010.

9. Kovalev V.V. Course of financial management: textbook. - 3rd ed.-M.: Prospect, 2009.

10. Lavrushin OI and others Banking: textbook. - M.: Knorus, 2009

11. Starodubtseva E.B. Fundamentals of banking: Textbook. - M.: Forum: Infra-M, 2007.

12. Suits V.P., Akhmetbekov A.N., Dubrovina T.A. Audit: general, banking, insurance: Textbook. - M.: Infra-M, 2010.

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Financial risk is a probabilistic characteristic of an event that in the long term may lead to losses, loss of income, shortfall or receipt of additional income as a result of deliberate actions of a credit institution under the influence of external and internal development factors in an uncertain economic environment. To determine banking risks, it seems appropriate to build such a logical chain that will show where financial risks are, what they are and how general economic risks in particular can be transformed into financial risks of banks. To do this and to refine the classification of risks, we have developed a number of our own criteria that the risk system must satisfy:

Relevance to the purpose of a particular organization. Like any commercial structure, banks aim to make a profit, at the same time, to the goals of banking

organizations, the goal of ensuring the safety of funds and valuables placed on current accounts of clients received for management or storage is added.

Attitude towards regulation, i.e. division into external and internal. External risks can only be taken into account in activities, while internal risks can be influenced by studying and minimizing them, and in some cases their elimination is also possible.

Compliance with the conditions of the banking operation (term, collateral, currency of payment, ratio of lending to large and small borrowers, shareholders and insiders).

Acceptability of the risk system for subsequent management and control.

By belonging to active and passive operations and to a specific structural unit. So, in banks, risks arise in three large divisions: Credit, Treasury and Operational. IN credit department mainly face credit risks. When conducting active operations, the Treasury assumes currency risk, interest rate risk, portfolio risk, liquidity risk, credit risk and others. Operational management is mainly concerned with operational and transfer risks.

The system of financial risks in banks is inextricably linked with the development and improvement of the banking system and banking legislation. In the West, the system of studying banking risks has received a fairly wide development, which is inextricably linked with the processes taking place in the banking world system, in which risk is an inevitable part of banking.

The Western financial system of the late 1970s and early 1980s was characterized by a steady growth in the profitability of banks, which was facilitated by a number of extremely favorable circumstances: the ability to raise funds at low interest rates, low competition, vertical integration and a wide range of services. Contributed to this and the upper limit of the interest rate paid on deposits, set by the authorities regulating banking activities. The attraction of funds at low interest rates also served to create banking cartels. The banks that were part of the cartel, as a rule, had an agreement among themselves on the rate of interest paid to depositors. In addition, a significant volume of checks passing through banking structures in the process of collection provided banks with practically free liabilities.

It should be noted that due to excessively rigid licensing practices in Western Europe and the United States, which artificially restrained the emergence of new banks, and, in some cases, the creation of banking cartels, external competition, that is, competition emanating from a different banking jurisdiction for each of the domestic banks, was significantly limited. markets. The number of institutions authorized to perform certain banking functions also played a role in mitigating interbank competition. For example, in Finland, which had a population of 4.8 million by 1984, there were 7 commercial banks, 272 savings banks, 371 cooperative banks, and a Post Bank with 3,500 branches. This entire complex banking system remained stable only thanks to a series of agreements between banks regarding the rate of interest on deposits (to control the costs of raising funds), as well as compliance with the market segments divided by the Central Bank among various types of Banks, limiting their competition (for example, cooperative banks served agricultural industries, savings banks - consumers, and large commercial banks - industry). A "gentlemen's agreement" on mutual non-penetration of each other's domestic financial markets existed between Swiss and West German banks for decades, until 1985. There are many such examples in banking practice. In addition, various barriers prevented banks "external" in relation to this market from attracting funds at low costs, sometimes these barriers took the form of a ban on issuing loans in national currency (for foreign banks) or on opening a branch.

The expansion of the range of services provided by banks has led to the fact that banks have become universal, meeting the financial needs of most of society; traditional banks have grown into "supermarkets" financial services. "Ancillary" services, such as stock brokerage, insurance brokerage, and the like, also contribute to the expansion of banking services and increase the profitability of banking activities. International banking operations have emerged, which include:

export lending,

lending to international transactions of residents and ensuring their money transfers and investment services

opening access to international capital and money markets to find new sources of raising funds.

The modern banking system of Russia began to take shape in 1989, with the creation of 5 specialized banks, then commercial banks began to actively form. In total, more than 2,500 were created, and as of February 1, 2005, 145,511 remained, the rest could not stand the competition and were abolished. Commercial banks and the credit and banking system as a whole in the conditions of Russia are the determining and one of the main factors in the preservation and development of the economy, the implementation and promotion of investment programs, including state ones, and the increasing merger of industrial and production and banking capital in the form of financial and industrial groups .

As a dependent element of the economy, Russian banks affected by the global financial crises. Financial crises of 1997-98 in emerging markets in Southeast Asia, South America and Russia have clearly demonstrated the complexity of the problem of financial risk management in banks. Successful overcoming of such crises provides financial and credit institutions with a strengthening of market positions, therefore, the maximum mitigation of the consequences of crisis phenomena in international financial markets is a task of exceptional importance for such structures; at the same time, bank customers also need to have information about risk management methods in their institution in order to improve the efficiency of financial management.

In a situation "when the conditions for the functioning of commercial banks have changed, achieving their goals becomes possible only by changing the quality of management. However, many theoretical issues of banking risk management remain insufficiently developed to date. This is especially true for such issues as: the concept of cash flow, the price of capital, the efficiency of the capital market, portfolio management of assets, a compromise between profitability and risk, etc. In the economic literature there is no unity in the interpretation of individual terms and concepts (reliability, sustainability, stability, etc.), far from being sufficient for applying the development of a methodological nature.

Thus, their classification becomes the basis for the functioning of an effective financial risk management system.

In our opinion, the most meaningful is the classification of banking risks proposed by Peter S. Rose12, who distinguishes the following six main types of commercial bank risk and four additional types. The main types of risk P. Rose considers the following:

Credit risk

Liquidity risk

Market risk

Interest risk

Profit loss risk

Insolvency risk

Other important types of risk Rose P. refers to four more types, which he defines as follows:

inflation risk

Currency risk

Political risk

Risk of abuse

The advantage of this classification is that this system includes both risks that arise within the bank and risks that arise outside the bank and affect its activities. At the same time, at present, such a classification cannot be used by commercial banks for practical application due to its enlargement, which means that a more detailed classification is needed with the allocation of risk groups and subgroups, depending on the specifics of the bank's operations.

More demonstrative and practical in application is the classification of Sheremet A.D., Shcherbakov G.N. This allows you to separate the risks that arise outside the bank and affect the bank's operations and the risks that arise within the bank in the course of the bank's "production" activities. This fundamental difference between the two classes of risks determines the attitude of banks towards them, methods of control and management capabilities.

In the proposed scheme, risks according to the type of relationship to the internal and external environment of the bank are classified as follows:

risks associated with the instability of economic legislation and the current economic situation, the conditions for investing and using profits.

foreign economic risks (the possibility of introducing restrictions on trade and supplies, closing borders, etc.).

the possibility of deterioration of the political situation, the risk of adverse socio-political changes in the country or region.

the possibility of changing natural and climatic conditions, natural disasters.

fluctuations in market conditions, exchange rates, etc.

Internal:

associated with active operations (credit, currency, market, settlement, leasing, factoring, cash, correspondent account risk, financing and investment, etc.)

associated with the obligations of the bank (risks on deposit and deposit operations, on attracted interbank loans)

related to the quality of the bank's management of its assets and liabilities (interest rate risk, risk of unbalanced liquidity, insolvency, risks of the capital structure, leverage, insufficient capital of the bank)

associated with the risk of financial services (operational, technological, innovation, strategic, accounting, administrative, abuse, security risks).

Unlike Western risk management practices, Russia has only recently issued instructions from the Central Bank of the Russian Federation in the form of a letter dated June 23, 2004 No. 70-T "On Typical Banking Risks", which identifies 10 risk groups: credit, country, market, stock, currency , interest rate, liquidity, legal, reputational risk and strategic.

In addition, the Central Bank offered commercial banks to control risks at three main levels: individual (employee level), micro and macro levels.

The risks of the individual level include risks caused by the consequences of illegal or incompetent decisions of individual employees.

The micro-level risks include liquidity risks and capital decline, formed by the decisions of the management apparatus.

Macro-level risks include risks predetermined by external macroeconomic and legal conditions of activity in relation to the bank.

The main documents that guide the risk managers of Western companies in their practical activities are developed by the Basel Committee on Banking Supervision14 and are called Principles of Banking Supervision. This document contains 25 principles, the implementation of which is called upon as a minimum necessary condition for ensuring effective banking supervision, as well as comments on them, based on the recommendations of the Basel Committee and the best international practice in the field of banking and banking supervision. Among the Basel principles, principles 6-15 related to the risks of banking can be distinguished. The integration of Russian banking financial statements with International Financial Reporting Standards (IFRS) will undoubtedly be developed in the application of these principles in Russian practice.

International audit companies operating in Russia, based on the recommendations of the Basel Committee, develop their own risk classifications, an example is the risk map 15>15 (a detailed structure of financial risks of a commercial bank), created by PricewaterhouseCoopers, called GARP.

Dear Chairman and members of the State Attestation Commission, your attention is invited to the thesis on the topic - the monetary policy of the Central Bank of the Russian Federation. This topic is relevant at the present time, since today in Russia a rational monetary policy is designed to minimize inflation, promote sustainable economic growth, maintain exchange rate ratios at an economically justified level, stimulating the development of export-oriented and import-substituting industries, and significantly replenish the country's foreign exchange reserves. .
Analyze how the Central Bank coped with the tasks facing it at each stage of economic reforms, what steps need to be taken and what monetary policy instruments to use in the future - to be main goal research of this work.
As research methods, mainly statistical models and methods were used, such as the method of grouping, comparative analysis, methods of classifications and graphic images.
The theoretical and methodological basis of the study was both general systematized courses on monetary circulation, as well as special editions and economic periodicals.
The information base of the study and practical material for the analysis, generalizations and conclusions formulated in this work were the reporting and forecast data of the Central Bank of the Russian Federation.

While researching the topic of my thesis, I came to the following conclusions:
As we all know, since the appearance of the first banks, the monetary and financial economy of many countries has been in a constant process of structural changes. The credit system is being restructured, new types of credit and financial institutions and operations are emerging, and the system of relationships between banks and financial and credit institutions is being modified.
Significant changes are also taking place in the functioning of banks: the independence and role of banks in the national economy are increasing; expanding the functions of existing and creating new financial and credit institutions; ways are being sought to increase the efficiency of banking services for intra-economic and foreign economic relations; there is a search for the optimal delimitation of areas of activity and functions of specialized financial, credit and banking institutions; new banking legislation is being developed in accordance with the tasks of the present stage of economic development.
And in order to cope with these tasks, it is necessary to form a clear monetary regulation mechanism that allows the Central Bank to influence business activity, control the activities of commercial banks, and achieve stabilization of monetary circulation.
It is historically justified that monetary policy is a very effective tool for influencing the country's economy, which does not violate the sovereignty of the majority of subjects of the business system. Although in this case there is a restriction of the scope of their economic freedom (without this, any regulation of economic activity is generally impossible), but the state influences the key decisions made by these entities only indirectly.
Ideally, monetary policy is designed to ensure price stability, full employment and economic growth - these are its highest and ultimate goals. However, in practice, with its help, it is also necessary to solve narrower tasks that meet the urgent needs of the country's economy.
The main goal of monetary policy at present is to help the economy achieve an output level characterized by full employment, lack of inflation and growth. In our country, at this stage, a rational monetary policy should minimize inflation and a decline in production, and prevent an increase in unemployment. The regulatory mechanism includes methods, tools for regulating cash and non-cash banking operations and specific forms of control over the dynamics money supply, bank interest rates, bank liquidity at the macro and micro levels.
In this regard, it seems to me right to consider first such monetary policy instruments as central bank operations in the open market, changes in the required reserve ratio and the discount rate, their role and application in the Russian economy, and then other monetary instruments, used by the Bank of Russia at the present stage, as well as those proposed for use by economists.
We must not forget that monetary policy is an extremely powerful and therefore extremely dangerous tool. With its help, it is possible to get out of the crisis, but a sad alternative is not ruled out - the aggravation of the negative trends that have developed in the economy. Only very balanced decisions made at the highest level after a serious analysis of the situation, consideration of alternative ways of influencing monetary policy on the economy of the state, will give positive results. The central emission bank of the state acts as a conductor of monetary policy. Without the correct monetary policy pursued by the Central Bank, the economy cannot function effectively. The role of the Central Bank in the current conditions of development and stabilization of the economy is increasing day by day. central bank today is a key element of the financial and credit system of any developed state. It acts as the conductor of the official monetary policy. In turn, monetary policy, along with budgetary policy, is the basis of everything. state regulation economy. It is necessary to continue the implementation of measures aimed at increasing the stability and competitiveness of the banking sector of the Russian Federation. In addition, it is necessary to improve the system of banking supervision.
It seems that the gradual reduction of the participation of the Bank of Russia in the domestic foreign exchange market will facilitate the transition to a free floating exchange rate regime, thereby the Central Bank will be able to focus its efforts on achieving inflation targets as accurately as possible. At the same time, one should not forget that the support of the monetary policy of the Bank of Russia by the actions of the Government of the Russian Federation in the field of budgetary, tax, tariff, structural and social policy is an important part of the anti-inflationary policy in Russia.
The Central Bank of Russia is primarily concerned with the condition and stability of the country's banking system. It analyzes the extent to which banks comply with economic standards, the frequency of deductions to centralized funds, and determines the effectiveness of state regulation of banking activities.
The status, tasks, functions, powers and principles of organization and activity of the Central Bank of the Russian Federation, the structure of the Russian banking system and its functions, as well as the types of activities of commercial banks and methods of regulation and control of their work, allowing to ensure the balance of aggregate demand and supply, are determined by the laws "On Central Bank of Russia” and “On Banks and Banking Activity”. In these documents, direct holistic and continuous control and supervision over the activities of Russian commercial banks is the prerogative of the Central Bank of the Russian Federation. This axiom is necessary in order to ensure the stability of individual banks and the entire system as a whole. Thus, the Central Bank of Russia is the "weather vane" of the state, which indicates the direction of the monetary policy of Russia, and hence the level of well-being of Russians.
So, monetary policy is the activity of public authorities and administration aimed at regulating relations related to lending and money circulation, the purpose of which is the economic growth of the state, full employment of resources in the country's economy, price stability, stability of the national currency.
To achieve these goals, the central banks of states use various tools. The best known of these are open market operations, changes in the required reserve ratio and the refinancing rate. Russian legislation also provides for their use, but these instruments do not have the proper impact on the country's economy. This is primarily due to the underdevelopment of the investment and stock market in Russia. Even though Russian banks' credit investments in the non-financial sector have increased in recent years, their level is still very low: 13-15% of GDP, which is almost four times less than the global norm. The influence of the stock market remains just as insignificant, because the total market value of the shares of enterprises circulating on the market does not exceed 20% of GDP, which is 3-5 times less than in Western Europe.
Thus, the main goal of monetary policy in Russia at the present stage should be to create favorable conditions for investment, primarily in the real sector of the economy.
On November 25, 2005, the Main Directions of the Unified State Monetary Policy for 2006 were published in the Bulletin of the Bank of Russia. As before, the main goal of state monetary regulation is to limit the growth of consumer prices (within 7-8.5%), to achieve which the Bank of Russia will use already known tools: deposit auctions to raise funds from credit institutions (for from two weeks to three months), exchange-based modified REPO auctions for the sale of OFZs with an obligation to repurchase (for a period of 28 days to six months), direct sales by the Bank of Russia of government bonds from its portfolio without an obligation to repurchase, holding pawn credit auctions, overnight and intraday loans. In 2006, the Bank of Russia provided for the issue of its own bonds for up to one year. Such a policy, according to the Bank of Russia, will ultimately help stimulate investment and increase economic growth rates in the processing industries.
As studies in this paper have shown, through the implementation of monetary policy over the past few years, conditions have been created for the sustainable development of the economy and maintaining financial stability (for these purposes, the Bank of Russia has placed (and continues to do) the main emphasis on a steady reduction in inflation, in addition, The Central Bank of the Russian Federation exercised control over the formation of the money supply and regulated the liquidity of the banking system, taking into account trends in the development of demand for money). Certain regulatory trends have formed: increasing the attractiveness of the national currency as a means of savings and payment, the formation of the money supply in the required volumes, the liberalization of foreign exchange regulation and the strengthening of confidence in the country's banking system. The implementation of the planned trends, as well as further economic growth, will be facilitated by the most efficient use of monetary policy instruments.
As it was revealed in the course of the study, the main problems of monetary policy are the short-term effect of the measures taken, as well as the insufficient effectiveness of the instruments of the mechanism under study, mainly the refinancing system, deposit instruments, interest rate policy. In particular, the interest rate policy, when the refinancing rate exceeds market rates, and interbank market rates are formed regardless of the existing refinancing rate, leads to the fact that many credit institutions find themselves in a situation where it is practically impossible to receive funds either from the market or from the Central Bank. Deposit operations are unattractive even in conditions of excess liquidity due to very low rates, and due to a poorly functioning refinancing system, the mechanism of monetary regulation is distorted even if all other instruments are effective.
All of the above indicates that it is necessary to find new ways to develop and improve the system of monetary regulation. First of all, in order to achieve goals in the long term, it is necessary to support the monetary policy of the Bank of Russia by the actions of the Government of the Russian Federation in the field of budgetary, tax, tariff, structural and social policy,
Secondly, special attention should be paid to eliminating the shortcomings of the monetary regulation instruments used. In particular, to change the approach to setting the refinancing rate and market rates (setting them at the same level), which will contribute to more efficient maintenance of the banking sector's liquidity. In order to increase the efficiency of sterilization of funds, it is necessary to revise the rates on deposit operations. In addition, you need to rebuild the current system refinancing by making changes taking into account national specifics, in particular, changing the existing pawn list, expanding the practice of using such an important refinancing tool as providing medium-term loans secured by banks' credit claims to clients, etc.
In essence, the solution of a number of problems will make it possible to create a modern system of monetary regulation, which will contribute to stability in the banking sector and give a powerful impetus to further economic growth.

Thank you for attention!