Finance and ManagementReference:
Implementation of the concept of risk-oriented internal control within the system of ensuring economic security of corporation owners
Abstract.The subject of this research is the tools and methods of establishing the system of internal control that allow to reliably and effectively ensure economic security of the corporation owners. The author meticulously examine the institutional system of ensuring economic security of corporation owners; as well as the question of incorporation of international standards of risk managements and internal control into the Russian legal system, demonstrating the impact of the various approaches of these standards upon the particular rules of law. Special attention is dedicated to suggestions on implementation of the effective tools of risk-oriented internal control in the Russian corporations. The authors’ experience of practical application of these tools is described. The following conclusions were made: verification of extensive incorporation into the Russian legal field of COSO’s framework principles of establishing the system of risk management and internal control; principles of functionality of internal audit; appropriateness of application of the business processes risk map in the context of establishment of internal control. The scientific novelty lies in identification of evolutionary component in the comparative analysis of legal norms regulating the risk management and internal control system; as well as in gradual implementation of risk-oriented approach that allows suggesting an effective instrument for building the internal control system – the risk map of business process.
Keywords: risk map, joint stock company, corporation, economic security, internal audit, internal control, risk management, risk, Board of Directors, meeting of shareholders
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