CONCEPT AND TYPES OF FINANCIAL RISK

The term "risk" can be found in the conceptual apparatus of many social sciences. However, there has been no common understanding of the phenomenon denoted by this term so far. The object of this research is the concept and types of financial risk. The research is based on the use of the dialectical and logical methods of scientific knowledge. They made it possible to reach the identified objectives. The author summarizes different scientific views on risk and suggests his own vision of the phenomenon and his position regarding financial risk and its types. Any undesirable change in a subject's status always has a valid reason. It includes a cause of such change and a set of conditions under which the cause emerges and becomes effective. The possibility for all the conditions necessary and sufficient for the emergence and effect of the said cause to occur is called "hazard." And the hazard-based possibility of an undesirable change in a subject's status is denoted by the term "risk." Financial risk is a hazard-based possibility of an undesirable change in a social subject's monetary status. The latter is the object of financial risk, and financial property is its matter. Based on its matter, financial risk is subdivided into four types: currency risk, investment risk, credit risk and debt risk. Derivative financial risk is additionally identified as a complex image of the main financial risk types. The opposite of financial risk is financial chance, i.e. a desirable change in the monetary status of a social subject.

1. Giddens E.,“Fate, Risk and Security”, THESIS, 1994, no. 5, pp. 107-134.

2. Tanaev V. M.,“Concept of Risk in the Civil Code of Russian Federation”, Aktual'nye problemy grazhdanskogo prava [Actual problems of civil law], Statut, Moscow, RU, 2000, pp. 8-34.

3. Diev V. S.,“Philosophical Paradigm of Risk”, EKO. Vserossiiskii ekonomicheskii zhurnal [EKO. All-Russian Economic Journal], 2008, no. 12,pp. 27-38.

4. Duglas M.,“Risk as a Forensic Resource”, THESIS, 1994, no. 5, pp. 242-253.

5. Stepanov I. I.,Opyt teorii strakhovogo dogovora [Essay on Insurance Contract Theory], Universitetskaia tipografiia, Kazan', RU, 1875.

6. Rogov M. A.,Risk-menedzhment [Risk Management], Finansy i statistika, Moscow, RU, 2001.

7. Krasavchikov O. A.,Vozmeshchenie vreda, prichinennogo istochnikom povyshennoi opasnosti [Compensation of Damage Caused by Source of Increased Danger], Iuridicheskaia literatura, Moscow, RU, 1966.

8. Sobchak A. A.,“On Some Controversial Issues of General Theory of Legal Liability”, Pravovedenie [Jurisprudence], 1968, no. 1, pp. 49-57.

9. Luman N.,“Notion of Risk”, THESIS, 1994, no. 5, pp. 135-160.

10. Horcher K. A.,Essentials of Financial Risk Management, John Wiley & Sons, Hoboken, US, 2005.

11. Oigenzikht V. A.,“Concept of Risk in the Soviet Civil Law”, Pravovedenie [Jurisprudence], 1971, no. 5,pp. 64-70.

12. Willett A. H.,The Economic Theory of Risk and Insurance, P. S. King & Son, London, GB, 1901.

13. Nait F. Kh.,Risk, neopredelennost' i pribyl' [Risk, Uncertainty and Profit], Delo, Mowcow, RU, 2003.

14. Kotik M. A.,Psikhologiia i bezopasnost' [Psychology and Safety], Valgus, Tallin, EE, 1987.

15. Al'gin A. P.,Risk i ego rol' v obshchestvennoi zhizni [Risk and its Role in Social Life], Mysl', Moscow, RU, 1989.

16. Zubkov V. I.,“Problem Field of Sociological Theory of Risk”, Sotsiologicheskie issledovaniia [Sociological research], 2001, no. 6, pp. 123-127.

17. Bunesku G. G.,“Genesis of Risk”, Upravlenie finansovymi riskami [Financial Risk Management], 2007, no. 2, pp. 86-95.

18. Leibnits G. V.,“Monadology”, in Gotfrid Vil'gel'm Leibnits,Sochineniia: v 4 t. [Works: in 4 volumes], Mysl', Moscow, RU, 1982, vol. 1, pp. 413-429.

19. Brigkhem Iu.,Finansovyi menedzhment [Fundamentals of Financial Management], 10nd ed., Piter,St. Petersburg, RU, 2009.

20. Teoriia finansov [Finance Theory], BGEU, Minsk, BY, 2005.

21. Lukashevich I. Ia.,Finansovyi menedzhment [Financial Management], 2nd ed., Eksmo, Moscow, RU, 2010.

22. Kiriushkin V. E.,Osnovy risk-menedzhmenta [Fundamentals of Risk Management], Ankil, Moscow, RU, 2009.

23. Magaziner Ia. M.,“The General Theory of Law on the Basis of Soviet Legislation”, in Magaziner Ia. M., Izbrannye trudy po obshchei teorii prava [Selected Works on General Theory of Law], Iuridicheskii tsentr Press, St. Petersburg, RU, 2006, pp. 15-314.

24. Protasovitskii S. P.,“Concept of Finance: New Paradigm”, Gosudarstvo i pravo [State and Law], 2014, no. 12, pp. 99-105.

25. O vvedenii v deistvie na territorii Respubliki Belarus' Mezhdunarodnykh standartov finansovoi otchetnosti i ikh Raz"iasnenii, prinimaemykh Fondom Mezhdunarodnykh standartov finansovoi otchetnosti [On the Implementation in the Republic of Belarus of the International Financial Reporting Standards and their Explanations Enacted by the Foundation of the International Financial Reporting Standards] : postanovlenie Soveta Ministrov Resp. Belarus' i Natsional'nogo banka Resp. Belarus', 19 avg. 2016 g., no. 657/20. ETALON. Zakonodatel'stvo Respubliki Belarus'. Nats. tsentr pravovoi inform. Resp. Belarus'.Minsk, BY, 2017.

26. O khoziaistvennykh obshchestvakh [On Companies]: Zakon Resp. Belarus', 9 dek. 1992 g., no. 2020-XII: v red. Zakona Resp. Belarus', 10 ianv. 2006 g., no. 100-Z. ETALON. Zakonodatel'stvo Respubliki Belarus'. Nats. tsentr pravovoi inform. Resp. Belarus'. Minsk, BY, 2017.

27. Otsenka stoimosti ob"ektov grazhdanskikh prav. Otsenka stoimosti predpriiatii (biznesa) [Valuation of Civil Rights Objects. Valuation of Companies (Business)], TKP 52.1.01-2015 (33520). Vved. 01.09.15. Gosstandart, Minsk, BY, 2015.

28. O nekotorykh voprosakh rascheta rynochnoi tseny emissionnykh tsennykh bumag [On Some Matters of Calculation of Market Prices of Publicly Traded Securities]: postanovlenie Ministerstva finansov Resp. Belarus', 17 marta 2016 g., no. 3. ETALON. Zakonodatel'stvo Respubliki Belarus'. Nats. tsentr pravovoi inform. Resp. Belarus'. Minsk, BY, 2017.

29. Ob ekonomicheskoi nesostoiatel'nosti (bankrotstve) [On Economic Insolvency (Bankruptcy)]: Zakon Resp. Belarus', 13 iiulia 2012 g., no. 415-Z, ETALON, Zakonodatel'stvo Respubliki Belarus', Nats. tsentr pravovoi inform. Resp. Belarus', Minsk, BY, 2017.

30. Blank I. A.,Osnovy finansovogo menedzhmenta [Fundamentals of Financial Management],v 2 t., Nika-Tsentr, Kiev, UA, 1999, vol. 2.