Transformation of the Risk Management System of Mining and Metallurgical Enterprises under the Influence of Structural Crises
Mining and metallurgical companies (MMCs), as budget-forming and city-forming enterprises, have an impact on related sectors of the economy and are also affected by changes in other industries. In particular, MMCs are exposed to imbalances from structural crises. The article systematises the types o...
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| Format: | Article |
| Language: | English |
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Peter the Great St. Petersburg Polytechnic University
2024-12-01
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| Series: | Sustainable Development and Engineering Economics |
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| Online Access: | https://sustainable.spbstu.ru/en/article/2024.14.2/ |
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| author | Denis Pishchalkin Ilona Pishchalkina Svetlana Suloeva |
| author_facet | Denis Pishchalkin Ilona Pishchalkina Svetlana Suloeva |
| author_sort | Denis Pishchalkin |
| collection | DOAJ |
| description | Mining and metallurgical companies (MMCs), as budget-forming and city-forming enterprises, have an impact on related sectors of the economy and are also affected by changes in other industries. In particular, MMCs are exposed to imbalances from structural crises. The article systematises the types of economic crises, substantiates their significance, and highlights relevant features. A pertinent observation is the increasing role of the risk management system as part of the effective management of the whole enterprise. To promptly respond to external challenges, MMCs must transform internal corporate risk management systems. We propose that such a transformation requires the implementation of a risk control system (RC) based on an integration approach. We present an RC system that involves step-by-step and coordinated risk management and business processes of the MMC. To this end, we formulate the requirements for developing a risk management system, considering the specifics of the MMC and the features of structural crises. We then develop the structural and logical schema of the RC system. This scheme is decomposed and divided into procedures to demonstrate the interaction between the enterprise management system and the risk management system. Some advantages of the proposed RC system include its integration approach and the underlying principles of balance, interconnection, and coordination, which provide connectivity with the company’s corporate management system and allow the consideration of the impact of structural crises and other factors through benchmarks comprising risk factors. |
| format | Article |
| id | doaj-art-ec001675797b4a7a8c4409c157965de7 |
| institution | OA Journals |
| issn | 2782-6333 |
| language | English |
| publishDate | 2024-12-01 |
| publisher | Peter the Great St. Petersburg Polytechnic University |
| record_format | Article |
| series | Sustainable Development and Engineering Economics |
| spelling | doaj-art-ec001675797b4a7a8c4409c157965de72025-08-20T02:27:06ZengPeter the Great St. Petersburg Polytechnic UniversitySustainable Development and Engineering Economics2782-63332024-12-0142436https://doi.org/10.48554/SDEE.2024.4.2Transformation of the Risk Management System of Mining and Metallurgical Enterprises under the Influence of Structural CrisesDenis Pishchalkin0https://orcid.org/0009-0006-8897-4505Ilona Pishchalkina1https://orcid.org/0000-0002-8550-3568Svetlana Suloeva2https://orcid.org/0000-0001-6873-3006Peter the Great St. Petersburg Polytechnic University, Saint Petersburg, Russian FederationPeter the Great St. Petersburg Polytechnic University, Saint Petersburg, Russian FederationPeter the Great St. Petersburg Polytechnic University, Saint Petersburg, Russian FederationMining and metallurgical companies (MMCs), as budget-forming and city-forming enterprises, have an impact on related sectors of the economy and are also affected by changes in other industries. In particular, MMCs are exposed to imbalances from structural crises. The article systematises the types of economic crises, substantiates their significance, and highlights relevant features. A pertinent observation is the increasing role of the risk management system as part of the effective management of the whole enterprise. To promptly respond to external challenges, MMCs must transform internal corporate risk management systems. We propose that such a transformation requires the implementation of a risk control system (RC) based on an integration approach. We present an RC system that involves step-by-step and coordinated risk management and business processes of the MMC. To this end, we formulate the requirements for developing a risk management system, considering the specifics of the MMC and the features of structural crises. We then develop the structural and logical schema of the RC system. This scheme is decomposed and divided into procedures to demonstrate the interaction between the enterprise management system and the risk management system. Some advantages of the proposed RC system include its integration approach and the underlying principles of balance, interconnection, and coordination, which provide connectivity with the company’s corporate management system and allow the consideration of the impact of structural crises and other factors through benchmarks comprising risk factors.https://sustainable.spbstu.ru/en/article/2024.14.2/risk managementrisk controlmining and metallurgical enterprisestructural crisisrisk factors |
| spellingShingle | Denis Pishchalkin Ilona Pishchalkina Svetlana Suloeva Transformation of the Risk Management System of Mining and Metallurgical Enterprises under the Influence of Structural Crises Sustainable Development and Engineering Economics risk management risk control mining and metallurgical enterprise structural crisis risk factors |
| title | Transformation of the Risk Management System of Mining and Metallurgical Enterprises under the Influence of Structural Crises |
| title_full | Transformation of the Risk Management System of Mining and Metallurgical Enterprises under the Influence of Structural Crises |
| title_fullStr | Transformation of the Risk Management System of Mining and Metallurgical Enterprises under the Influence of Structural Crises |
| title_full_unstemmed | Transformation of the Risk Management System of Mining and Metallurgical Enterprises under the Influence of Structural Crises |
| title_short | Transformation of the Risk Management System of Mining and Metallurgical Enterprises under the Influence of Structural Crises |
| title_sort | transformation of the risk management system of mining and metallurgical enterprises under the influence of structural crises |
| topic | risk management risk control mining and metallurgical enterprise structural crisis risk factors |
| url | https://sustainable.spbstu.ru/en/article/2024.14.2/ |
| work_keys_str_mv | AT denispishchalkin transformationoftheriskmanagementsystemofminingandmetallurgicalenterprisesundertheinfluenceofstructuralcrises AT ilonapishchalkina transformationoftheriskmanagementsystemofminingandmetallurgicalenterprisesundertheinfluenceofstructuralcrises AT svetlanasuloeva transformationoftheriskmanagementsystemofminingandmetallurgicalenterprisesundertheinfluenceofstructuralcrises |