INTERACTION OF PARTICIPANTS IN THE RISK MANAGEMENT AND INTERNAL CONTROL PROCESS IN DOMESTIC ENTERPRISES

The basis of the successful activity of a business entity is an effective internal control system, the effectiveness of which directly depends on the assessment of the risks of the enterprise's activities. Therefore, an important issue of scientific research is the determination of methodological approaches to the optimal interaction of participants in the process of risk management and internal control in order to increase the efficiency of domestic enterprises. In the process of research, general scientific theoretical and empirical methods were used, based on systemic, historical and complex approaches: analogy, comparison – when revealing the issues of the synthesized functioning of risk management and internal control systems; modeling, generalization – when studying the constituent elements of the methodological tools in the enterprise management system. The work proves that in order to increase the efficiency of the enterprise's activities, it is worth introducing an integrated approach to the internal control system, which should be based on the interaction, unification, functional coordination of participants in internal control and risk management, taking into account the industry specifics, scale of activity, regulatory and legal environment, corporate culture. For optimal interaction of all participants in the risk management and internal control process of the company, it is proposed, based on the provisions of the “Three Lines of Defense” model, to introduce into the current practice of the enterprise a mechanism for coordination and partnership interaction of all participants in such a process, with consolidation in the relevant internal regulations. In this regard, a format of the model of the internal standard of risk management of the company has been developed for implementation, which takes into account the specifics of the enterprise's activities, creates a basis for increasing the value of the company, and ensures business efficiency. It is substantiated that the interaction of participants depends on the organizational and functional components of the internal control system. Therefore, in the logic of the integrated approach, an organizational and functional model of internal control has been built at the appropriate levels and taking into account the synthesizing components, which should ensure optimal interaction of participants in the risk management process in the control sphere.