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FBK Grant Thornton About Risk Tolerance

Date of publication
22.04.2020

Partner Askold Birin and Director of Internal Audit and Risk Management Services Roman Kenigsberg have participated in the online conference “Risk Management in the New Environment - How to Build Up Your Tolerance” arranged by FBK Grant Thornton, Russian Managers Association and Moscow Exchange.

In his speech dedicated to the information value of financial statements, Askold Birin pointed out that market disruptions are caused not only by bad news, but also by the lack of information.   Regulators in various countries should reduce this uncertainty and provide investors with balanced data about business.

“So the regulators have two tasks. The first one is to reduce the reporting burden when everyone is working from home. The second one is to enhance the reliability and information value of the financial statements,” he said citing best practices of other countries and added that investors in Russia are clearly lacking information.

In his turn, Roman Kenigsberg answered the question on how to manage risks when standard approaches are no longer effective and said that it is time for new risk-based budgets.

“They should certainly take into account the scenario of revenue decrease, lack of resources and reduced workload. And provisions should be made for each significant risk,” he underlined and advised businesses not to wait for quarterly figures and try to understand the changes in liquid funds, workload, need for equipment, quantity of materials, offices etc.