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Management of leasing activities. Organization and management of leasing companies Management of a leasing company

Determine the essence of the enterprise being created, the subject area of its activity; determine the mission of the enterprise and the main goals of its activities; develop the organizational structure and management structure of the enterprise; establish coordination flows in the organization;

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Khizirieva D.I.,
legal adviser
JSC "Mustang"

The issue of organizing a leasing business, as is known, depends on the organizational structure and organizational forms of leasing management correctly formed by the head of the leasing company. This issue is relevant due to the fact that the correct formation of the company structure in accordance with the business goals and strategic objectives of the company is one of the main factors in the competitiveness of a leasing company.

A leasing company, as a representative of a legal entity that has the right to carry out commercial activities, begins its activities in the same way as other representatives of legal entities, namely, from the moment of state registration with the tax and registration authorities.

The founders of leasing companies, in accordance with clause 2 of Art. 5 of the Law on Financial Lease (Leasing), there may be legal entities and (or) individuals. Consequently, leasing companies, in accordance with the Civil Code of the Russian Federation and the Law on Financial Lease (Leasing), can have different organizational and legal forms. Therefore, we can say that any company engaged in commercial activities and renting out its property for financial or other lease can be called a leasing company, especially since it does not need to obtain a license for this.

Depending on the specific conditions, leasing companies can be distinguished according to two principles, first of which the division of leasing companies into six groups is provided depending on their founders: banks (Russian and foreign), production structures (enterprises, financial and industrial groups directly producing the leasing object), government bodies, insurance companies, individuals and other founders . According to second principle a division of leasing companies into specialized and universal is provided.

From an analysis of the market for leasing companies in Russia, we can say that most of them were created with the participation of large banking, insurance or industrial holding companies, but companies created by large banks prevail among them. The spread of this practice is due to the existence of a certain pattern, that is, the need for leasing companies to be close to large financial and investment holdings or to be “under their wing.” This is understandable: leasing in its essence is a financial service, a reasonable alternative to a loan, and it is also a more convenient option for creating a leasing company, especially since the main problem of leasing companies is immediately resolved - the path to financial resources is simplified. In this case, two forms of bank participation in the leasing business are used:
- direct method, when the bank itself acts as a lessor, creating a special department or group of specialists in its structure;
- an indirect method, when the bank establishes an independent leasing company or acts as a creditor to the lessor.

Representatives of the direct participation method are such well-known Russian banks as the Bank for Small Business Lending (Bank KMB), Uniastrum Bank, etc.

Indirect participation in the activities of their leasing companies is taken by Alfa Bank, Raiffeisenbank, VTB Bank, Parex Bank, Moscow Business World Bank (MDM Bank), Moscow Credit Bank, NOMOS-Bank, Absolut Bank, etc.

The creation and operation of a leasing company within a commercial bank is due to the mutual advantages that these partnerships provide to their participants.

However, it should be noted that in the first years of operation of such leasing companies, they usually serve clients of the founding bank. For example, this is what happened with LLC “LK “RMB-Leasing”. In the first four years of its existence, this company served primarily clients of the Russian International Bank. Currently, an increasing percentage of the portfolio consists of transactions with independent clients. But this depends on the strategy and operating principles of the bank itself. There is also a practice of providing leasing services by a bank's subsidiary only to clients of this bank. The well-known representative of leasing companies, Raiffeisen-Leasing LLC, tries to maintain this position. For example, this company, expanding its regional network, simultaneously opens a branch of its founding bank there. Nevertheless, leasing companies created by banks have the greatest potential to become independent universal leasing companies, as well as the opportunity to gain experience in leasing transactions with trusted bank clients and at the same time build their credit history.

Leasing companies created by production structures also make it easier for themselves to find financing, since the founders sell the products they produce through them, expanding their sales network. However, not all production structures use this method. In the leasing market, such representatives are usually large and well-known industrial holdings; for example, in Russia these are LC KAMAZ, RAF-Leasing, and among foreign companies operating in Russia, BRUINSWICK RAIL LEASING, Daimler Chrysler Financial Services Russia, Scania Leasing, Volvo Finance Service, Caterpillar Financial are known , Hewlett Packard, etc.

When creating a leasing company with the participation of government bodies, budget funds are largely used, which are provided to lessors at a cost of 1/2 or 1/4 of the refinancing rate of the Bank of Russia, which also eliminates the problem of finding sources of financing for leasing transactions. However, this also has its downside, for example, the founders may require the leasing company to participate in projects that are not always economically profitable for it. The representative of such a leasing company is the Moscow Leasing Company (MLK), established by the Moscow Small Business Support Fund and operating with the organizational and financial support of the Moscow Government. In the agro-industrial complex, the functions of a lessor are performed by decision of the Government of the Russian Federation by OJSC Rosagrosnab, as well as Akkor-Leasing.

Regarding leasing companies created under insurance companies, we can say that this is one of the ways for them to diversify their business. Having temporarily free financial resources, they decide to invest them in reliable leasing projects. Thus, leasing allows them to significantly expand the scope of their own insurance business and receive significant additional income. Such companies in the leasing market are “RESO-Leasing”, “Renaissance-Leasing”, “Progress-Neva Leasing”.

Lessors can also be individuals engaged in individual entrepreneurial activities without forming a legal entity. In practice, there are such cases. For example, until February 2002, that is, before the abolition of licensing for leasing activities, entrepreneurs in Kaliningrad, Omsk, Seversk, Almetyevsk received a license for three years. Of course, such lessors may encounter big problems in their activities, but, as current practice shows, they are more ambitious and proactive, and the majority of interesting and diverse leasing products and programs are created in their companies.

The division of leasing companies into specialized and universal is based on the object specialization of the company. In particular, specialized leasing companies usually work with one type of goods (passenger cars, computers, containers, trucks, airplanes, etc.) or with goods of one group of standard types (construction equipment, printing equipment, telecommunications equipment, etc.).

Universal leasing companies lease various types of vehicles, equipment and real estate. They give lessees the right to choose the supplier of the equipment they need. Maintenance is carried out by the supplier or lessee himself. In this case, the lessor, as the owner, has the right to inspect the property and check its completeness. After putting the facility into operation, he is required to sign the facility acceptance protocol.

Specialized leasing companies already have their own fleet of machinery or equipment and provide them to the lessee upon his request. In this case, maintenance and repairs are carried out by the lessors themselves. Representatives of specialized Russian leasing companies are: Leasingstroymash, RTK-Leasing, GEO-Leasing, Global Rent, RusLeasingSvyaz, Medleasing. Representatives of specialized leasing companies with the participation of foreign capital are such large manufacturers of machinery and equipment as: BRUINSWICK RAIL LEASING, Daimler Chrysler Financial Services Russia, Scania Leasing, Volvo Finance Service, Caterpillar Financial, Hewlett Packard, etc. These companies, the share of one type of equipment is usually close to or equal to 100% in the total volume of their leasing activities.

An analysis of the practice of Russian leasing companies shows that at this time universal leasing companies prevail in the leasing market. However, the Russian leasing market is characterized by a process of gradual reduction in the level of universalization and, accordingly, an increase in the number of leasing companies specializing in leasing certain types of property.

Depending on the level of division of labor in society and enterprises, the size and type of commercial organizations, the stage of development of leasing and established practice, three main concepts for managing leasing activities can be distinguished: production, marketing and specialized (industry).

First concept provides for the implementation of leasing operations by a manufacturer of any specific equipment (leasing object). Then all work on the preparation and implementation of leasing operations is concentrated in the production departments of equipment manufacturing companies, which makes it possible to improve the sales of new equipment, organize its repair and maintenance directly at the point of use at the lessees. After all, it is in the production departments that there are qualified personnel with experience in the production and servicing of manufactured equipment. But as the leasing share of manufactured products develops and increases, this organizational form ceases to correspond to the economic interests of both parties, and at a certain stage there is a need to move to a new, higher level of management.

Second concept provides for the separation of leasing operations management into independent divisions or as part of the marketing service of an enterprise (bank, industrial company), which makes it possible to promote manufactured products on the leasing services market with a large degree of professionalism.

And finally third concept provides for a situation where leasing activity, due to the law of social division of labor, goes beyond the boundaries of manufacturing enterprises and is concentrated in a special specialized industry, represented by various types of leasing companies.

In accordance with specific conditions, the forms of management of leasing activities under consideration exist in time and space simultaneously, in parallel, forming various combinations in relation to any type of leasing.

Further development of organizational forms of leasing management is determined by trends caused by the laws of cooperation and concentration of production.

Cooperation of large financial holders represented by banks and insurance companies with enterprises producing machinery and equipment, as well as repair enterprises with direct consumers, will help overcome the inevitable difficulties of developing a leasing system for technical equipment in the current difficult conditions. It is possible, for example, for the equity participation of interested parties in the formation of specialized leasing companies with the involvement of the material and technical base of each of the participants and their receipt of profit in proportion to the invested capital.

Increased demand for technical equipment in the conditions of market formation leads to an increase in the volume of transactions carried out by leasing companies. More and more new technical equipment is being included in the leasing business. Hence the need arises for the consolidation of firms, their specialization, the creation of legally independent firms, in the contributions of which this joint-stock company will have a controlling stake. That is, we are talking about a transition to holding-type companies. It is the use of the holding model of building a company that the management of the BALTLEEZ association, now the NOMOS-Bank Group of Leasing Companies, considers to be a promising organizational form.

The functional structure of leasing associations and companies based on holding-type firms will significantly reduce the costs of leasing operations. For example, issues of advertising and publishing may well be the responsibility of the company that holds the controlling stake. The holding company may have a general customer research service. Issues of insurance of leasing transactions can also be resolved at the holding company level, subject to a contract with an insurance company.

New areas of activity of leasing companies will undoubtedly entail a complication of the organizational structure. A general principle emerges here - the organizational structure must be rebuilt taking into account the needs of the market, ensuring progress in the leasing business. Therefore we can say that
The organizational structure depends on the ownership of the parties involved, the scope of application of services, types of contracts, geographical area of activity and other factors.

In general, it must always be remembered that an adequate organizational structure is an essential factor in the success of any leasing company.

When forming an organizational structure, it is necessary to resolve the issue of creating and properly organizing a leasing company, which means finding a normal composition of managers, creating a strong accounting service, etc. And for this it is necessary to find financial resources, choose the right equipment and deliver it to the lessee, and then correctly taken into account in the accounting documentation. In turn, in order to implement all of the above actions, it is necessary to properly organize the structure of the company.

As the leasing market formed in our country shows, large leasing companies existing on the market most often have an organizational form in the form of joint-stock companies, both open and closed, which are characterized by a list of management bodies, including:
- general meeting of shareholders;
- board of directors (supervisory board);
- sole executive body (general director, board);
- collegial executive body (executive directorate, executive director);
- liquidation and audit commissions;
- the counting commission is a permanent body of the general meeting.

Representatives of such companies are: OJSC RTK-Leasing, OJSC Avangard-Leasing, OJSC Glavleasing, OJSC Yugra Leasing Company, OJSC KAMAZ Leasing Company, OJSC Rosdorleasing, OJSC VTB-Leasing. , CJSC Atlant-M Leasing, CJSC KMB-Leasing, CJSC Lokat Leasing Russia, CJSC Goznak-Leasing, CJSC LK Medved, etc.

At the same time, the Law on Joint Stock Companies provides for the possibility of choosing various options for forming management bodies and their combination.

The practice of leasing companies indicates the existence of several options for organizational structure, the differences between which are as follows.

Option 1. Provides for the presence of two executive bodies. Along with the sole executive body, a collegial body (executive directorate, board) is formed, which is appointed by the board of directors at the proposal of the general director.

The main functions for the current management of the company's affairs are assumed by the executive bodies, with the role of the general director strengthened. The executive bodies may be delegated part of the powers of the general meeting, the delegation of which is permitted by law.

The functions of the chairman of the collegial executive body of the company are performed by the sole executive body of the company. This option allows the traditional status of a “strong” CEO to be maintained.

Option 2. Providing for a sole executive body, this option is more consistent with joint stock companies created during the privatization process, in which a controlling stake is in the hands of administration officials, that is, when the largest shareholders are executive directors.

The option retains the status of a “strong” general director, but involves the abandonment of a collegial executive body, which allows one to bypass the restriction contained in paragraph 2 of Art. 66 of the Law on Joint Stock Companies, regarding the fact that members of this body cannot constitute a majority on the board of directors. In the proposed scheme, any number of company officials can join the board of directors.

The Board of Directors assumes the functions not only of developing strategic decisions, but also of current operational management. There is no need to form a special collegial executive body. To strengthen his power, the General Director can use his traditional right to hold production meetings.

Option 3. Provides for the management of leasing companies by a hired manager. This option is typical and most popular among companies existing in countries with developing market economies. It was also common in Russia. As a rule, large joint-stock companies newly created with the participation of state capital hired foreign managers who were involved in business not for the first time and had high qualifications and extensive experience in this field. However, hiring managers usually involves an expensive cost of their services, and these costs would be inadequate for a start-up leasing company. Under this option, the general meeting of shareholders elects the board of directors and its chairman. The Board of Directors appoints a sole and, if necessary, a collegial executive body.

This option is more suitable for newly established joint stock companies, where one of the founders owns a controlling stake. It is relevant when establishing subsidiaries. The founder does not have the opportunity to deal with operational issues of managing the commercial organization he created, but at the same time wants to ensure fairly strict control over its executive bodies.

The place of the “strong” general director elected by the general meeting in this scheme is taken by the chairman of the board of directors. An executive director is, in essence, a hired manager appointed by the board of directors with an annual renewal of his powers. The need to create a collegial executive body is determined in each case individually.

However, the management structure of a leasing company requires the positions of financial director, director of commercial affairs and director of general affairs, which, as a rule, exist in the structure of the board (directorate) of the leasing company.

Therefore, the most common option for forming an organizational structure among leasing companies, especially among large leasing companies, is the first. For example, the RTK-Leasing Group of Companies has such a structure.

The structure of the governing bodies of RTK-Leasing is traditional for Russian legal entities and is three-level: the general meeting of shareholders, the board of directors, and the sole executive body represented by the general director. In accordance with the charter, the supreme management body of the company is the general meeting of shareholders. Determining the company's development strategy and monitoring the activities of its executive body are carried out by the board of directors, which is elected at the general meeting of shareholders.

In accordance with the legislation and the charter of OJSC RTK-Leasing, the board of directors exercises general management of the company’s activities. It is also this body that determines the priority directions for the company’s development, thanks to which the main guidelines for the activities of OJSC RTK-Leasing for the long term are established. The sole executive body of RTK-Leasing OJSC - the General Director - is a key element in the structure of the company's management bodies, which, in accordance with the law and the charter, is entrusted with the current management of the company's activities, that is, the implementation of the company's goals, strategy and policies. In his subordination, the General Director has a well-selected team of highly qualified specialists, without which it would be impossible to carry out successful activities in the field of leasing.

The above-mentioned corporate governance system applied by OJSC RTK-Leasing is no less successfully implemented in the activities of its subsidiary leasing companies. Such a well-known leasing company as Independent Leasing LLC has a similar structure, but with its own specifics. It is shown in Fig. 1.

As can be seen from the figure, the corporate governance structure of the Independent Leasing company consists of two governing bodies: the board of directors and the management board. In particular, the board of directors determines the priority areas of activity of Independent Leasing and exercises control over the company’s activities. The Management Board provides direct operational management of the company.

The competence of the commercial director includes issues of marketing research of the leasing market, commercial intermediary operations, execution of contracts for leasing of technical equipment, study of foreign trade and leasing practice. An integral part of the commercial service of a leasing company is a staff of experts capable of conducting analysis and preparing conclusions about the technical level, development prospects, consumer properties and market opportunities of the company. (The neglect of these analytical services was, in most cases, the reason for the ineffectiveness of many established leasing companies.) It is advisable to include in the competence of the financial director issues related to the financial support of leasing operations, research of the market for borrowed funds, financial examination of contracts, as well as the determination of economic indicators of the leasing company's activities and studying the clientele.

LK Element Leasing LLC has a similar structure, but with the specifics inherent in this company. He is headed by the General Director, who is directly subordinate to the Commercial Director, the Executive Director (who is not the Deputy General Director, unlike the structure of LK Independent Leasing LLC), the General Director's Office Manager, the Financial Director, the Legal Support Service and the General Director's Advisor. on safety.

It should be noted that due to the growth in the volume of leasing transactions and the simultaneous growth in the number of leasing companies, leasing companies that are already established and enjoy great authority among lessees are actively working to expand the Russian regions. For example, all large leasing companies have at least 20 branches in various regions of Russia and the CIS countries. However, if the structure of the company's head office is not properly organized, this circumstance can lead to great difficulties. Therefore, their organizational structure must have appropriate structural divisions that regulate the company’s activities in the regions. This method was followed by the Interleasing Group of Companies (Interleasing LLC). Thus, in 2006, the Interleasing Group of Companies took measures to reorganize the company structure, which were required in connection with the dynamic development of the companies. The company presents a divisional matrix structure shown in Fig. 2.

Thus, the organizational structure of a leasing company depends on the type of founders (shareholders) (banks, insurance companies, private organizations, etc.), the economic sphere of activity (industry, agriculture, trade, etc.), the type of contracts and goods (equipment , transport, mini-factories, real estate, etc.), areas of activity. Therefore, the construction of a leasing company must meet the goals and objectives of it and its founders, and we should not forget that the successful activity of a leasing company is determined by the rational construction of its internal organizational structure and the formation of an adequate system of management bodies.

Literature
1. Civil Code of the Russian Federation. Part two. Chapter 34 “Rent”, paragraph 6 “Financial lease (leasing)” // Collection of legislation of the Russian Federation. - 1994. - No. 32.
2. On financial lease (leasing): Federal Law of October 29, 1998 No. 164-FZ // Collection of Legislation of the Russian Federation. - 1998. - No. 44.
3. On joint stock companies: Federal Law of December 26, 1995 No. 208-FZ // Collection of legislation of the Russian Federation. - 1996. - No. 1.
4. Financial leasing: Textbook. manual for universities / V.D. Gazman. - 2nd ed. - M.: Publishing house. House of State University Higher School of Economics, 2005.
5. Website of LC "Rosagroleasing". - Access mode: http://rosagroleasing.ru.
6. Adamov N.A., Tilov A.A. Leasing. - 2nd ed. - St. Petersburg: Peter, 2006.
7. Information portal about leasing. - Access mode: http://www.Leasing-Forum.ru.
8. Website of LC "RTK-Leasing". - Access mode: http://www.rtc-leasing.ru.
9. Website of LC "Independent Leasing". - Access mode: http://www.indep-leasing.ru.
10. Website of LC “Element Leasing”. - Access mode: http://www.elementleasing.ru.
11. Website of LC "Interleasing". - Access mode: http://www.ileasing.ru.

Construction of a system of methods for managing investment risks of a leasing company ( resume)

The specifics of leasing activities highlight the risk of inadequate investment decisions, therefore managing this risk is an important tool within the strategic development of the company. Currently, there is no generally accepted, holistic methodology for investment risk management companies. This work is devoted to the consideration of established methods and those used in practice and the development of an algorithm and criteria for the selection of tools for the rational management of each stage of assessment and analysis of investment risks.

Consideration of the strengths and weaknesses of existing methods for assessing and managing investment risk has formed the following risk management scheme:

As a result of the analysis of existing risk management methods, the following system for managing investment risks of a leasing company was formed:

1. Defining the goal.

Board brainstorming session to validate risk strategy with executive directors and senior management

As a result of the definition of goals by the top management of the company and the development of a risk management system by experts, it will be possible to create checklists of potential sources of investment risks necessary to standardize the process of classification, identification and assessment of risks of leasing projects

2. Identification and assessment of risk.

3. Choosing a method to influence risk.

the significance of the project risk is reassessed taking into account the placement of investment risk across the LC portfolio to assess the ability of a given project to diversify (and, possibly, hedge) the risk of the entire portfolio;
when managing risks, it should be taken into account that there are three participants in a leasing transaction and, accordingly, LC can prepare mutually beneficial solutions with the equipment supplier to minimize investment risk;
in the contract it is also possible to use the following tools aimed at reducing the amount of possible losses, such as insurance and surety, however, each of these methods reduces the number of potential clients due to the increased cost and complexity of the leasing project;
based on unacceptable project parameters, it is necessary to either develop proposals to eliminate them or make a proposal to refuse this contract;
the least controllable risk factors should be taken into account in the contract with the lessee, in order to transfer the entire risk (or part of it) to a joint coverage with the client;
refusal to manage risk is possible only with the approval of a manager who has the necessary authority to assume risk in a given amount.

In order to formalize the requirements of a leasing company for the risk management process, the application and control of investment risk management measures and work, based on the analysis carried out, Methodological Instructions were developed (see Appendix).

Akhmetzyanov I.R.

Construction of a system of methods for managing investment risks of a leasing company.

Introduction

In world practice, leasing is one of the significant factors in changing the technological structure and reorganizing enterprises, since leasing operations allow large-scale investments in any production.

In connection with the problem of updating production assets existing in Russia, the development of the leasing institution can be considered as one of the ways to provide the necessary capital investments to the needs of the Russian economy.

In the Russian Federation, the legal aspects of leasing activities are regulated by the Federal Law “On Financial Lease (Leasing)” No. 64-FZ of October 29, 1998.

The current version of the Law provides the following definitions of leasing and financial lease (leasing) agreements:

Leasing is a set of economic and legal relations arising in connection with the implementation of a leasing agreement, including the acquisition of the leased asset.
A leasing agreement is an agreement under which the lessor (hereinafter referred to as the lessor) undertakes to acquire ownership of the property specified by the lessee (hereinafter referred to as the lessee) from a seller specified by him and to provide this property to the lessee for a fee for temporary possession and use. The leasing agreement may provide that the choice of the seller and the purchased property is made by the lessor.

Thus, leasing activities require the presence of at least three participants: the equipment supplier, the lessee and the lessor.

A typical leasing transaction looks like this.

The user (after entering into a leasing relationship, the lessee) informs the leasing company what equipment he needs.
The leasing company, having made sure of the liquidity of the project, buys this equipment from the manufacturer, or another legal entity or individual selling the property that is the object of leasing.
The leasing company (lessor), having become the owner of the equipment, transfers it for temporary use with the right of further purchase (determined by the agreement) to the lessee, receiving leasing payments in return.

The lessor may be a legal entity or an individual registered as an individual entrepreneur carrying out leasing activities.

Since the scope of the lessor’s activity is the transfer of the right to use property to its clients under leasing agreements, the lessor forms its own investment portfolio of leasing contracts.

Each component of this portfolio has unique investment risk characteristics associated with the specific characteristics of each lessee.

However, in general, for the lessor it is possible to identify a number of features that distinguish it from other credit institutions (for example, from a bank) in terms of the risk of adequacy of making an investment decision.

Until the final payment, the lessor remains the legal owner of the equipment, so that in the event of a failure in settlements, he can claim this equipment and sell it to repay losses.
In the event of bankruptcy of the lessee, the equipment must also be returned to the leasing company.
The lessor transfers to the lessee not monetary resources, control over the use of which is not always possible, but directly the means of production.
Exemption from tax on profits received from the sale of financial leasing agreements with a validity period of at least three years.
The lessor is partially exempt from paying customs duties and taxes in relation to products temporarily imported into the territory of the Russian Federation that are the object of international leasing.

Thus, for private companies (acting as investors), leasing allows for a certain rate of return on invested capital at a lower level of financial risk compared to a bank. In this case, the most significant risk is the investment risk, which consists in the non-optimality of the decision made on the leasing project.

Purpose of the work

The purpose of this work is, as a result of an analysis of existing risk management methods, to propose a system for managing investment risks of a leasing company and to prepare a specific methodology that formalizes the process of managing investment risks in the leasing company.

One of the main problems in the activities of a leasing company is the resolution of the dialectical contradiction - the choice between high profitability and lack of risk - since, as a rule, it is impossible to ensure the simultaneous fulfillment of these conditions. Accordingly, the main task of a leasing company is to create a portfolio of contracts balanced in terms of profitability, liquidity and risk.

This task is complicated by the weak formalism (measurability) of investment risk indicators of leasing projects due to the objective lack of methods for quantitative assessment of the qualitative components of risk (for example, political).

It should also be noted that the risks associated with any specific leasing contract cannot be considered in isolation. Any new acquisition under leasing contracts should be analyzed from the perspective of its impact on changes in the profitability and investment risk of the entire portfolio (portfolio) of the lease, since possible combinations of these decisions can significantly change the characteristics of the entire portfolio as a whole.

The portfolio approach involves perceiving the system of leasing projects as elements of a single whole - the LC portfolio, providing it with risk and profitability characteristics, which allows for an effective analysis of opportunities and optimization of investment risk parameters.

A portfolio is a set of leasing projects, which is a collection that has risk and profitability (cost) parameters that change under the influence of a combination of two factors:

changes in portfolio composition;
changes in the risk and profitability (value) of the leasing contracts portfolio due to changes in business conditions.

From the point of view of the portfolio approach, the result of the economic activity of the leasing company can be considered a change in the net value of the portfolio, reflecting the current or time-varying value of leasing projects.

The economic essence of LC portfolio risk lies in the possibility of deviation of the present value of the company's portfolio from its expected value. The consequences of investment risk are the possible non-optimality of decisions made regarding the terms of leasing contracts.

Thus, the selected risk management methods should ensure the following properties of the investment risk management system:

Consistency of the risk management system and the company’s strategy for profitability, liquidity and risk.
Formalizability of initial information, analysis methods and results.
Risk management from the point of view of finding the optimal profitability-risk ratio for the entire Company as a whole.

Research structure.

The risk management process can be objectively divided into six stages:

goal definition
risk clarification
risk assessment
selection of risk management methods
application of methods
evaluation of results

Each stage uses its own risk management methods. The results of each stage become the initial data for subsequent stages, forming a decision-making system with feedback. Such a system ensures the most effective achievement of goals, since the knowledge obtained at each stage allows you to adjust not only the methods of influencing risk, but also the risk management goals themselves.

Taking into account the project focus of leasing activities, in general, the investment risk management system will look like this:

Figure 2. Diagram of the relationship between risk management stages

Determining the goal is fundamental (the starting point) for the formation of a risk management system, which necessitates the need to consider the features of creating and implementing a risk management system in a leasing company.

Thus, in order to build a system of risk management methods, it is necessary to consider the following aspects of the problem:

essence, creation and implementation of a risk management system
specifics of application and features of the main methods used at each stage of the implementation of the risk management system
development of a methodology for managing investment risks of a leasing company

Investment Risk Management System (IRM)

The main function of risk management is to develop measures to reduce the adverse consequences of risk and manage the latter in order to extract strategic advantages.

Leasing as a financial lease, unlike the banking sector, is less exposed to financial risk, however, due to its investment nature, the risk of the adequacy of the decision made regarding projects is the most significant both in magnitude and in terms of the likelihood of occurrence.

As investment risk management experience shows, effective risk management requires a consistent and disciplined approach. In other words, the leasing company must be focused on managing portfolio investment risk, timely linking the principles and methods of risk management with the enterprise strategy.

An effective investment risk management system allows you to ensure control over investment risk through organic integration into the structure of business processes of the LC. To obtain maximum benefit, the RMS must be adapted for each individual company.

The construction of an RMS allows a leasing company to make a transition from fragmented and spontaneous investment risk management to a systematic and permanent one. The effectiveness of acquiring these qualities is determined by the characteristics of the modern business environment. The following objective market trends determine the need to transition to an investment risk management system:

globalization
increased competition
company consolidation
product standardization
shortening product life cycle
technological innovations
increased attention to risks on the part of society, the state, shareholders and the board of directors

All of the above leads to a permanent shift in assessing the significance of various aspects of investment risk, which makes it necessary to implement a risk management system.

Building a risk management system at an enterprise is a process that is carried out in stages with the goal of creating an effective risk management institution. For the purpose of reasonable organization of the risk management service and delimitation of powers for assessment, management and control of investment risks between divisions and outsourcing enterprises of the leasing company. Risk management should be carried out by a special unit or employee (risk manager). This department (or employee) should be structurally independent from the financial or operational departments, as a result of the possible emergence of a conflict of interest that will affect the degree of adequacy of the investment decisions made.

The internal audit committee should review the work of the risk manager and at the same time follow his instructions on audits to identify risks.

The CEO and board of directors must view the risk management system as an important information channel on which the viability of the entire company depends. The latter is due to the fact that, although the RMS will not allow one to avoid all possible risks of leasing projects, it will help the LC to survive in critical conditions and prepare for a critical situation before it occurs.

The responsibilities of the risk management department include:

provide overall management, vision and determine the development path for the RMS;
make proposals for taking risks into account in the strategic planning procedure;
link the risk management process to the creation of company value;
apply risk management procedures, including determining risk limits for individual risks;
implement a system of risk assessment and measurement, determine what is most critical to risk, as well as what can serve as an early indicator of risk;
create and implement analytical, system and information tools for control and risk management;
monitor the emergence of new risk management techniques and tools and implement them into production.

The investment risk management system should not turn into another bureaucratic system aimed at maintaining the existing system of priorities and structure of the leasing company's portfolio.

Thus, the essence of implementing an RMS is the need to maintain the sustainable development of the company in accordance with the adopted strategy.

Due to the complexity and non-trivial nature of the risk management system for investment projects, its implementation should be carried out in several stages (possibly with the involvement of consulting companies).

The implementation of an investment risk management system at a leasing company, for example, can be carried out in four stages:

Stage 1. Aggregation of risks and strategy
Stage 2. Linking investment risk to key performance indicators
Stage 3. Development of an integrated risk management strategy
Stage 4. Gaining competitive advantages

Each of the proposed stages allows you to consistently and organically implement an investment risk management system in a leasing company.

The first stage is carried out in order to take into account the risk of inadequacy of the investment decisions made when preparing the company’s strategic plan. Upon its implementation, as a result of the approval of the company's strategy, the necessary changes are made in the methodology for the formation and application of types of risk management.

The implementation of the second stage is aimed at taking into account investment risks in the current activities of the leasing company. After linking investment risk with key performance indicators of the leasing company, it becomes possible to quickly manage the investment risk of a portfolio of leasing projects, selecting risk management methods for each specific leasing contract, taking into account the overall strategy of the company.

The next stage is designed to further strengthen the relationship between the strategy of the leasing company and the investment risk management system by developing an integrated risk management system at the enterprise, which allows you to assess and manage the risk of each component of the leasing portfolio, taking into account the current state of the entire portfolio and expected changes in the latter.

And finally, after the successful implementation of all three stages, the LC has the opportunity to use the acquired competitive advantages through the development and implementation of the RMS. Having an effective and rationally designed system, a leasing company can accept relatively more risky projects into its portfolio, which expands the scope of the company’s strategic interests and has a positive effect on the company’s value.

Building a risk management system for investment projects is a complex task, the solution of which is a consistent and gradual movement towards effective risk management. At the same time, an RMS is necessary for a leasing company to most effectively assess and manage investment risks arising in the company’s activities.

Developing a system of investment risk management methods is impossible without considering the main established risk management methods at each stage of investment risk assessment and management. An analysis of the main methods is carried out to take into account their strengths and weaknesses when forming a risk management strategy.

Defining the Goal

Depending on the business environment, development strategy and other factors, a leasing company may face various manifestations of investment risk. However, there are some general goals that should be achieved through an effectively organized investment risk management process.

Typically, the main goal that companies pursue when creating a risk management system is to improve operational efficiency, reduce losses and maximize revenue. Thus, the main goal of risk management is the most efficient use of capital and obtaining maximum income while increasing the sustainability of the company's development.

Methods for determining the objectives of investment risk management are fundamental to the formation of the entire structure of risk classification and analysis. When forming risk management goals, one should take into account the strategic goals of the enterprise as a whole, that is, the use of risk management principles to control events in the business environment and more efficiently use the company's resources.

Based on this, it follows that the choice of one or another risk management method should be ensured by the risk management system created at the enterprise, in which the subjects are the company’s employees who determine and properly influence the LC strategy.

Thanks to the implementation of a risk management system, maximum efficiency is achieved, from the LC point of view, of methods for determining the goals of risk management, such as:

risk assessment by independent experts
"brainstorm"
risk checklists

Risk assessment by independent experts consists of interviewing and/or questioning experienced risk management specialists who act as experts and are not subjects of risk management in the leasing company under study.

The “brainstorming” method uses discussions in which all aspects of this mechanism are discussed by the subjects of the risk management system with the help of methodological aids, and planning, identification, risk assessment, risk treatment, control and documentation are carried out.

Risk checklists, which are structured lists of potential risk sources based on historical information about past incidents, should also be identified.

An illustrative example is the “core” of the Risk Universe model, developed and offered to client companies by Ernst & Young.

Figure 1. “Core” of the risk classification and analysis model of Risk-Universe

As can be seen from the figure above, this system describes possible sources of risk and is a hierarchically structured list designed for sequential consideration and analysis of each source of risk separately.

One of the main disadvantages of all the methods described above is the weak formalizability of the process and the measurability of the result. The process itself and the achieved result are visible only in the long term, affecting the strategic development of the company. The latter means that the formation of risk management goals is inseparable from the creation of a strategic direction for the entire economic activity of the company.

The weaknesses of goal determination methods are associated with the lack of complete certainty in the real business environment regarding the future state of the market. Unavoidable information uncertainty entails an equally unavoidable risk of the adequacy of investment decisions by the leasing company. There is always the possibility that a project recognized as sound will ultimately turn out to be unprofitable, since the parameter values achieved during the investment process deviated from the planned ones, or some factors were not taken into account at all. The lessor will never have a comprehensive risk assessment, since the number of variations in the external environment always exceeds the managerial capabilities of the decision-maker, and there will certainly be a weakly expected scenario for the development of events (one of the disasters, for example), which, although not taken into account in the project, will nevertheless may occur and disrupt the investment process. At the same time, the leasing company is obliged to make efforts to increase its level of awareness and try to measure the riskiness of its investment decisions (leasing agreements) both at the project development stage and during the investment process.

Due to the lack of the most effective and accessible method in practice, in order to prepare a balanced decision regarding the purpose of risk management of investments in leasing projects, it is necessary to use a set of methods discussed above, complementing them with each other.

This paper proposes the following goal definition scheme:

Brainstorming session of the board of directors, the purpose of which is to approve the leasing company's risk strategy together with executive directors and senior management
Involving independent experts who interview specialists and are responsible for developing an integrated system of goals and methods for managing investment risks
As a result of the definition of goals by the top management of the company and the development of a risk management system by experts, it will be possible to create checklists of potential sources of investment risks necessary to standardize the process of classification, identification and assessment of risks of leasing projects

Such a scheme, thanks to the involvement of not only top management, but also ordinary employees of the enterprise and independent consultants specializing in the development and implementation of risk management systems, leads to a fairly complete description of the scope of risk management of leasing projects.

Redefinition of the risk management goal should be carried out regularly with a frequency that coincides with periods of adjustment of the strategic development line of the leasing company.

Thus, the creation of a risk management system and determination of risk management goals is a defining stage in the further existence and development of the institution of risk management in the enterprise.

Determination (identification) and risk assessment

The basic stage that allows you to formulate a further action plan for managing investment risks is the stages of identifying and assessing the risk.

The task of qualitative risk analysis is to identify the sources and causes of risk, stages and activities of the leasing project under consideration, during the implementation of which a risk arises, that is:

identification of potential risk areas;

identification of risks associated with a leasing contract;

forecasting practical benefits and possible negative consequences of identified risks.

Qualitative analysis methods can be divided into four groups:

Methods based on the analysis of available information;
Methods for collecting new information;
Methods for modeling the activities of an organization;
Heuristic methods of qualitative analysis;

Qualitative analysis of investment risk allows us to create a risk structure for a specific leasing project. The results of qualitative analysis, in turn, serve as initial information for conducting quantitative analysis.

At the stage of quantitative risk analysis, numerical values of the probability of the occurrence of risk events and the amount of damage or benefit caused by them are calculated.

In business practice, various methods of analyzing investment risks are used. The most common of them include:

discount rate adjustment method;
method of reliable equivalents (reliability coefficients);
sensitivity analysis of the efficiency and solvency criteria of the lessee;
scenario method;
analysis of probability distributions of payment flows;
decision trees;
Monte Carlo method (simulation modeling), etc.

Method for adjusting the discount rate. The advantages of this method are the simplicity of calculations, which can be performed using even an ordinary calculator, as well as its clarity and accessibility. However, the method has significant drawbacks.

The discount rate adjustment method brings future payment streams of a leasing project to the present time (i.e., ordinary discounting at a higher rate), but does not provide any information about the degree of risk (possible deviations in results). In this case, the results obtained significantly depend only on the value of the risk premium.

It also assumes an increase in investment risk over time with a constant coefficient, which can hardly be considered correct, since many projects are characterized by the presence of risks in the initial periods with a gradual decrease in them towards the end of implementation. Thus, profitable projects that do not involve a significant increase in risk over time may be mispriced and rejected.

This method does not carry any information about the probabilistic distributions of future payment flows and does not allow them to be assessed.

Finally, the downside of the simplicity of the method is the significant limitations in the modeling capabilities of various options, which comes down to analyzing the dependence of solvency criteria and liquidity indicators on changes in only one indicator - the discount rate.

Despite the noted disadvantages, the method of adjusting the discount rate is widely used in practice due to its simplicity.

Method of reliable equivalents. The essence of the method is to adjust the cash flows themselves by calculating reliable equivalents of uncertain cash flows for the leasing project. A reliable equivalent of uncertain cash flows are those certain cash flows whose utility for the leasing company is exactly the same as the utility of uncertain cash flows. As a rule, the mathematical expectation is used as a reliable equivalent.

The disadvantages of this method should be recognized:

the difficulty of calculating reliability coefficients adequate to the risk at each stage of the leasing project;
inability to analyze probability distributions of key parameters.

Sensitivity analysis. This method is a good illustration of the influence of individual initial factors of the project on the degree of execution of the leasing agreement. Due to its clarity, it is widely used to highlight and select the most significant factors according to the degree of impact.

This method allows you to conduct a “what will happen if” analysis and obtain answers to a question like: how will the project’s performance indicators change when the input parameters change. The method allows you to estimate the boundaries of changes in the input parameters of the project, at which its effectiveness and the risks of investing in the project are maintained, taking into account uncertainty factors.

The main disadvantage of this method is the premise that changes in one factor are considered in isolation, whereas in practice all economic factors are correlated to one degree or another.

For this reason, the use of this method in practice as an independent tool for risk analysis is very limited.

Scripting method. Many experts use this method in practice, which is based on simulating several options for the development of a leasing project (usually three - optimistic, most likely, pessimistic). For each of the selected options, investment risks are assessed.

This method allows you to obtain a fairly clear picture for various project implementation options, and also provides information about sensitivity and possible deviations, and the use of software can significantly increase the efficiency of such analysis by almost unlimitedly increasing the number of scenarios and introducing additional variables.

Analysis of probability distributions of payment flows. In general, the use of this method of investment risk analysis allows us to obtain useful information about the expected values of the client’s solvency indicators and net proceeds, as well as to analyze their probability distributions.

However, the use of this method assumes that the probabilities for all cash flow options are known or can be accurately determined. In fact, in some cases, the probability distribution can be specified with a high degree of confidence based on an analysis of past experience in the presence of large volumes of actual data. However, most often such data are not available, so distributions are set based on the assumptions of experts and carry a large share of subjectivity.

Decision trees. Decision trees are usually used to analyze the investment risks of projects that have a foreseeable or reasonable number of development options. They are especially useful in situations where decisions made at subsequent points in time are highly dependent on decisions made earlier, and in turn determine scenarios for the further development of events.

A decision tree has the form of a loaded graph, its vertices represent key states in which the need for choice arises, and the arcs (tree branches) represent various events (decisions, consequences, operations) that can take place in the situation defined by the vertex. Each arc (branch) of the tree can be assigned numerical characteristics (loads), for example, the amount of payment and the probability of its implementation

The limitation of the practical use of this method is the initial premise that the project must have a foreseeable or reasonable number of development options.

Simulation modeling. When analyzing investment risk, models containing random variables are often used, the behavior of which is not determined by management or decision makers. Stochastic simulation is known as the Monte Carlo method.

Simulation modeling is a series of numerical experiments designed to obtain empirical estimates of the degree of influence of various factors (initial values) on the probability of realizing the investment risk of a leasing project.

The practical application of this method has demonstrated the wide possibilities of its use in investment design, especially under conditions of uncertainty and risk. This method is especially convenient for practical use because it is successfully combined with other economic and statistical methods, as well as with game theory and other methods of operations research.

Considering the entire set of methods for quantitative analysis of investment risks, we can say that the use of a specific method depends on many factors:

For each type of analyzed risk, there are its own methods of analysis and specific features of their implementation. For example, when analyzing technical and production risks associated with the failure of leased equipment, tree building methods became the most widespread;
For risk analysis, the volume and quality of input data plays a significant role. Thus, if there is a significant database of dynamics, it is possible to use simulation modeling methods. Otherwise, it is most likely to use expert methods;
When analyzing risks, it is fundamentally important to take into account the dynamics of indicators that affect the level of investment risk. When analyzing risks in markets in shock, a number of methods are simply not applicable;
when choosing analysis methods, one should take into account not only the depth of the calculated data, but also the forecasting horizon of the leasing project indicators that affect the level of investment risk;
The urgency and technical capabilities of the analysis are of great importance. If the analyst has considerable computing power and time at his disposal, perhaps Monte Carlo simulation, etc.;
The effectiveness of applying risk analysis methods increases when risk is formalized for the purpose of mathematical modeling of its impact on the results of the leasing company's activities. Currently, not only economic systems, but also industrial complexes that are included in the LC portfolio have reached such complexity that often the calculation of their stability is impossible without elements of probability theory;
the requirements of state regulatory authorities for the generation of risk reporting should be taken into account. In the event that the use of simulation modeling methods is required at the regulatory level, their use is mandatory.

All of the above allows us to conclude that in order to effectively analyze the entire variety of risks in the activities of an enterprise, it is necessary to apply a whole range of methods, which, in turn, confirms the relevance of developing a comprehensive risk management mechanism.

Most leasing companies use fairly simple models to identify and assess their own investment risk for a portfolio of leasing projects. It is important to remember that the usefulness of all models depends to a large extent on the quality of the input data and the assumptions on which the model is built. These assumptions may behave differently in extreme situations, change over time, and may be influenced by policies taken in response to the situation. For this reason, the parameters and assumptions on which these models rely must be reviewed regularly, and it is important to take into account the limitations and underlying assumptions of the model. It is necessary to describe them in detail and take them into account when using the results obtained in the decision-making process on the terms of leasing agreements.

Based on the above analysis of methods for identifying and assessing risks, we can propose the following algorithm of actions for the investment risk management department.

Identification and quantitative measurement of investment risk should be carried out by employees specializing in risk assessment at the stage of consideration of the next investment project by the LC.

First of all, the company needs to identify potential risk areas that may affect the achievement of the company's goals. The peculiarity of LC, which consists in the analysis of both repeating or similar projects (for example, the acquisition of homogeneous equipment to perform the same tasks), and innovative, previously not considered projects, the following rule should be used to select a method that identifies potential risk areas:

if the company has experience working with similar projects, the main attention should be paid to regression analysis, analyzing the available information;
otherwise, it is necessary to use heuristic methods to select possible areas for the implementation of investment risk;
the use of other methods is possible only if they are specifically justified.

Having identified potential risk areas, the risk manager moves on to the next stage - identifying specific types of risk associated with the leasing contract. Taking into account the specifics of the lease, the most effective should be the use of modeling the lessee's activities related to the leased item in terms of the client's solvency. Also, for the most significant factors, it is necessary to conduct a sensitivity analysis in order to be able to reflect in the leasing contract the conditions for early termination of the contract (which represent the values of factors in the external environment for the leasing contract that are critical for the client’s solvency).

The final stage of the risk identification and assessment process is to predict the practical benefits and possible negative consequences of the identified risks. The investment risk management department is recommended to use the scenario method (or a decision tree with an economically justified number of branches of the latter).

Structuring the risks of a specific leasing project and obtaining their assessment serves as the basis for further risk management in order to use the latter to best achieve the strategic goals of the leasing company.

Risk management methods

Assessing investment risk is a necessary condition for making rational decisions on managing leasing projects.

In business, many mechanisms for influencing risk have been developed and used, which boil down to four main ones:

insurance or reservation;
hedging;
diversification;
avoidance (abandonment of a risk-related project) or minimization (conservative management of the leasing portfolio).

By its nature, insurance is a form of preliminary reservation of resources intended to compensate for damage from the expected manifestation of various risks of a leasing project. The economic essence of insurance is the creation of a reserve (insurance) fund, contributions to which for an individual policyholder are set at a level significantly less than the amount of the expected loss and, as a consequence, insurance compensation. Thus, most of the risk is transferred from the policyholder to the insurer.

To reduce the consequences of risk, financial resources are reserved in case of unfavorable changes in the company's activities. Creating a reserve to cover unforeseen expenses is one of the methods of risk management, which involves establishing a relationship between potential risks affecting the maintenance of the lessee's solvency and the amount of funds required to eliminate the consequences of the risks.

Insurance or reserving as such does not aim to reduce the likelihood of risks occurring, but is aimed primarily at compensating for material damage from the occurrence of risks. Thus, insurance is based on a deterministic approach to possible risks, which are considered ex post as a given, which is very difficult, if not impossible, to manage.

This approach underlies risk regulation by the state. At the same time, risk insurance necessarily involves taking certain measures to reduce the likelihood of insured events occurring, which, however, do not always achieve the desired goal. Massive types of risks are suitable for insurance, to which many organizations or individuals are exposed, the manifestations of which are not strongly correlated with each other, and the probabilities of the manifestations of which are known with a high degree of accuracy.

Of the investment risks, these requirements are most satisfied by the risk of maintaining solvency, therefore insurance by the lessee of its obligations in favor of the leasing company is the most common form of security for leasing agreements.

Hedging is designed to reduce the lessor's possible losses due to market risk and, less commonly, credit risk. Hedging is a form of insurance against possible losses by entering into an offsetting transaction. As in the case of insurance, hedging requires the diversion of additional resources. Perfect hedging involves completely eliminating the possibility of making any profit or loss on a given position by opening an opposite or compensating position. Such a “double guarantee”, both against profits and losses, distinguishes perfect hedging from classical insurance.

Hedging of market risks is carried out through off-balance sheet transactions with derivative financial instruments - forwards, futures, options and swaps. In recent years, instruments for hedging credit risks have emerged, which include, for example, credit swaps.

Diversification is a way of reducing overall risk exposure by creating a portfolio of leasing contracts between different lessees whose price or profitability is weakly correlated with each other. The essence of diversification is to reduce the maximum possible losses per event, but at the same time the number of types of risk that need to be controlled increases.

Diversification is one of the most popular mechanisms for reducing investment risks when forming a portfolio by a leasing company. However, diversification is only effective in reducing unsystematic risk (i.e. the risk associated with a particular lease), while systematic risks common to the entire portfolio (i.e. the risk of a cyclical downturn in the economy) cannot be reduced by changing the structure portfolio.

Minimizing (or limiting) risk aims to carefully balance cash, investments and liabilities so as to minimize changes in net worth. Theoretically, in this case there is no need to divert resources to create a reserve, make an insurance payment or open a compensating position.

The most practical form of conservative investment risk management is limitation. Limitation is setting a limit, i.e. maximum amounts of expenses, sales, loans for a leasing project, etc. Limitation is an important technique for reducing the degree of investment risk.

Conservative management of the leasing portfolio is aimed at avoiding excessive risk by dynamically adjusting the main parameters of the portfolio. In other words, this method aims to manage risk exposure during the leasing process, as opposed to hedging based on ex ante risk neutralization.

When choosing a specific method of influencing risk, it is necessary to analyze the negative and positive sides of the risk and take into account the results of the analysis when deciding on the significance of the investment risk in a given leasing agreement.

The previous identification and assessment of the investment risk structure provides the risk manager with the necessary information to make a rational decision on measures to influence the risk of a leasing project. LC has the ability to use one or more of the following tools:

the significance of the project risk is reassessed taking into account the placement of investment risk across the LC portfolio to assess the ability of a given project to diversify (and possibly hedge) the risk of the entire portfolio
When managing risks, it should be taken into account that there are three participants in a leasing transaction and, accordingly, LC can prepare mutually beneficial solutions with the equipment supplier to minimize investment risk
In the contract, it is also possible to use the following tools aimed at reducing the amount of possible losses, such as insurance and surety, however, each of these methods reduces the number of potential clients due to the increased cost and complexity of the leasing project
Based on unacceptable project parameters, it is necessary to either develop proposals to eliminate them or make a proposal to refuse this contract
the least controllable risk factors should be taken into account in the contract with the lessee in order to transfer all the risk (or part of it) to be jointly covered with the client
refusal to manage risk is possible only with the approval of a manager who has the necessary authority to assume risk in a given amount

Conclusions

Leasing is one of the most promising tools for solving the problem of attracting large-scale investments into the Russian economy.

The main specific qualities of leasing are that:

leasing activities require the presence of at least three participants: equipment supplier, lessee and lessor;
transferring to the lessee the right to use property under leasing agreements is the scope of activity of the leasing company;
the risk of inadequate investment decision making is the most significant when carrying out leasing activities.

These differences between leasing companies compared to other financial institutions determine the need to develop a methodology for managing investment risks for a leasing company.

Investment risk management is objectively divided into six stages: defining the goal, identifying the risk, assessing the risk, choosing methods to influence the risk, applying the methods and evaluating the results. The stages form an interconnected system, the main goal of which is to develop measures to reduce the adverse consequences of risk and extract strategic advantages.

At each stage, various methods have been developed and put into practice.

The stages of determining goals are characterized by the use of methods of analysis and forecasting of economic conditions, identifying the opportunities and needs of the enterprise within the framework of the strategy and current plans for its development.

At the stages of identifying the risk and its assessment, methods of qualitative and quantitative analysis are used: methods of collecting existing and new information, modeling the activities of the enterprise, statistical and probabilistic methods, etc.

At the third stage, the effectiveness of various methods of influencing risk is compared: avoiding risk, reducing risk, taking on risk, transferring part or all of the risk to third parties, which ends with making a decision on choosing their optimal set.

At the final stage of risk management, selected methods of influencing risk. The result of this stage should be new knowledge about risk, allowing, if necessary, to adjust previously set risk management goals.

Thus, at each stage, different risk management methods are used. The results of each stage become the initial data for subsequent stages, forming a decision-making system with feedback. Such a system ensures the most effective achievement of goals, since the knowledge obtained at each stage allows you to adjust not only the methods of influencing risk, but also the risk management goals themselves.

In the future, the risk management process is integrated into the business processes of the enterprise and represents part of the operational activities of the leasing company. At the same time, it is especially important to maintain timely exchange of information and restructure the system taking into account the accumulated risk management experience.

Based on the results of the analysis, a leasing company investment risk management system was proposed, which defines the basic principles:

resolving contradictions between the main performance indicators of the leasing company, namely, profitability, liquidity and risk;
identification and accounting of investment risk, significant from the point of view of the Company’s strategy;
classification of possible project risks in terms of the likelihood of their implementation and the significance of their consequences for a specific leasing contract and the Company as a whole;
forming a model for assessing and measuring the degree of impact of uncertainty of various factors on the solvency of the lessee;
determining the procedure for choosing methods to influence investment risk.

To formalize the risk management process, it is necessary to develop and approve at the level of the Company as a whole an Investment Risk Management Standard.

This standard should represent guidelines that determine the degree and structure of interaction between divisions of a leasing company in terms of investment risk management.

The standard defines the Company's requirements on the following issues:

highlighting investment risks in the Company’s activities;
identification and analysis of risks of leasing projects;
organization of accounting for the implementation of project risks;
preparation of reports on the results of risk management of the leasing project.

Thus, the proposed investment risk management system in conjunction with the Methodological Instructions (see example in the Appendix) formalizes the risk management process in a leasing company, while conceptually ensuring:

the required ratio of profitability, liquidity and risk, both within the project and across the entire portfolio as a whole;
measurability of source data, analysis methods and management results.

Application: "METHODOLOGICAL INSTRUCTIONS for investment risk management" MS Word format, ZIP archived

In the future, it is possible to use the term “leasing company” (abbreviated: LC) due to the fact that the vast majority of lessors are legal entities.
Insurance. Edited by Professor Shakhov V.V. - M.: "Ankil", 2002 - p. 158
Risk management. Collection of slides. - Vocational Training Center at Ernst & Young, 2004
Lobanov A., Chugunov A. Trends in the development of risk management: world experience [Electronic resource] / Publishing House "RTsB". Business Relations Agency. Access mode:

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3.2 Methods for effective management of leasing activities in leasing companies through the implementation of comprehensive management accounting systems

The development of leasing relations was facilitated by the adoption of new Russian legislation in 1998. In 2005, the leasing market in Russia continued to develop at a rapid pace. The volume of funds raised by 110 leasing companies from external sources to finance the real sector of the economy in 2005 reached $3,545 million.

The volume of the entire Russian leasing market, based on the volume of all transactions concluded in 2005, is estimated at $5 billion. This will amount to 0.9% of Russia's GDP for 2005 and 6% of investments in fixed capital.

Figure 10 shows a clear growth trend in leasing payments and the volume of funds financed on the basis of leasing (2002-2005).

The volume of funds financed on the basis of leasing increased in 2005 compared to 2002 by 4.5 times, and the volume of leasing payments - by 5.1 times.

A key factor in the rapid growth of the Russian leasing market has been demand from small and medium-sized businesses. At the same time, the results of the study made it possible to identify several more important factors that create favorable conditions for further growth of leasing.

Firstly, the high level of depreciation of fixed assets of enterprises, on average in industry reaching 60%.

Secondly, the low efficiency of other instruments for financing the real sector of the economy.

Thirdly, the tax advantages of leasing, the importance of which is increasing in parallel with the general reduction in the list of tax benefits.

Leasing objects have high liquidity.

Figure 10 - Volume of financed funds (excluding advances) and volume of leasing payments received by companies in 2002-2005, million dollars.

In 2006, new trends contributed to the development of leasing:

Increased demand for leasing due to the summer banking crisis in 2004;

The entry into force of the new Customs Code, which contains amended norms for regulating international leasing transactions, which has opened up new opportunities for the implementation of international projects to update fixed assets of Russian agricultural enterprises;

Development of operational leasing;

Growing demand for leasing from small and medium-sized businesses;

Automation of leasing companies.

Management accounting of a leasing company is the process of identifying, collecting and analyzing information to support management decisions when concluding leasing transactions.

It is proposed to consider the management accounting system of leasing transactions in two directions:

A) Management accounting of leasing projects.

B) Management accounting of finances of a leasing company.

The proposed management accounting system for leasing companies should provide:

Effective planning of the organization's activities and implementation of deviation analysis;

Maintaining centralized project management.

Effective work of leasing company employees in a unified information environment;

Monitoring the implementation of leasing projects;

Obtaining information about the progress of the leasing project at any stage;

Increasing the possibility of a leasing solution in accordance with the growth of the company, new areas of activity, changes in current business processes.

Figure 11 - Scheme of a leasing transaction and financial flows for management accounting purposes

The forecast and assessment of the effectiveness of the development of various enterprises in the specialized construction sector when receiving equipment on lease confirmed the validity of the developed scientific and methodological approaches. Thus, calculations of the efficiency of obtaining equipment on lease, carried out according to the methodological approaches of Z.D. Polyakova, in relation to NESR CJSC showed that the profitability of sales will more than double (Figure 12).

Figure 12 - Forecast of profitability of sales of NESR CJSC under conditions of obtaining equipment on lease

Thus, the implementation of developments by Z.D. Polyakova identified the correspondence of practical results to the scientific principles substantiated in the dissertation research.

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Management of leasing activities. Organization and management of leasing companies Management of a leasing company

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3.2 Methods for effective management of leasing activities in leasing companies through the implementation of comprehensive management accounting systems