MANAGEMENT OF FINANCIAL RISK OF ENTREPRENEURIAL ACTIVITY UNDER CRISIS

Nowadays, entrepreneurial activity in the field of small business plays an important role in the development of the Ukrainian economy. Economical activity of enterprises in the sphere of small business is connected with financial risks, management of which is considered to be the indispensable condition for ensuring its stable and effective functioning. The article examines the key aspects of the management of financial risk of entrepreneurial activity under crisis. The analysis of business development in Ukraine was carried out. The meaning of definition «financial risk» is presented. It is indicated that one of the most important areas of financial policy of small businesses at the present stage is the formation of key conditions for the management of financial risks, which are aimed at ensuring profit growth, minimization of financial costs, ensuring the necessary liquidity, etc. The key factors of financial risk have been identified. An assessment of financial risk factors has been carried out. The main functions of financial risk management have been identified. The methods for determining the probability of financial losses were established and analyzed, and their advantages and disadvantages were defined. It is indicated that one of the main functions of financial risk management in small business sector is to optimize financial flows. Optimization of financial flows involves the selection and application of the most optimal forms of organization of financial activities taking into account the specifics of the implemented enterprise strategy. Measures for the improvement of income receipts have been requested. An algorithm for assessing financial risks of the enterprise on the basis of the analysis of the sensitivity of cash flows was developed. The article offers suggestions on the optimal way of assessing financial risks in small business. As a result, it is noted that the management of financial activity in the sphere of small business is one of the main tasks of risk management of the enterprise. However, the financial management system of such a business activity has its own specifics and for ensuring the development of the business it has to be extensive.