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In recent decades, risk management is actively developing and in our time is theoretically considered as an independent scientific discipline, and in the practice of management is implemented as a separate direction of management activity integrated into the management system of the organization. Unfortunately, in Ukraine, as before, the concept of traditional risk management is largely outdated, focused on fragmented and episodic risk management. However, in the practice of management of foreign corporations began to be widely used the concept of acceptable risk, which has a higher efficiency.

The emergence of the concept of acceptable risk occurs in the last decades of the XX century. The essence of the principle of acceptable risk is that risk factors due to the actions of managers are reduced to an economically appropriate level. At the same time, the risk management process is integrated into the general management process of the organization in order to ensure maximum stability of all activities, maintenance of aggregate risk in the specified development strategy of the organization.

The main purpose of realization of the principle of acceptable risk is to find the optimal relationship between risk and profitability on the scale of the whole company. This approach in the organization of risk management requires comprehensive and simultaneous management of all risks. It must be accepted and approved by the highest management, and then communicated to each employee of the corporation as a mandatory element of performing labor, financial, economic and management activities [2; 5].

A necessary condition for adopting the concept of acceptable risk in a corporation is the so-called "revolution in minds," during which there is a revision of the traditional among managers the idea that the purpose of risk management is to avoid or minimize acceptable risk. The realization that "evil is not a risk in itself, but only the risk that is incorrectly assessed, mismanaged or undesirable" [4] has become a major subjective preconditional revision of the doctrine of traditional risk management and the emergence of an alternative conceptual approach to risk management.

The objective reasons for the formation of the concept of acceptable corporate risk include:

- a sharp increase in the scale and speed at which crises, bankruptcies, emergencies and other risky events appear and spread;

- active development of the market of derivative financial instruments associated with the receipt of speculative profit and repeatedly exceed the total volume of goods and services produced at its cost;

- widespread development of telecommunications tools that allow investors to conclude transactions in real time and contribute to the emergence of a complex of risks associated with the conduct of electronic trade [7];

- expansion of the globalization of the world economy, in which national economies are affected by socio-economic crises occurring on the territory of other countries;

- weakening of state regulation in the main sectors of public reproduction, which makes enterprises independently find a way out of difficult economic situations;

- growing competition in the markets of goods and services, improvement of legislation in the field of consumer protection;

- a significant change in the organizational structure of corporations as a result of reengineering, mergers, acquisitions and other forms of reorganization;

- change of natural - climatic conditions of human life;

- expanding the sphere of private entrepreneurship, increasing the freedom of trade and investment, generating new varieties of corporate risk;

- growth of social tension of business, exacerbation of contradictions between the interests of different participants in the activities of corporate enterprises, increase in the number of conflict situations in the management process.

Implementation of the principle of acceptable risk in the corporation involves the concentration of efforts in the following areas:

1. Identification of risks in the context of the main directions of the corporation's activities, most of all regarding the implementation of production programs and investment projects. At the same time, there are those adverse events that can cause economic and (or) social damage to businesses. The answers to the questions that, when and why may come risky events in the activities of the corporation [9].

2. Analysis and assessment of corporate risks. This procedure involves determining the probability of occurrence of risks and assessing their consequences for the corporation. It is necessary to identify what risks can be attributed to acceptable, and which - to unacceptable, as well as to assess the degree of impact of risks on the results of the production and economic activity of the corporation.

3. Development of measures to reduce the value of corporate risks to an acceptable level. Managerial actions at this stage should be complex and long-term in nature, ensure a decrease in the likelihood of risky events, help reduce the magnitude of negative consequences of risk, and provide for the practical application of various procedures and methods for reducing risk.

4. Ensuring the control of selected procedures and methods of risk management in the corporation. It is necessary to document the planned risk indicators and measures to ensure them, as well as the appointment of managers responsible for the implementation of certain risk-reducing measures [12].

What procedures of exposure to risk are used in the process of implementing the concept of acceptable risk?

The first procedure is risk evasion, aimed at avoiding risky activities, associated with the refusal to develop risky management decisions.

The second procedure of risk management is its transfer, translation. This procedure is implemented by transferring liability for risk to other legal entities or individuals.

The third procedure is to reduce the adverse impact of risk on the results of the enterprise. It involves the development of a variety of measures to reduce the frequency of risky events and the amount of losses from them.

The fourth risk management procedure includes risk prevention, which is associated with the forecasting of possible risks in the future activities of the enterprise and the development of preventive measures to compensate for the consequences of risk.

Experts of the Federation of European Risk Managers Associations (FERMA) justify the feasibility of implementing the principle of acceptable risk in the organization by creating favorable opportunities to increase the degree of adaptability of the organization to change environmental factors and increase the capitalization of its value.

The positive effect of reducing the amount of risk to an acceptable level is formed by [2]:

- a strategic approach that allows you to plan and carry out long-term activities of the organization;

- improving the decision-making process by understanding and studying the structure of business processes occurring in the environment of changes, potential opportunities and threats to the organization;

- contribution to the process of the most effective use of resources and placement of the organization's capital;

- reduction of the degree of unknown critical aspects of the organization;

- protection of property interests and improvement of the company's image;

- training of employees and raising their awareness of risks in the organization;

- optimization of business processes operating in the organization.

The principle of acceptable risk has a certain specificity associated with the peculiarities of the goals, subject, object and risk management mechanism. Therefore, the practical implementation of the concept of acceptable risk entails a number of significant changes in the management process of the corporation. This is reflected in the basic principles on which the process of implementing the concept of acceptable risk in a corporation is based.

Principles of implementation of the concept of acceptable risk in the corporation:

1. Use of risk management tools at the stage of development of the company's development strategy. It is important to understand that as the company develops, the level of appropriate risk should be revised if necessary. At the same time, the growing threat to the vital activities of the organization as a result of changes in the external and internal environment can cause a revision of the development strategy up to the closure of some business areas or redeployment of the organization's activities [11].

2. Application of the "portfolio approach" to determine the optimal ratio between the amount of capital raised and the risk taken. This approach allows us to consider the company as a set of interconnected business types characterized by different ratios of expected profitability and risk, and also makes it possible to apply the tested models of diversification of the investment portfolio in order to maintain the total corporate risk in economically feasible limits.

3. Comprehensive risk accounting when making decisions in three main areas of corporate governance: strategic planning, pricing for products and services, evaluation of the results of the heads of structural departments and top management of the company [6].

4. Bringing corporate values and priorities in the field of risk management to the attention of employees involved in the decision-making process at all levels of the management hierarchy.

5. Formation and systematic maintenance of sufficient level of competence of core staff, managers, top management of the company in matters of identification, assessment and risk management.

6. Quantitative assessment of the company's aggregate risk with further decomposition by certain risk types, business portfolios and activities.

7. Creating a corporate risk management service to control and coordinate activities in the field of risk management.

8. Development of criteria appropriate for the company risk. The introduction of risk management should not provide an exception or reduction of risk to any size, but correspondence to its acceptable, appropriate level depending on the peculiarities of the financial economic activity of the company in a certain period of time [3].

9. Creation of infrastructure of risk management system. It is necessary to develop methods of risk analysis, technologies and regulations of risk management, technical and information systems, data warehouses about risky events and other elements of infrastructure that ensure the implementation of the risk management system in the organization.

10. Obligatory participation of the company's top management in the process of development, implementation, monitoring of the results of the functioning of the risk management system. The practice of management shows that in all cases of successful implementation of integrated risk management systems, the initiators and active participants of this process were top managers of the organization.

In the applied aspect, the concept of acceptable risk has a number of practical areas of application. Below is their approximate list:

- justification of changes in business activity;

- analysis of consumer requirements to assess the possibility of their implementation;

- design and development of new products;

- asset management and allocation of resources in the organization;

- strategic, operational and budgetary planning;

- quality management of performed business processes and products;

- ecology and environmental protection;

- information and innovative security of the organization;

- social aspects of interaction with the public, the population, public authorities and management;

- human resources and human capital management;

- management of investment and innovation projects;

- ensuring the life of the organization in case of force majeure and emergency [8].

Thus, the application in the practice of corporate governance of the concept of acceptable risk will allow to consider the possibility of reducing the level of "start" risk to its economically appropriate "final" value, improve coordination of procedures for taking risky management decisions, provide a current and promising assessment of the impact of aggregate risk on the final financial results of the corporation.