RISK-ORIENTED PRINCIPLES OF FUNCTIONING OF THE ACCUMULATIVE PENSION PROVISION SYSTEM

Abstract

The article investigates the impact on the pension system of a significant number of risks of a macro-, mi-cro-, and local nature. In order to balance the needs of stakeholders, risk management in the accumulative pension system should take into account the possibilities of minimizing pension costs for contributors and minimizing the risk of reducing payments to beneficiaries. The purpose of the article is to substantiate the theoretical foundations and develop practical recommendations for the implementation and functioning of the accumulative pension system based on the use of a risk-oriented approach. It was noted that for the effective functioning of the cumulative pension system, it should have established mechanisms for identification, monitoring and control of investment, operational and management risks, a clearly adjusted internal reporting and audit mechanism, citizens of retirement age - additional opportunities to ensure the appropriate level and quality of life. During the study it was determined that the formation of the key princi-ples of risk management in the accumulative pension system should be considered in the context of the interrelationship of the risks of the administrative component of the system, the influence of factors of the external environment that are integrated into the risk management process, the target orientations of which are the minimization of pension costs for contributors and the minimization the risk of reducing payments to beneficiaries. It is substantiated that the main prin-ciples of risk management of the accumulative pension system should be: adaptability, flexibility and dynamism, effi-ciency, relevance, social orientation, integration. Directions for improving the risk management system of accumulative pension provision are formulated, which are based on the development of mechanisms, incentives and the latest risk management technologies. Further research in this direction should relate to the development of methodological ap-proaches and models for quantitative and qualitative assessment of risks in the system of accumulative pension provi-sion, innovative approaches to their monitoring, control and minimization.