2021 development issues of innovative economy in the agricultural sector

Ibragim Mamadievich GANIEV
2 
 
 
Abstract 
For the first time, 
the concept of “risk management" in relation to the business sector of human 
activity was formed in the insurance business, and later in the stock market. Management as a 
management science has brought to the field new knowledge insights into how the risk 
management process should be organized. The concept of "risk" is vaguely defined and often 
depends on the context in which it is used. In its most general form, risk can be defined as a potential 
risk. 
Keywords:
Risk assessment, successful trading, management, production risk, external risks, 
credit relations, specific industries. 
1
Researcher of Samarkand Branch of Tashkent State University of Economics, UZ
E-mail:
 
[e-mail]
 
2
Scientific advisor, PhD, Associate Professor of Samarkand Branch of Tashkent State University of Economics,UZ 
E-mail: 
[e-mail]
 

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30 
 
 
“DEVELOPMENT ISSUES OF INNOVATIVE ECONOMY IN 
 
THE AGRICULTURAL SECTOR”
 
International scientific-practical conference on March 25-26, 2021. 
Web: 
http://conference.sbtsue.uz/uz
 
 
1.0
 
INTRODUCTION 
Risk management processes. Risk management involves four main processes: identification, 
analysis, planning, and risk management. Risk identification is the first step in the risk management 
process. This step identifies and describes the risks that may occur during project implementation and the 
relationship between the risks. 
Identified risks are divided into groups (financial, technological, political, professional, force 
majeure, etc.). At the analysis stage, a risk assessment is performed. It calculates the probability of risks 
and the damage they can cause and sets risk limits. After that, the risks are grouped according to their 
importance and the most important of them are highlighted, which are carefully monitored throughout the 
life of the project [1].
After identifying and analyzing the risks at the planning stage, measures will be developed to 
prevent and mitigate their consequences if they occur. Relevant documents include a description of the 
actions to be taken to respond to the occurrence of each potential problem and a list of persons responsible 
for taking appropriate action to neutralize them. The task of the control phase is to monitor the identified 
risks.
During the project process, new risks may be identified or the extent of their impact on the project 
may change. Risk management is therefore a closed cycle in which control is again the identification phase 
and thus continues until the end of the project. Risk management is an important part of successful trading. 
Effective risk management requires not only careful monitoring of the amount of risk but also a strategy to 
minimize losses. 
Use certain methods to manage risks. Appropriate organizational and technological measures will 
be developed to reduce production risk (for example, non-fulfilment of planned indicators on product 
volume and quality), including current and operational planning system, quality management system and 
other similar measures in the enterprise aimed at creating a system that excludes execution timely and 
appropriate product quality of the planned targets. 
Adequate measures are being developed to reduce other risks, the main criterion of which is their 
effectiveness, the ratio of the result (decrease in loss or increase in profit) to the cost of their 
implementation. The main problem of risk management in the foreign economic activity of the enterprise 
is the management of external risks, the occurrence of which does not depend on the efforts of enterprises.
The following groups of methods can be distinguished to reduce the losses that may occur as a 
result of these risks: insurance, hedging as a method of using futures contracts and options traded on the 
stock exchange.