RISK MANAGEMENT AND CONTROL IN THE CONTEXT OF ENSURING THE PERFORMANCE, SECURITY AND SUSTAINABILITY OF DEVELOPMENT

The article is devoted to the development of the concept of integration of risk management and internal control in the context of ensuring the performance, security and sustainable development. The aim is to develop the theory and practice of risk management and internal control based on digital technologies and digital risk profile, the introduction of risk appetite and risk tolerance as a tool for integrating risk management with the processes of strategic planning, value creation and performance assurance. A thesaurus is compiled and the risk management process is considered, which allows to identify the economic meaning of risk appetite and risk tolerance in conjunction with the risk profile and strategic planning. A new digital paradigm of risk management, based on the statement of nonlinearity and arbitrary (not necessarily normal) risk distribution, and a digital method of integral convolution of numbers, which provides the possibility of distributed risk assessment and risk profile construction, are discussed. A digital visualization of risk management and internal control is proposed, reflecting the relationship between the risk profile, risk appetite, tolerance and risk impact strategy, and its advantages are shown on the example of a contract system in the field of public and corporate procurement. Integration of risk management and internal control with strategic planning, cost and performance, its digital visualization, displaying the relationship of risk management with risk appetite and risk tolerance, can become an additional driver of growth of the national economy.