No Paper Title Author Name Page No

CLASSIFICATION OF RISKS 
BY FACTORS
 
OPERATIONAL 
 
CREDIT 
 
MARKET 

---

86
A
MERICAN Journal of Public Diplomacy and International Studies
www.
 grnjournal.us 
 
consequences by the subjects of legal relations due to the occurrence of adverse events naturally 
associated with various prerequisites…” [12] factors); 

risk associated with regulatory institutions (such a risk can be defined as the probability 
of an undesirable event occurring, caused by the irrationality of institutions, the imperfection of 
the institutional environment, in particular, some scientists [13], considering such a risk, have in 
mind the volatility and irrationality of regulatory policy). 
As noted earlier, the last four risks do not appear in all scientific developments. Thus, the 
risk associated with the regulatory institutions of the state is most relevant for economic entities, 
so it is more common in areas related to such activities. 
Today, many scientists have a simplified view of the structure and parameters of risk. In 
this context, it should be emphasized that, despite the long study of risks, there are currently no 
generally accepted criteria that allow them to be systematized and classified. Nevertheless, the 
theoretical results of the risk study make it possible to identify common features of risks and 
present their typology. 
Research methods. 
The unity, integrity and structural and functional complexity of the 
risk transfer system in insurance activities, risk management and riskology requires an adequate 
approach that would ensure the appropriate perception and study of the object, its functioning and 
development. There are numerous approaches that are characterized by different conceptual 
models, mathematical tools, starting positions. 
Classifying approaches according to various criteria, they distinguish systemic, conceptual 
and aspect [14]. With the aspect approach, the choice stops at one facet of the problem. The 
conceptual approach involves the preliminary
 
development of a set of key provisions that 
determine the general direction, architectonics and continuity of the study. The systemic approach, 
however, reflects a higher level of research methodology and requires the maximum possible 
consideration of all structural (factorial) aspects of problems in their interconnection and integrity, 
highlighting the priority and essential, determining the links and interaction between the 
components, characteristics and properties of the elements of the system and subsystems as a 
whole.