Leyla Magomaeva, Olga Razina
The purpose of the present paper is to define the aspects of the development of a complex system of COVID-19 risk management for financial institutions in the context of efforts to build up remote service channels. The study period covers 2019-2020. Data on the largest credit and financial institutions in Russia were used as an empirical basis. In the course of the study, the COSO ERM methodology "Organization risk management – an integrated model" was used, supplemented and expanded by the mechanism for controlling the balancing of customer distribution. A comprehensive analysis of the FATF standards was carried out to identify the COVID-19 risk system, which made it possible to combine the schemes of committing unlawful actions in relation to customers and directly the credit and financial institution itself. The understanding of the reasons and consequences of changes in the economic environment, financial behavior of clients, signs of increased risk concentration, and programs for additional compliance control of COVID-19 risks in the credit and financial sector was expanded. Based on the analysis of scientific and business literature, non-specific risks were identified, a characteristic feature of which is their localization in the field of digital technologies and the remote customer service channels created on their basis. The author's research shows that the attainment of maximum effectiveness in the adopted system of COVID-19 risk identification at a multi-branch financial institution involves the analysis of events and sources down to the level of individual operational and business processes with a subsequent evaluation and prioritisation of potential threats subject to: systematisation of risk indicators and materialisation patterns; identifying the most vulnerable operational and business processes affected by the risk; identifying the methods to control and manage the risk; determining risk concentration levels and its further balancing in the established compliance procedures and internal reporting. Practical results are presented, conclusions are formulated, and proposals are made for the development of promising areas of countering COVID-19 risks for organizations in the credit and financial sector.