Risk management in financial markets: new challenges and regulatory approaches

Abstract

The relevance of the study is due to the complexity of financial markets, the transformation of the securities market and the stock market, the digitalization of financial services and the strengthening of the role of institutional investors, which changes the mechanisms of financial risk formation and reduces the effectiveness of traditional approaches to their assessment. In these conditions, risks are increasingly often of a delayed and systemic nature, which requires updating risk management practices and regulatory mechanisms to ensure financial stability. The purpose of the article is to provide theoretical and practical justification for approaches to risk management in financial markets, taking into account structural changes in the securities market, the development of the stock market and the transformation of the activities of banks, financial institutions and pension funds in the modern regulatory environment. The research methods were used to analyze the relationships between structural shifts in financial markets and the processes of risk accumulation, as well as to identify delayed and systemic risk effects in the activities of financial institutions and pension funds. The results of the study indicate that the peculiarities of risk formation in financial markets during periods of structural changes have been investigated; a shift in risk from the level of individual financial instruments to the level of financial processes and portfolio decisions has been established; it has been proven that the transformation of financial services blurs the boundaries between financial, operational and technological risks; the role of pension funds as accumulators of long-term and intergenerational financial risks has been revealed. The conclusions are that the limitations of risk assessment methods and the inconsistency of regulatory approaches reduce the preventive potential of risk management and contribute to the hidden accumulation of systemic imbalances in financial markets. The feasibility of transitioning to integrated scenario and process-oriented risk management models has been substantiated. Prospects for further research are related to the development of comprehensive methods for assessing deferred risks, improving macroprudential instruments and deepening the analysis of the role of institutional investors in the long-term redistribution of financial risks.