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Classification of Financial Risks in Polish Modern Forestry

Michalski Krzysztof, Wieruszewski Marek, Starosta-Grala Monika, Adamowicz Krzysztof

Drewno : prace naukowe, doniesienia, komunikaty

2023

Vol. 66, nr 212

Art. no. 177426

Modern forest management requires a well-founded knowledge and understanding of all the risks involved in forest management. It requires a wealth of information not only on natural hazards, but also related to the financial aspect of running a business. The most important activity in the risk management phase is to identify all the known risk areas, and on this basis, to determine the appropriate classification of risks accompanying the activities of the entity in question, taking into account the various categories of risk division. In forest management, the global risk of activities should be considered in terms of two main risks: operational risk (including natural and anthropogenic factors), and financial risk, which, in simple terms, is the consequence of decisions and economic processes in an entity's area of activity. Considering the impact of the production factors that affect the results of the activities carried out, it should be emphasized that forest management has a specific distribution of standard production factors. The forest stand plays the role of both a production resource and an object of production, and in the final analysis, represents a production effect. Any consideration of financial risk management in forest management should be carried out based on long-term analytical data series. Another factor for forests under state management is the various functions that forest management performs. Taking into account the ownership criterion cited earlier, it needs to be emphasized that the weighting of individual financial risks may vary depending on the ownership structure of forests in a given country and taking into account the ownership share of forests in the timber sales market. In conclusion, it was pointed out that, unlike other industries, financial risk management in forest holdings can be disrupted by the function of forests, as well as the strong influence in the long term of natural phenomena that have a significant impact on determining the types and ordering the degree of significance of individual risks in the process of identifying them.