In the context of continuous crises that have occurred in the last decade, effective solutions to reduce risks and introduce effective controls into the financial management process in commercial organizations are extremely important. In order to give a new impetus to sustainable economic growth, it is necessary to prioritize the implementation of large-scale reforms, the difficult fiscal situation in a large number of countries, the problems associated with a decrease in the solvency of commercial organizations in the real sector of the economy also require a comprehensive regulatory solution. The main purpose of this article is to offer solutions for controlling financial risks, in particular, for predicting the risk of insolvency, in the context of new ideas of financial management. Alternative methods for assessing the financial condition of commercial organizations, which also include the assessment of solvency, are based on more complex calculations, algorithms and the principle of joint application of a number of methods. From this point of view, a number of researchers in modern conditions prefer cluster analysis. A new approach to assessing and predicting insolvency risks, proposed as a scientific innovation, provides an opportunity to implement new progressive ideas of financial management in commercial organizations
