FEATURES OF RISK MANAGEMENT INTEGRATION INTO THE ENTERPRISE MANAGEMENT SYSTEM

Abstract

Entrepreneurial activity today is characterized by a high degree of uncertainty and risk. The emergence of the COVID-19 pandemic, as well as the martial law in Ukraine gave impetus to intensify the introduction of risk management in the enterprise management system. After all, building an effective system to counteract all possible risks and threats should help the management and staff of the enterprise to adapt more quickly to the new requirements of the time, changes in the external and internal environment. Countering and preventing risks are a complex process that requires management to have key competencies, as well as critical, creative thinking to create alternatives to reduce negative impact of the risks on the enterprise. The risk management system is usually interpreted as a set of methods, techniques and measures that help to predict the occurrence of risky events, to take measures to avoid or reduce the negative consequences of their occurrence. We consider it appropriate to expand the approach, as the risk management system should be integrated into the overall management system of the enterprise. Each department in the company must understand all the risks and threats that may stop the goals and objectives, or stop the business process in general, and have appropriate algorithms for action in each of the situations that arise in the business activities of the enterprise. It should be noted that most risks and threats are unified and recurrent, they arise due to objective or subjective factors, which is why the enterprise’s management must develop specific clear rules for responding to any known or unknown situation. The objectives and goals of the risk management system can be transformed with the process of developing and improving the risk management system. At least once a year, the tasks and objectives of the risk management system are reviewed and monitored for their relevance, feasibility and compliance with the current level of risk. Indicators are reviewed to determine the stage of development of the enterprise. Risk management should be aimed at ensuring the achievement of strategic goals of the enterprise, ensuring economic security and continuity of its development with integration into the management decision-making process. Since the main advantage of the risk management implementation is the effective management of business processes, rapid adaptation to change, strengthening the enterprise’s position, development of production capacity and operations. Only with the interaction of management at different levels of government, timely provision of information to all departments with rapid response to various events, will ensure sustainable development of the enterprise and contribute to the achievement of all goals.