RISK MANAGEMENT AS A TOOL FOR MANAGING THE ACTIVITIES OF BUSINESS ENTITIES

Abstract

The article is devoted to the study of the importance and efficiency of risk management in modern business. The authors systematize the main aspects of risks that arise in enterprises, as well as analyze the role of risk management in their effective management. The article focuses on how risk management can help reduce costs, increase competitiveness and ensure sustainable development of enterprise. Key methods and strategies of risk management, such as identification, assessment, control and minimization of risks, as well as informed decision-making based on the analysis of probable consequences, are explored. The article also discusses current trends in the field of risk management, in particular, taking into account the impact of digitalization and technological innovations on the risks faced by enterprises. The authors draw attention to the importance of adapting risk management strategies to rapidly changing market conditions and high technological rates of development. The article offers specific recommendations for the implementation of effective risk management models in enterprises of different sizes and are aimed at ensuring adaptability and response to unforeseen circumstances. In addition, examples of successful application of risk management in modern enterprises in various sectors of the economy are considered, demonstrating its powerful impact on increasing sustainability and ensuring long-term success. The article provides a comprehensive overview of the importance of risk management as a strategic tool for managing economic risks, emphasizing its critical role in ensuring the stability and sustainable development of enterprises in the modern business environment. The conclusions of the article emphasize the importance of introducing a risk management system at enterprises to ensure their sustainability and success in the global economic environment. It was concluded that risk management at the enterprise is a dynamic process that should ensure a timely response to the occurrence of certain events or the formation of circumstances in conditions of uncertainty and allow the formation of a number of alternative response options for the implementation of an operation, a project or a certain type of activity depending on the set goals.