AN INTEGRATED APPROACH TO RISK MANAGEMENT IN PROJECT MANAGEMENT: FROM IDENTIFICATION TO RESPONSE

Abstract

The article examines the role of risk management in the successful implementation of projects, focusing on the importance of an integrated approach to identifying, assessing, monitoring, and responding to risks. The article provides a theoretical substantiation of the essence of risk management and identifies the main components of risk management. The article highlights how proactive risk management can reduce the negative impact of threats on individual project components while maximizing opportunities to achieve strategic goals. Emphasis is placed on the integration of risk management approaches into all stages of the project life cycle to ensure its effectiveness. It has been studied that enhanced risk identification and continuous monitoring and control helps to minimize their occurrence. It has been determined that the application of an integrated approach to risk management in project management allows identifying, assessing, and analyzing potential risks at an early stage, which reduces uncertainty and increases the predictability of tasks and ensures the stability of project processes. It has been established that the development of a detailed risk management plan optimizes resource allocation by focusing on key threats and opportunities, which avoids cost overruns and reduces delays in the implementation schedule. Response strategies (avoidance, mitigation, transfer) reduce the likelihood of threats or their impact on the project, which helps to avoid significant financial losses and disruptions in implementation. An integrated approach helps to avoid risks and identify opportunities to strengthen the project, such as the introduction of innovation, partnerships, or technology improvements. The article analyzes the importance of the role of all stakeholders in the risk management process, which ensures better coordination, division of responsibilities, and increased communication. Projects that integrate integrated risk management have a higher chance of achieving the planned scope, timing, cost and quality, as well as ensuring compliance with organizational goals and customer expectations. The author proposes to use an integrated approach to risk management, especially in the context of enterprises' adaptation to unstable conditions, which will increase their competitiveness and sustainability.