FOREIGN EXPERIENCE IN ASSESSING THE EFFECTIVENESS OF RISK MANAGEMENT IN BUSINESS MANAGEMENT
Abstract
The article examines international experience in evaluating the effectiveness of risk management in enterprise operations. Given the volatility of the global economic environment, technological shifts, and geopolitical risks, the implementation of strategic risk management is essential. The study highlights the need to adopt globally recognized standards such as ISO 31000, COSO II ERM, and FERMA, which provide structured frameworks for the identification, assessment, control, and monitoring of enterprise risks. These standards are widely used in developed countries and assist businesses in embedding risk analysis into operational and strategic levels. The research addresses the development of risk-based management in Ukraine, especially during crises like the COVID-19 pandemic and the full-scale war that erupted in 2022. The experiences of these events revealed the necessity for robust systems capable of responding to unexpected challenges and minimizing potential damage. Enterprises with mature risk management practices were better equipped to navigate disruptions and sustain performance. A major outcome of this study is the development of a comprehensive and adaptive model for risk analysis that integrates qualitative and quantitative approaches. The model includes identification of risk types, loss estimation, control implementation, breakeven analysis, sensitivity testing, scenario planning, and simulation modeling. These elements contribute to a deeper understanding of risks and their financial implications. Additionally, the article explores the role of cross-departmental collaboration, internal data exchange, and coordinated decision-making, which together enhance risk response agility. The proposed model is versatile and can be implemented across diverse industries. It improves forecasting accuracy, supports proactive risk management, and enables Ukrainian companies to align with international standards and enhance their global competitiveness.
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