EFFECTIVE BUSINESS COMMUNICATIONS AS A STRATEGIC COMPONENT OF ENTERPRISE RISK MANAGEMENT

Abstract

The article presents the arguments for new methodological and theoretical provisions of business communications analysis. They are a strategic part of enterprise risk management. It is emphasized that the role of business communications is special in wartime. The inaccessibility of individual employees due to their remoteness, inconsistency of communication messages among management, lack of effective communication tools, and a large number of communication channels create additional risks for doing business during wartime. The author’s understanding of the signs of ineffective communication is presented. The author considers the cause-and-effect relationship between ineffective communication and the emergence of various types of risks. It is proved that the impact of business communications on strategic risk management is manifested in multiple aspects: risk information, early risk diagnosis, risk perception, planning and strategy, stakeholder engagement, staff training, internal control, crisis management. The author proposes and substantiates the improvement of the efficiency of business communication in risk management through various strategies. The general scheme of development of the enterprise communication strategy is formed in successive stages: analysis of the current state, definition of goals and audience, selection of communication channels, development of strategy and budgeting, implementation of strategy and monitoring, adaptation and improvement. Each stage has its sub-stages. It is concluded that external and internal communication plays a vital role in business. Regular consultations and communications with stakeholders help identify new risks and monitor identified risks. Business communications should be based on ESG approaches. In today's environment, consumers, investors, and business partners make decisions about cooperation with a particular company based on an assessment of its environmental and social responsibility performance, as well as the development of the company’s management culture and its projects. The role of the leader is particularly important in ensuring the effectiveness of business communications. The study’s findings allow enterprises to take advantage of effective business communications and improve their risk management activities.