Year: 2024
Type: article
Abstract: This paper investigates risk management strategies crucial for maintaining competitiveness in IT firms by utilizing qualitative research and secondary data sources. Given the rapid evolution and complexity of the IT industry, effective risk management is essential for firms to navigate various challenges and sustain their market position. The research explores key risk areas, including cybersecurity threats, regulatory compliance, market adaptation, operational efficiency, financial management, strategic planning, and human resources. By employing thematic analysis, the study identifies and interprets patterns and themes within existing literature, reports, and industry documents. The findings highlight that robust cybersecurity measures, adherence to regulatory standards, continuous innovation, operational optimization, financial stability, strategic alignment, and effective talent management are critical for enhancing resilience and competitiveness. The research contributes to the field by linking risk management practices directly to competitive outcomes, offering valuable insights for IT managers and policymakers. Future research is suggested to explore the impact of emerging technologies and evolving risks on risk management strategies, providing a broader perspective on best practices across different industries and regions. This study provides a comprehensive understanding of how IT firms can leverage risk management as a strategic tool to achieve sustained success in a dynamic and competitive environment.
Authors: Ihor Rekunenko, Andrii Shupik
Institution: Sumy State University
Language: English
Subfield: Strategy and Management
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4403979784