Year: 2024
Type: article
Abstract: A modern enterprise management system should include risk management as a fundamental component in order to remain competitive and sustainable in an uncertain and highly dynamic environment. This study examines how important it is to incorporate risk management into an organization's operational and strategic management. The comprehensive process of identifying, assessing, analyzing and minimizing risks is part of risk management, which reduces the likelihood of crisis situations and increases the effectiveness of management decision-making. Analytical methods, expert assessments, and quantitative methods such as modeling and scenario analysis are among the strategies and tactics used to identify, assess, and manage risks. Risk management practices in Russian business are also considered, with an emphasis on the most popular methods and areas that need improvement. The results of the study emphasize the need for a comprehensive risk management strategy, which includes the introduction of modern technologies, staff training and the formation of a risk management culture to ensure long-term sustainability and business success.
Source: Moscow Economic Journal
Institution: Kuban State Agrarian University
Language: English
Field: Decision Sciences
Domain: Social Sciences
Open Access status: bronze
OpenAlex ID: W4405320065