Аnalysis of enterprise risk management strategies in modern conditions

Abstract

The article is devoted to topical issues of enterprise risk management in the current uncertain environment. The process of enterprise risk management has developed heterogeneously around the world, although it represents a leading paradigm that supports organizations in developing, assessing and managing risks at the enterprise level. Enterprise risk management is the foundation for organizational risk management. Organizational risk is a broad concept. It can cover a variety of issues, ranging from ensuring employee safety and protecting confidential data to complying with legal regulations and stopping financial fraud. The article analyzes the main risk management strategies developed to strengthen organizational resilience and drive sustainable success and growth of an organization in an unstable environment. The terminology of enterprise risk management is defined and the author's definition of the term “risk management” is given, taking into account modern realities and business virtualization. The main strategies of risk management in modern conditions are defined and analyzed. It is concluded that all organizations, regardless of industry or market, are exposed to various risks that may have negative consequences. In today's complex economy, organizations face numerous variables that affect various aspects of their operations. As a result, effective enterprise risk management is essential to navigate the changing risk landscape. The study makes it possible to understand that, as events such as the pandemic, the decline of many economies and the rapid rise in interest rates have shown, even a strong business can be destroyed. A thorough, well-designed enterprise risk management program can help avoid financial losses, reputational damage, non-compliance and legal liability.