Risk in management decisions of the modern organization and methods of management of this risk

Authors

Keywords:

organizational culture, artificial intelligence, proactive, risk management

Abstract

In the dynamic and unpredictable environment of modern business, risk management has become a critical component of organizational success. The study examines the various types of risks faced by modern organizations, including financial, operational, strategic and reputational risks, and emphasizes the importance of integrating risk management into decision-making processes. The paper emphasizes the need to create a structured risk management system that includes identification, analysis, assessment, mitigation and monitoring. It is emphasized that the effectiveness of these stages largely depends on the professional skills and experience of the staff, as well as on a favorable organizational culture that encourages transparency and continuous improvement. Key risk management techniques such as quantitative and qualitative risk assessment tools, scenario analysis, and the use of advanced technologies such as artificial intelligence and machine learning are discussed. The study also discusses the role of risk management committees and the importance of establishing a risk-aware culture in an organization. By taking a proactive approach to risk management, organizations can not only mitigate potential threats but also identify opportunities for growth and innovation. The document concludes that effective risk management is not only about avoiding or minimizing risks, but also about making informed strategic decisions that contribute to organizational resilience and competitive advantage in an increasingly complex and changing business world. This paper therefore provides a comprehensive overview of the critical role of risk management in modern organizations, presenting practical methodologies and emphasizing the importance of a risk-aware culture. It offers valuable insights for managers and decision makers seeking to navigate the complexities of risk in achieving organizational objectives.

Downloads

Download data is not yet available.

References

Гринько, Т.В. (Ред). (2023). Підприємництво: сучасні виклики, тренди та трансформації: моногр. Видавець Біла К. О.

Стасюк, Ю. М. (2009). Формування економічної культури молодого фахівця. Особистість у просторі культури: Матеріали Всеукраїнського науково-практичного симпозіуму, 24, 100-102.

Kabachenko, D. V. (2017). Pryiniattia upravlinskykh rishen v umovakh nevyznachenosti ta ryzyku [Making management decisions in conditions of uncertainty and risk]. Ekonomichnyi visnyk [Economic Herald], 2, pp. 107-115.

Reshetylo, V.P, & Fedotova, Yu. V.(2020). Nevyznachenist ta ryzyk: spivvidnoshennia poniat ta spetsyfika pryiniattia rishen [Uncertainty and risk: relationship of conceptsand specificity of decision-making]. Ekonomika ta upravlinnia pidpryiemstvamy [Economics and enterprise management], 3(77), pp. 149-154.

Makhun, A.P. (2023). Metody pryiniattia upravlinskykhrishen v umovakh nevyznachenosti [Methods of makingmanagement decisions under conditions of uncertainty]. Biznes. Innovatsii. Menedzhment: problemy ta perspektyvy [Business. Innovations. Management: problems and prospects]: zb. tez IVMizhnar. nauk.-prakt. konf. (pp. 44-45).

Hromtseva, D. K., & Krupskyi, O. P. (2015). Професійна культура і безпека: інноваційний підхід до впровадження в медичному закладі. European Journal of Management Issues, 5, 15–23. https://doi.org/10.15421/191517.

Крупський, О. П., & Стасюк, Ю. М. (2010). Особистість у просторі економічної культури. Особистість у просторі культури: Матеріали II Севастопольського Міжнародного науково-практичного симпозіуму 23 вересня 2010 р. Севастополь: Рібест, 45-46.

Hardy, K. (2014). Enterprise risk management: A guide for government professionals. John Wiley & Sons.

Yatsenko, O., Nitsenko, V., Mardani, A., Streimikiene, D., & Tananaiko, T. (2019). Global Risks of Trade and Economic Cooperation of Ukraine with Countries of the Northern American Region. Montenegrin Journal of Economics, 15(3), 217-225. https://doi.org/10.14254/1800-5845/2019.15-3.16.

Гринько, Т. В., & Гвініашвілі, Т. З. (2014). Економічна сутність та етапи управління змінами на підприємстві. У Гринько Т.В. (Ред). Управління розвитком підприємства в інтеграційних умовах: кол. монографія. (с.142-154.)

Zollo, M., Minoja, M., & Coda, V. (2018). Toward an integrated theory of strategy. Strategic Management Journal, 39(6), 1753-1778. https://doi.org/10.1002/smj.2712.

Krupskiy, O. P. (2014). Organizational culture: nature, types, peculiari-ties of implementation in Ukraine. Economic Bulletin of the National Mining University scientific journal, 45(45), 29-38.

Downloads

Published

2024-06-14

Issue

Section

Project Management and Leadership

How to Cite

Holomozenko, V., & Stasiuk, Y. (2024). Risk in management decisions of the modern organization and methods of management of this risk. Challenges and Issues of Modern Science, 2, 377-381. https://cims.fti.dp.ua/j/article/view/151

Share