STRENGTHENING ECONOMIC SECURITY OF ENTERPRISES THROUGH STRATEGIC RISK MANAGEMENT IN UNCERTAINSY
DOI:
https://doi.org/10.31891/mdes/2023-9-25Keywords:
safe economic activity, risk, enterprise, system of economic security, principles, objects of protection, ways of neutralizing risks, reputation, ESG indicators, sustainability, economic growthAbstract
The priorities of the strategic management of the enterprise's economic security by ensuring sustainable economic development and reducing the ecological burden on the environment in the context of the current state of Ukraine's economy are considered. Economic and socio-political factors are analyzed, highlighting the basic principles that lead to crisis situations. It is proposed to constantly monitor and analyse risks, which is an essential and timely mechanism of anti-crisis management. The complex and protracted nature of the enterprise's risk system requires appropriate tools for their identification and assessment, which considers the need to review the strategic directions of diagnosis and analysis of relevant information for management decision-making. Particularly relevant in our publication is the development of approaches to the comprehensive assessment of the risks of the existence and effective operation of enterprises that are adequate to modern socio-economic requirements.
A wide range of economic risks arising in the process of economic activity was analyzed, and measures were developed to reduce their impact on the performance indicators of the enterprise. An analysis of the existing risks was carried out, among which the following were highlighted: market risks, risks of an unstable situation in the country, a change in the competitive environment, force majeure situations at the enterprise, reputational and environmental risks, and an increase in resource prices. Methods of enterprise risk management to minimize or neutralize their negative impact, actions, and measures that make it possible to prevent the impact of risks on enterprise activity are proposed. In today's conditions of instability, the company is offered to develop a set of strategic measures and principles that must be followed for production and economic activity to be effective. Economic security strategy should be focused on overcoming the risks caused by military aggression and equalizing economic advantages, namely, finding centres of growth and managing access to global markets with the help of responsible investments in Ukraine's economy. The above measures are recommended for implementation in the company's strategy, which will optimize the structure and management process and contribute to the growth of the value of organizations. Ignoring IDE principles entails significant reputational risks for organizations and lost opportunities to engage partners and team members focused on sustainable development. The conducted research creates the basis for further improvement of the enterprise risk assessment methodology and its implementation in the management system of actual risks when enterprises carry out their economic activities within the framework of a preventive approach.
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