Enterprise Risk Management and the Impact on Business Sustainability

Abstract

The study aims to analyse modern approaches to risk management in enterprises' activities, establish their relationship with financial, operational and strategic stability, and develop recommendations for introducing innovative digital tools to increase business sustainability in an unstable external environment.

Methods. The study uses a comprehensive scientific approach, including system analysis and comparative analysis of modern approaches to risk management methods. Statistical methods of analysis based on data on global risks and trends in risk management were used to assess the effectiveness of digital tools. Particular attention was paid to analyzing the impact of digital technologies on the effectiveness of risk management, studying their integration into business processes, as well as developing practical recommendations regarding the stages of selection, pilot implementation, staff training, monitoring effectiveness, and adapting digital solutions to the specifics of enterprise activities.

Results. The study identifies the main advantages and disadvantages of traditional, innovative, integrated risk management methods.

It is established that financial, operational and strategic stability are interdependent factors that affect the overall sustainability of enterprises. An analysis of current practices has shown that using digital tools significantly increases the efficiency of risk management by reducing the time to respond to crises and improving the transparency of business processes. The proposed recommendations for integrating digital technologies cover the stages of technology selection, launching pilot projects, staff training, and performance monitoring.

Conclusions. The results confirm the importance of using digital technologies to improve risk management and ensure business resilience. However, further research should focus on integrating ESG approaches into the risk management system and adapting digital tools to the needs of small and medium-sized enterprises. Promising research areas include the development of adaptive risk management models that consider the current challenges of the business environment.