Actual problems of innovative economy and law

Journal "Actual problems of innovative economy and law" is included in category B for specialties: in the field of knowledge "Management and administration": 073, 076 (order of the Ministry of Education and Science of Ukraine dated 23.08.2023 No. 1035) and 071, 072, 075 (order of the Ministry of Education and Science of Ukraine dated 12.20.2023 No. 1543); in the field of knowledge "Social and behavioral sciences" 051 (order of the Ministry of Education and Science of Ukraine dated August 23, 2023 No. 1035); in the field of knowledge "Law" - 081 and "Public management and administration" - 281 (order of the Ministry of Education and Science of Ukraine dated 12.20.2023 No. 1543).
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Integration of risk management systems to ensure enterprise security and competitive advantages

# 4 20-26 Download/view the full text of the article

УДК: 65.012.7:658.5

DOI: https://doi.org/10.36887/2524-0455-2024-5-4

Horobko Roman,
PhD student,
State Biotechnological University,
https://orcid.org/0009-0008-0240-4937

In today’s world, where the level of uncertainty and the number of risks is constantly increasing, the issue of security is becoming highly relevant to organizations in various industries. Integrating such systems into the organization’s structure ensures an effective response to risks and is essential to modern management. The paper examines the main approaches to integrating risk management systems that allow organizations to respond to potential threats promptly. Special attention is paid to the security mechanism, which guarantees promptness and efficiency of actions in response to identified risks. It is essential that the integration of risk management systems not only reduces risks but also contributes to increasing the efficiency of the company’s activities in conditions of rapid changes. Various approaches to risk management were considered during the research. Special attention is paid to strategies focused on risk management, including preventive measures and rapid response mechanisms. Preventive measures are vital to preventing risks from occurring or reducing their impact. For example, it can introduce new technologies or improve internal processes to minimize potential technical failures.

On the other hand, quick response mechanisms allow us to quickly solve the problems that arise, minimizing the negative consequences. The paper proposed an integrated risk management system covering all levels of organizational management — from strategic to operational. This concept allows you to create a holistic security system considering long-term strategies and current operational processes. Integrating risk management at different levels ensures a balance between safety and economic efficiency in the decision-making process. Based on the analysis of the best risk management practices, several recommendations were developed for implementing adequate security mechanisms. The main emphasis is on adapting generally accepted methodologies to the specific conditions of each organization’s activity. In addition, it was recommended that risk management policies and procedures be developed and implemented to provide a unified approach to identifying, assessing, and responding to risks. The study results showed that the effective integration of risk management systems allows for a significant reduction of the level of risks and ensures the stable functioning of the organization even in conditions of high uncertainty.

Keywords: integration of risk management systems, security mechanism, risk monitoring, risk management, risk identification, risk minimization, automated systems, organizational security, preventive measures, crisis situations.

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The article was received 05.08.2024

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Horobko Roman. 05.08.2024. Integration of risk management systems to ensure enterprise security and competitive advantages. The journal "Actual problems of innovative economy and law". 2024 / #5. 20-26pp. https://doi.org/10.36887/2524-0455-2024-5-4

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Horobko Roman. "Integration of risk management systems to ensure enterprise security and competitive advantages". The journal "Actual problems of innovative economy and law". 05.08.2024. https://doi.org/10.36887/2524-0455-2024-5-4

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