Business risk management as an element of enterprise crisis management

Abstract

The article examines the processes of managing entrepreneurial risks as a key element of crisis management in enterprises. The object of the study is the system of managing entrepreneurial risks within the structure of crisis management. The purpose of the study is to develop theoretical and methodological foundations and practical tools for managing entrepreneurial risks as a key component of crisis management in enterprises, aimed at increasing resilience to internal and external threats, ensuring business continuity, and forming a flexible development strategy in conditions of economic instability. To achieve the set goals, a variety of established scientific methods were employed throughout the study. Generalization methods were utilized to summarize approaches to the generalization of entrepreneurial risks and to draw conclusions and make recommendations. The logical synthesis method was applied to theoretically justify the importance of establishing an effective mechanism for managing entrepreneurial risks. Additionally, analysis and synthesis methods were used to illustrate the necessity of developing a strategy and mechanism for managing entrepreneurial risks as a component of anti-crisis management for enterprises. Finally, diagrammatic and modelling methods were employed to visually present the research findings and provide a schematic interpretation of the results. Results It has been determined that a mechanism for managing entrepreneurial risks, which dynamically adapts to changes in the internal and external environment, not only mitigates the consequences of adverse events for the enterprise, but also ensures operational stability, rapid recovery, strategic manoeuvrability, and market competitiveness. Business risk is an objective and integral attribute of economic activity in an unstable economy, which requires the formation of a systematic approach to its identification, analysis, assessment, and neutralization. It has been determined that a mechanism for managing entrepreneurial risks, which dynamically adapts to changes in the internal and external environment, provides the enterprise not only with mitigation of the consequences of adverse events, but also with the formation of operational stability, the ability to recover quickly, strategic manoeuvrability, and market competitiveness. Conclusions. Entrepreneurial risk is an objective and integral attribute of economic activity in an unstable economy, which requires the formation of a systematic approach to its identification, analysis, assessment, and neutralization. The proposed algorithm for its implementation encompasses main stages of sequential implementation, ranging from risk diagnosis and strategic planning to institutional change, digital transformation, staff training, and continuous self-adjustment. This phased structure ensures the flexible evolution of the system in line with the dynamics of the external environment. The work emphasises the importance of integrating the enterprise risk management system into all links and structural units of the enterprise in order to respond quickly to changes in the external and internal environment and strengthen the enterprise's crisis resilience.