EVOLUTION OF THE RISK MANAGEMENT CONCEPT

Abstract

The article presents a detailed theoretical and methodological analysis of the process of formation and the main stages of development of the risk management concept in the modern management system. The study covers the evolution of scientific approaches to understanding the essence of risk and mechanisms for its consideration in management activities. The gradual transition from fragmentary, reactive measures focused on overcoming individual hazards to the formation of a holistic, proactive and strategically directed risk management model integrated into the general corporate governance system and the process of making managerial decisions is traced. The study identifies four key stages of the evolution of risk management ideas, each of which is marked by the specificity of the tools, dominant methodological approaches and a change in managerial emphasis. The transformation of ideas about the nature of risk is revealed - from its interpretation as exclusively a threat to the understanding of risk as an integral element of entrepreneurial activity, combining potential losses and opportunities. It is shown how the procedures for identifying, quantitative and qualitative assessment, monitoring and controlling risks have been improved, as well as how the role of risk management in strategy formation and ensuring corporate sustainability has grown. Special attention is paid to the analysis of factors that have caused qualitative changes in the development of the concept of risk management. Among them are intensive scientific and technological progress, the spread of digital technologies and automation of business processes, the globalization of financial and economic relations, the complication of the competitive environment, as well as resonant corporate scandals and large-scale financial and economic crises that have revealed the vulnerability of traditional management approaches and actualized the need for systematic uncertainty management. It is substantiated that modern risk management was formed as a result of the integration of administrative, insurance and mathematical-analytical approaches, supplemented by elements of strategic and process management. Such a comprehensive, interdisciplinary nature allows organizations not only to minimize possible losses, but also to increase the level of their flexibility, adaptability and innovative capacity. As a result, the current state, key problems and promising directions for the implementation of systemic risk management in domestic management practice are outlined, taking into account international standards, modern challenges and the specifics of the national business environment.