THE EVOLUTION OF RISK MANAGEMENT THEORIES IN BUSINESS
Анотація
The article examines the evolution of risk management theories in business, which is particularly relevant in the context of the current challenges of globalisation, digitalisation of the economy and increasing uncertainty in the external environment. Risk management is becoming strategically important as a tool for helping companies adapt to turbulent conditions, where risks are not only threats but also sources of innovative opportunities. The aim of the study is to systematise the main stages of development of theoretical concepts of risk management and determine their impact on modern management practices. To achieve this goal, a comprehensive methodological approach was used, combining analysis of scientific sources, historical and logical methods, systematic analysis, comparative analysis of theoretical models and concepts, as well as methods of synthesis and generalisation of information. Particular attention is paid to the integration of classical, quantitative, behavioural and digital approaches in risk management. The results of the study confirm the existence of five key stages in the evolution of risk management: classical, quantitative, integrated, behavioural and digital-ESG-oriented, each of which is characterised by a specific understanding of risk, assessment methods and management. It has been established that contemporary risk management is predicated on the principles of proactivity, integration of non-financial risks, application of advanced digital technologies, and the establishment of a culture of anti-fragility. The present study explores the evolution of risk management functions, from their initial purpose of loss minimisation to their current role as a strategic instrument that fosters sustainability and competitiveness in enterprises. The practical value of the article lies in substantiating the conceptual foundations for the development of risk management in the context of the digital economy and sustainable development. These can be used to improve risk management systems in enterprises of various forms of ownership and industries. The proposed results can serve as a basis for developing adaptive risk management models that take into account the current challenges of the business environment, as well as for improving the effectiveness of management decisions in the field of corporate governance.
Посилання
Babailov, V., & Kurdenko, O. (2022). Vid ryzyk-menedzhmentu do ryzyk-ekonomiky [From Risk Management to Risk Economy]. Ekonomika ta suspilstvo, (46). DOI: https://doi.org/10.32782/2524-0072/2022-46-46 (in Ukrainian)
Baldyniuk, V. (2023). Ryzyk-menedzhment yak instrument upravlinnia diialnosti subiektiv hospodariuvannia [Risk Management as a Tool for Managing the Activities of Business Entities]. Ekonomika ta suspilstvo, (55). DOI: https://doi.org/10.32782/2524-0072/2023-55-39 (in Ukrainian)
Barberis, N., & Thaler, R. H. (2002). A survey of behavioural finance. SSRN Electronic Journal, 15(1), 55–72. Available at: http://search.proquest.com/openview/504a51ea3f7b233cecb020a9b91eb040
Borovyk, M. (2016). Ryzyk-menedzhment yak instrument zabezpechennia staloho rozvytku [Risk Management as a Tool for Ensuring Sustainable Development]. Stalyi rozvytok ekonomiky, 2(31), 81–87. Available at: https://economdevelopment.in.ua/index.php/journal/article/view/403 (in Ukrainian)
Buriennikova, N. V., Hordiichuk, A. P., & Buriennikov, Yu. Yu. (2025). Rezultatyvnist funktsionuvannia pidpryiemstv na zasadakh SEE-upravlinnia: onovlenyi pohliad na kontseptsiiu COSO, SEE-ryzyky [Performance of Enterprises Based on SEE Management: Updated View of COSO Concept and SEE Risks]. Biznesinform, (1), 387–396. DOI: https://doi.org/10.32983/2222-4459-2025-1-387-396 (in Ukrainian)
Committee of Sponsoring Organizations of the Treadway Commission. (2004). Enterprise risk management—Integrated framework. COSO. Available at: https://www.coso.org/guidance-erm
Duhovanets, O. M. (2016). Kompleksnyi analiz upravlinnia ryzykamy v haluzi mizhnarodnoho biznesu [Comprehensive Analysis of Risk Management in the Field of International Business]. Naukovyi visnyk Uzhhorodskoho natsionalnoho universytetu. Seriia: Mizhnarodni ekonomichni vidnosyny ta svitove hospodarstvo, 1(6), 95–100. (in Ukrainian)
Herasymenko, O. M. (2013). Evolutsiia svitovoho ryzyk-menedzhmentu [Evolution of Global Risk Management]. Investytsii: Praktyka ta dosvid, (12), 26–31. (in Ukrainian)
Hrosul, V. A., & Usova, M. O. (2021). Ryzyk: sutnist, prychyny vynyknennia ta osnovni vydy [Risk: Essence, Causes and Main Types]. Ekonomichnyi prostir, (176), 58–64. DOI: https://doi.org/10.32782/2224-6282/176-9 (in Ukrainian)
Idobaeva, A. L. (2021). Sutnist ta ryzyky v diialnosti promyslovykh pidpryiemstv [Essence and Risks in the Activities of Industrial Enterprises]. Investytsii: Praktyka ta dosvid, (1), 71–76. (in Ukrainian)
International Organization for Standardization. (2018). ISO 31000:2018 Risk management — Guidelines. Available at: https://www.iso.org/ru/standard/65694.html
Jorion, P. (2007). Value at risk: The new benchmark for managing financial risk (3rd ed.). New York: McGraw-Hill.
Kahneman, D. (2003). Maps of bounded rationality: Psychology for behavioral economics. American Economic Review, 93(5), 1449–1475. DOI: https://doi.org/10.1257/000282803322655392
Korobka, S. (2021). Vplyv biznes-ryzykiv na menedzhment orhanizatsii [Impact of Business Risks on Organization Management]. Ekonomika ta suspilstvo, (25). DOI: https://doi.org/10.32782/2524-0072/2021-25-27 (in Ukrainian)
Markowitz, H. (1952). Portfolio selection. The Journal of Finance, 7(1), 77–91. DOI: https://doi.org/10.2307/2975974
Proskura, V., & Bilak, R. (2017). Metodolohichni pidkhody do upravlinnia ryzykamy [Methodological Approaches to Risk Management]. Ekonomika i suspilstvo, (9), 599–607. (in Ukrainian)
Rostov, M. V., & Kliuchka, O. V. (2025). Vplyv efektyvnoho ryzyk-menedzhmentu na finansovi rezultaty biznes-orhanizatsii [Impact of Effective Risk Management on the Financial Results of a Business Organization]. Aktualni problemy ekonomiky, (1), 91–97. Available at: https://eco-science.net/wp-content/uploads/2025/01/1.25._topic_Mykola-Rostov-Olha-Kliuchka-91-97.pdf (in Ukrainian)
Sharpe, W. F., & Lintner, J. (1970). Portfolio theory and capital markets (pp. 83–91). New York: McGraw-Hill.
Shiller, R. J. (1999). Human behaviour and the efficiency of the financial system. Handbook of Macroeconomics, 1, 1305–1340. DOI: https://doi.org/10.1016/S1574-0048(99)10033-8
Taleb, N. N. (2012). Antifragile: Things that gain from disorder. Random House.
Vakulenko, V., Liu, Y., & Liu, S. (2025). Systema ryzyk-menedzhmentu lohistychnykh system v umovakh voiennoho stanu Ukrainy [Risk Management System of Logistics Systems Under Martial Law in Ukraine]. Stalyi rozvytok ekonomiky, 3(54), 296–300. DOI: https://doi.org/10.32782/2308-1988/2025-54-45 (in Ukrainian)
VUE. (2021, October 24). Bazelski uhody [Basel Accords]. Velyka ukrainska entsyklopediia. Available at: https://vue.gov.ua/Базельські_угоди (in Ukrainian)
