Development of the theory of organizational risk management

¹ Financial University under the Government of the Russian Federation, Moscow, Russian Federation
² FSBEI HE “Novgorod State University” named after Yaroslav the Wise”, Veliky Novgorod, Russian Federation
³ Russian State Social University, Moscow, Russian Federation

^* Corresponding author: A_turgaeva@mail.ru

Abstract

This study examines the evolving role of risk management in organizations, particularly in Russia’s mobilization economy. The primary aim is to explore how organizations can effectively manage emerging risks and maintain sustainability while pursuing strategic growth. With increasing uncertainty, digitalization, and socio-economic instability, organizations face complex challenges that require prompt leadership responses and new management approaches. The research highlights the importance of identifying and assessing both internal and external risks, including cybersecurity threats, socio-political instability, and technological disruptions. Results indicate that effective enterprise risk management is essential for resilience, as it helps organizations balance growth opportunities with risk mitigation strategies. The study identifies gaps in current risk management practices, particularly regarding the integration of digitalization and cybersecurity. Implications suggest that organizations must continually adapt their risk management strategies to address new and evolving threats, emphasizing the need for robust cybersecurity measures and innovative approaches. By understanding potential risks and implementing proactive strategies, organizations can safeguard their operations while seizing emerging opportunities in a volatile business environment. This research contributes to the development of a more comprehensive risk management framework, offering valuable insights for business leaders and policymakers.