Formation of an adaptive model of entrepreneurial risk management as an element of enterprise crisis management

Abstract

The object of the research is the processes of business risk management as a key element of enterprise crisis management. Particular attention is paid to the study and formation of an adaptive model of business risk management as a key tool for crisis management. The emphasis is placed on its ability to respond to changes in the external and internal environment dynamically, ensuring strategic flexibility, enterprise risk resilience and effective functioning in conditions of uncertainty. Therefore, it is essential to establish a systematic approach for identifying, analysing, evaluating, and mitigating these risks. An adaptive model for business risk management enables a company to not only reduce the effects of adverse events but also to enhance resilience, recovery capacity, strategic flexibility, and competitiveness. The proposed mechanism for implementing the adaptive model consists of six consecutive stages: diagnostics, planning, institutionalization, digitalization, staff training, and continuous improvement. This approach facilitates a gradual transformation of the management system in response to changes in the external environment. The key priorities for implementation are as follows: proactivity, flexibility, integration, digitalization, the development of a risk-oriented culture, and continuous improvement. Successfully implementing these priorities is critical for the effective functioning of the entire risk management system. This article outlines a set of measures that can be adopted to put the adaptive model into practice. These measures address organizational, institutional, informational technology, and personnel aspects, ensuring an interdisciplinary approach and consistency in management decisions. The proposed model can serve as a foundation for developing a customized risk management strategy for enterprises operating in an unstable economy. The work highlights the importance of integrating the enterprise risk management system across all departments and structural units to enable quick responses to changes in both the external and internal environments, thereby enhancing the enterprise's crisis resilience. The presented results are of practical importance for enterprises in all sectors of the economy. The results of the study can serve as an analytical basis for further scientific developments and implementation of effective models of crisis management of business risks.