MECHANISMS OF IMPLEMENTATION OF STRATEGIC APPROACHES TO RISK MANAGERMENT IN THE CONTEXT OF INTERNATIONAL BUSINESS

Abstract

The article offers an in-depth exploration of the conceptualization, fundamental characteristics, and unique aspects of risks that international enterprises face, highlighting the complexity and diversity of these risks. It also traces the historical development and transformation of key paradigms in risk management, shedding light on how these approaches have evolved to address the dynamic challenges of the global business environment. By providing a comprehensive overview of the regulatory frameworks for managing risks in major global economies, the article offers valuable insights into the legal and institutional mechanisms that guide international businesses in navigating risks. Furthermore, the article examines the significant impact of global economic turbulence–such as financial crises, geopolitical tensions, and trade disruptions–on the operations of international businesses, underscoring the need for robust and adaptable risk management strategies in these uncertain times. It emphasizes the practical application of various risk management methodologies, evaluating their effectiveness in mitigating the wide range of risks that affect international enterprises, from political and financial to technological and environmental. The study also delves into the mechanisms for the development and optimization of contemporary risk management frameworks, focusing on advanced methodologies like predictive analytics, artificial intelligence, and data-driven decision-making. These cutting-edge approaches enable businesses to anticipate and respond proactively to emerging risks and opportunities in an increasingly volatile and interconnected world. Particular attention is given to the specific challenges faced by businesses operating in the Ukrainian market, especially in the context of ongoing global instability. The article discusses the need for flexibility, resilience, and a deep understanding of both local and global risks in formulating effective risk management strategies for the Ukrainian business landscape, which is heavily influenced by geopolitical and economic turbulence.