MODERN APPROACHES IN RISK MANAGEMENT AND THEIR ROLE IN THE SUSTAINABLE DEVELOPMENT OF ORGANIZATIONS

Abstract

In an environment characterized by increasing dynamism and uncertainty in the business landscape, risk management is established as a key element of strategic management and a determinant of long-term sustainability and competitiveness. In this regard, contemporary integrated approaches and the internationally recognized frameworks ISO 31000:2018 and COSO ERM are examined, as they provide structured guidelines for the identification, assessment, and control of risks. Emphasis is placed on the core stages of the risk management process (risk identification, assessment, treatment, and monitoring) highlighting their interdependence and the necessity for consistent and coordinated implementation. The importance of adapting these approaches to the specific characteristics of different sectors and organizational structures is also acknowledged. It is further emphasized that effective risk management requires an integrated approach aligned with the strategic objectives of the organization, active engagement of top management, as well as the development of an organizational culture that promotes conscious and proactive risk management as an integral part of the managerial process.