RISK MANAGEMENT AT ENGINEERING ENTERPRISES: SOME PROBLEMS, SOLUTION WAYS

Abstract

The article presents the results of an in-depth analysis of risk management in the engineering industry, taking into account the importance of effective strategies of such management for business success and sustainable development. The main focus is on identifying problems faced by machine-building enterprises in risk management; some approaches to solving these problems are proposed. The fundamental nature of risks in business processes is outlined, their critical impact on the operational and financial aspects of machine-building enterprises is emphasized. Common industry risk factors such as market volatility, technological advancements, regulatory changes and operational inefficiencies are identified. Attention is paid to the outline of the current state of risk management practice in the engineering industry. The main difficulties faced by enterprises are highlighted, including insufficient risk control mechanisms, lack of integrated risk assessment systems at the planning and design stages, as well as insufficient use of modern technologies in risk management. The proposed recommendations include the development and implementation of a reliable risk control system that covers all stages of the business process, the implementation of modern technologies such as data analytics to improve the efficiency and accuracy of risk management methods. Certain risk management algorithms recommended taking into account the experience of the leading machine-building enterprises in the Vinnytsia region as components of strategic planning can contribute to competitive advantages, long-term development and long-term success in the activities of machine-building enterprises. It is emphasized that ignoring risk management or their insufficient control can cause serious consequences, including financial losses, deterioration of reputation and loss of competitiveness of enterprises.