Digitalization of risk management: a new vector of strategic success and sustainable development

Abstract

The digital transformation of business contributes to the growth of productivity in all sectors of the economy, creating additional value for consumers, optimizing the internal business processes of enterprises and reducing costs. In socially significant sectors, digital transformation contributes to solving social problems, improving access to public and social services. The rapid advancement of technology and the growing complexity of the business environment make effective risk management a critical factor for the strategic success of enterprises in all sectors of the economy. Especially important in this context is the transformation of traditional methods of risk management with the help of digital tools and data analytics. The implementation of digital technologies in the process of risk management can become decisive for achieving competitive advantages and ensuring sustainable development in Ukraine. The article describes the main principles of digital risk management; methods of risk management are explored through the selection of options with sustainability in mind; modern practice is considered and information management tools are analyzed. In the framework of the conducted research, foreign experience was considered; and also, with the help of the analysis of the "EBIOS RM" method, recommendations were formulated regarding the subject area of the study. Detailed attention is paid to the current state of the information technology industry in Ukraine and the identification of key problems of information management. Effective information management mechanisms were analyzed and digital risk management tools were systematized.

Keywords

• digitalization
• risk management
• sustainable development
• alternative management tools