Influence of Risk Management on the Formation of the Enterprise’s Business Process Management Strategy in the Digital Economy: The International Experience

Abstract

The publication is aimed at examining the influence of risk management on the formation of a strategy for the development of enterprise in the digital economy. At this, the instrumental part of the research is based on the integrated theory of IT risk management and the global risk management practice both at the national and international levels. Intensification of the pace of digital transformation at all levels of the economic system, increased competition in the domestic and foreign markets, limited traditional growth resources determine relevance of the problem of ensuring the sustainable development of the production-economic systems. Determining the factors of advancing development, scientists are unanimous in the opinion that the key to economic growth of enterprise is the introduction of digital technologies. That is why the key condition for the development of the production-economic systems is the management of investment in the digitalization. The systematization and generalization of scientific developments of leading domestic and foreign scholars made it possible to distinguish the directions of digital technologies development, the advantages of their incorporation into the production-commercial activities of enterprise, and present the theoretical-instrumental basis for the research on the problems of investing in the digitalization process. The theoretical basis for managing the investment of digital transformations at the enterprise in the context of an integrated approach were the systemic economic theory and the integrated IT risk management theory. The problematics of digital transformation investment management at the enterprise is studied, whereby the instrumental basis is distinguished, which on his part is based on the systemic economic theory and the integrated IT risk management theory, as well as on the complex-system and the spatial-vector approaches. The model of development of recursive-convergence methodology of formation of the strategy of enterprise development on the basis of digital economy is presented. The model of formation of the development strategy of enterprises taking into account the digital economy is proposed, where the concepts of digitalization management and options for financing digital transformations are systematized within the terms of the implementation of four strategies: innovative, investment, market and functional.

Keywords

• management strategies
• risk management
• enterprise
• investment
• digital economy
• recursion