Risk management in the context of economic modernization

Abstract

The article discusses the importance of risk management in the context of economic modernization. With global changes, digitalization, and transformation of key economic sectors, risk management has become a crucial element of strategic planning for long-term sustainability. The article focuses on both the theoretical aspects of risk and its practical application in introducing innovations and reforms across various economic sectors. It discusses the main types of risk, including economic, financial, technological, and social risks, as well as the methods of assessing and minimizing them. Key tools and mechanisms are also analyzed, such as crisis management and insurance, that can be used to reduce the impact of these risks in the context of economic transformation. The article also discusses examples of successful practices and challenges faced by organizations and governments in the process of modernization, as well as suggestions for optimizing risk management procedures at all levels of the economic system.