Main Directions and Development Prospects of Risk Management in Manufacturing Enterprises

  • Mukhitdinov Shuhrat Ziyavitdinovich Namangan Engineering and Technology Institute, Professor of the Department of "Economics"
Keywords: risk management, manufacturing enterprise, risk analysis, strategic planning, operational efficiency, sustainable development, uncertainty minimization, industrial management.

Abstract

In the context of increasing global competition and external environmental uncertainty, effective risk management in manufacturing enterprises has become strategically important. This article explores contemporary approaches to managing industrial risks, classifies the main types of risks typical for real-sector enterprises, and examines methodological foundations for their identification, analysis, and mitigation. Special attention is given to the integration of strategic planning and risk assessment systems as tools for enhancing the resilience and operational efficiency of enterprises. The author substantiates the need to incorporate risk management into the overall corporate governance system to ensure sustainable development and strengthen the competitiveness of industrial organizations.

References

[1] I. T. Balabanov, Risk Management in Business, Moscow: Finance and Statistics, 2000.
[2] I. A. Blank, Financial Risk Management of the Enterprise, Kyiv: Nika-Center, 2006.
[3] P. F. Drucker, Management Challenges for the 21st Century, New York: HarperBusiness, 1999.
[4] A. Marshall, Principles of Economics, London: Macmillan, 1920.
[5] Yu. V. Tyuleneva, Strategic Risk Management in Industrial Enterprises, Moscow: UNITY-DANA, 2013.
[6] X. J. Qambarov and A. Urolov, "Strategik boshqaruv tizimida risklarni baholash va tavakkalchilikni kamaytirishning uslubiy asoslari," Iqtisodiyot va innovatsion texnologiyalar jurnali, vol. 2, no. 4, pp. 112–118, 2021.
[7] Committee of Sponsoring Organizations of the Treadway Commission (COSO), Enterprise Risk Management: Integrating with Strategy and Performance, 2017.
[8] P. Hopkin, Fundamentals of Risk Management: Understanding, Evaluating and Implementing Effective Risk Management, 5th ed., London: Kogan Page, 2018.
[9] E. J. Vaughan and T. M. Vaughan, Fundamentals of Risk and Insurance, 11th ed., Wiley, 2013.
[10] D. Hillson, "The role of risk appetite in risk management," Risk Management, vol. 9, no. 3, pp. 61–71, 2007.
[11] M. Power, Organizational Risk Management and the Risk Management of Organizations, London: LSE, 2016.
[12] A. Verbano and K. Venturini, "Managing risks in SMEs: A literature review and research agenda," Journal of Technology Management & Innovation, vol. 8, no. 3, pp. 186–197, 2013.
[13] A. Aven, Risk Analysis, 2nd ed., New York: Wiley, 2015.
[14] R. Kaplan and A. Mikes, "Managing risks: A new framework," Harvard Business Review, vol. 90, no. 6, pp. 48–60, 2012.
[15] F. Funston and S. Wagner, Surviving and Thriving in Uncertainty: Creating the Risk Intelligent Enterprise, Hoboken, NJ: Wiley, 2010.
Published
2025-06-07
How to Cite
Ziyavitdinovich, M. S. (2025). Main Directions and Development Prospects of Risk Management in Manufacturing Enterprises. Central Asian Journal of Innovations on Tourism Management and Finance, 6(3), 898-904. https://doi.org/10.51699/cajitmf.v6i3.937
Section
Articles