Issues of management and economic risk assessment at Azerbaijan’s enterprises

Abstract

 The main purpose of the study is to examine the issues of risk management in various spheres of human activity, including domestic and professional fields. The study explores the 
nature of risks as a phenomenon of uncertainty, which can lead to both losses and profits. Risk management has significantly developed as a scientific discipline in recent decades, which is 
confirmed by the increased attention to this topic from international organizations such as the International Organization for Standardization (ISO). The methods of study are based on the analysis, generalization, systematic processing of research results and forecast estimates. The research considers various types of risks that organizations in the Republic of Azerbaijan may encounter: production, commercial, financial, environmental, and insurance risks. Each type of risk is defined and their possible consequences for businesses are analyzed. The study emphasizes the importance of implementing standard risk management steps, such as identification, assessment, analysis, and control of risks. Special attention is paid to the need for documenting the risk management process and using ISO 31000 and ISO 9001:2015 standards to improve the effectiveness of risk management. The 
practical significance of the study lies in proposing approaches to optimize risk management in Azerbaijani organizations, which contributes to increasing their economic stability and market 
competitiveness.