The study of corporate risk management practices in chemical industry companies.

Abstract

Introduction. Corporate risk management is one of the most pressing areas of management. In the current situation economic, social, and political crises, the pressure of sanctions, and the accelerated development of digital technologies has become an integral part of corporate practice. Furthermore, the development of risk management is facilitated by the growing information base: data on the activities of companies and their own practices in this area. Goal. The study aims to accumulate the experience of corporate risk management in the chemical industry of Russia, identify best practices and highlight the complexities of analysis. Materials and methods. The study is based on the analysis of annual reports from companies in a specific industry. The sample consisted of 50 companies and 50 annual reports. The study was conducted using statistical and qualitative methods. Results and discussion. The analysis revealed that, while risk management has significantly evolved in recent years, the current economic and political situation has led to a lack of information, resulting in a lack of data on best practices among industry giants. Traditional and new approaches to risk management are actively blended in practical cases. Companies in the industry are exposed to financial, industry, political, technological, environmental and other risks. The paper provides statistics on risk assessments by companies themselves and analyzes several best practices. Conclusion. The study showed that risk management practices are currently undergoing a period of growth and development. While the use of risk management technologies is not critical for small businesses, large businesses require systemic solutions, which many large companies are demonstrating and disclosing. Sanctions have impacted risks and risk disclosure, significantly reducing monitoring capabilities.