A METHODOLOGICAL APPROACH TO THE DEVELOPMENT OF RISK MANAGEMENT TOOLS FOR ENTERPRISES’ FOREIGN ECONOMIC ACTIVITIES IN THE CONTEXT OF EURO-ATLANTIC INTEGRATION

Abstract

In this article, we outline a methodological approach to developing a toolkit for managing the risks associated with enterprises’ foreign economic activity in the context of Euro-Atlantic integration. This topic is relevant because Ukrainian enterprises operate in foreign markets characterised by heightened uncertainty, where foreign partners' requirements constantly change, and the need for rapid managerial responses grows. In such circumstances, the mere existence of specific risk analysis methods does not guarantee a satisfactory outcome if they are not linked to the enterprise’s actual processes and the conditions under which foreign trade contracts are executed. This article aims to develop a framework for assessing the state of the risk management toolkit for foreign economic activity and to identify areas for updating it in line with changes in the external environment. To achieve this aim, we used a systematic approach, employing clustering, comparative analysis, index-based assessment, and expert evaluation. The research methodology involves sequentially determining the toolkit's current state, formulating its target profile, calculating the gaps between them, and establishing the criticality of those gaps for the continuity of foreign economic activity. The proposed approach is goal-oriented and adaptive, guiding the enterprise to compare its current capabilities with the toolkit's desired level of development. As part of this approach, we have identified five assessment dimensions: institutional compliance, security resilience, process integration, digital and analytical maturity, and organisational adaptability. For each dimension, we have defined sub-indicators, which may be quantitative or expert-based. Based on these, we determine actual indices, target indices and the extent of the shortfall in each area of development. A key outcome is assessing the criticality of these gaps, enabling us to distinguish technical lag from issues that may affect the stability of the enterprise’s operations with external counterparties. The practical value of this article lies in the potential for enterprise managers and specialists responsible for foreign economic activity to use the proposed approach. Its application makes it possible to identify which components of the risk management toolkit for foreign economic activity require priority refinement, thereby enhancing the practical effectiveness of risk management in external markets.