Modern approaches to corporate risk management under economic uncertainty and turbulence

The article provides a comprehensive synthesis of contemporary approaches to corporate risk management in the context of increasing economic uncertainty and turbulence driven by a combination of financial, geopolitical, technological, and socio-economic shocks. It is substantiated that the ongoing transformation of the economic environment intensifies the systemic, interconnected, and nonlinear nature of risks, which significantly limits the effectiveness of traditional retrospective and reactive risk management models. Under such conditions, risk management gradually loses its auxiliary control-oriented character and becomes a core element of corporate governance, directly linked to strategic planning, financial resilience, and long-term corporate competitiveness. The study systematizes the evolution of risk management approaches, ranging from fragmented reactive practices to integrated enterprise risk management frameworks and proactive, analytically oriented models focused on early risk identification and managerial decision support. Particular attention is devoted to the analysis of modern risk management instruments, including integrated ERM systems, formalization of risk appetite, scenario analysis, stress testing, early warning systems, and the application of data analytics and forecasting methods. It is demonstrated that the managerial value of these instruments is fully realized only when they are embedded in a unified governance framework and aligned with corporate strategy and decision-making processes. The scientific novelty of the research lies in developing a holistic view of risk management transformation in a turbulent economic environment and substantiating the transition toward integrated, adaptive, and forward-looking models in which risk is interpreted not solely as a threat but as a source of managerial insights. The practical significance of the findings consists in their applicability to strengthening corporate financial resilience, ensuring business continuity, and reducing vulnerability to internal and external shocks in conditions of prolonged economic turbulence.