Trends in the development of a risk based approach in the context of Industry 4.0

Digital economy: theory and practice

Features of the sixth technological structure (digital economy, industry 4.0), associated with the introduction of technological, organizational and institutional innovations, determine the special attention of science and practice of management to the implementation of risk-based approach. To date, the introduction of best risk management practices is aimed at improving the ability of management to predict changes and ensure response to them, so that the company does not just survive in conditions of uncertainty, but develops and shows better results. The ability to look to the future and benefit from risk management is increasingly recognized as a competitive advantage. A fundamental change in the organizational risk profile in the context of industry 4.0 (from quality risks to cyber – incident risks) leads to an increase in the vulnerability of companies and requires the use of new risk management tools-a proactive approach aimed at predictive identification of risks and planning measures for their management. In addition, at the present stage of development, the risk-oriented approach affects the digitalization and automation of all aspects of risk management, which leads to the formation of a qualitatively new methodology for the development of the company. The purpose of the study is to identify the place and role of risk-based approach in modern management, as well as formalization of trends in the development of the concept in the context of the emerging industry 4.0. The research methodology consists in conducting a critical analysis of domestic and foreign sources on the issues under study, identifying the specific features of the concept. The identification and analysis of the content of the most significant risks of industry 4.0 for companies. The concept of risk 4.0 category is disclosed. The tendencies of development of risk-based approach in the context of the fourth industrial revolution are concretized. The key aspects of risk management in actual concepts of management development and humanity as a whole are identified and substantiated. The main approaches of a new stage in the evolution of risk management – «smart» risk management in the Russian practice-are formalized. The key advantages of the use of «smart» risk management in the operating activities of companies are identified.