Abstract
Risks are an integral part of any company. Not all types of risk can be identified, not all risk mitigation measures are cost-effective. Risk and the cost of avoiding it in aviation require rational decision-making mechanisms. There are many different risks in any airline as an aircraft operator, carrier and business entity. One of the main tasks of airlines is to minimize them. The article examines the risks that arise in the process of airlines and analyzes the risk management system in airlines. The impact of the pandemic on the aviation industry of Ukraine has been studied. The aviation industry both in Ukraine and in the world plays an important role, its importance in the world economy is constantly growing. This is facilitated by both technological development and the latest developments in the aviation industry, as well as globalization. However, at the same time, the number of risks is increasing, they are becoming more complex and diverse. Therefore, the task of risk management is relevant. Today, the risk management system of any airline is an urgent need, because the competitiveness and success of the airline is inextricably linked to risks. The activities of modern commercial enterprises, including civil aviation enterprises, are aimed at the formation of sustainable competitiveness and long-term survival. There are hundreds of airlines in the world, including 55 in Ukraine. Today, civil aviation in the world is in crisis. Ukrainian aviation is no exception. The closure of state borders and other measures taken in many countries to combat the spread of the coronavirus have led to a catastrophic reduction in air traffic. As a result, airlines were forced to reduce the frequency or cancel the vast majority of flights. All participants in the aviation market suffer from this situation. The development of a risk management system in the airline should be an integral part of its targeted management. The structure of risks faced by the airline is very complex and diverse. Risk is the residual probability of an event with significant consequences after considering mitigation measures.
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