RISK MANAGEMENT IN THE CONDITIONS OF GLOBALIZATION ON THEEXAMPLE MACHINE-BUILDING INDUSTRY OF AZERBAIJAN

Abstract

One of the key processes in the development of the world economy of the 21st century is progressive globalization, i.e. a qualitatively new stage in the development of the internationalization of economic life. The article examines the modern ways of development of the machine-building industry of Azerbaijan in global conditions, as well as the importance of risk management, their assessment and monitoring of the development of machine-building enterprises to increase competitiveness in order to achieve a synergistic effect through integration, increase its efficiency in the development of machine-building enterprises. In turn, all this will allow them to master the latest technologies, increase the return on capital and their competitiveness in global markets. The purpose of the study of this work is to consider the main aspects of the implementation of the concept of risk management by developing ways to increase the effectiveness of risk management in relation to the integration policy of enterprises in the machine-building complex. All areas of economic activity are subject to risk, and risk management improves predictability and certainty, which gives a sense of confidence in certain situations. Keywords: Globalization, engineering industry, economics, risk management.