Environmental risk management as an element of the economic security system of a modern company

Abstract

The article substantiates the integration of environmental risk management into the economic security system of an organisation as a key factor in sustainable development in the context of global environmental transformation.The aim of the study was to develop theoretical and methodological foundations and practical recommendations for integrating environmental risk management systems into the economic security system to ensure its long‐term financial and competitive sustainability.Systems approach, comparative analysis of ESG and risk management standards, case study method, expert assessments and scenario modelling.The authors developed and verified a three‐block integration model (organisational and management modules, process and methodological modules and information and analytical modules) aimed at transforming qualitative environmental threats into quantitative financial risks. Scenario analysis showed that a proactive approach provides competitive advantages, while a reactive approach leads to additional costs and a loss of financial stability.Environmental risks are currently strategically significant and their superficial analysis creates gaps in business protection. The authors' proposed model improves financial stability and business reputation and further research is aimed at developing methods for monetary valuation of environmental risks.