Mechanisms and Models of Risk Management

Dear Colleagues,

The development of the world economy at the beginning of the 21st century is characterized by the growth of turbulence and a return of the cyclical crisis phase of development. At the turn of the third millennium, a new economic reality emerged, characterized by profound upheavals caused by many new phenomena and processes, such as the comprehensive transformation of economic systems, the formation of postindustrial information society, the knowledge economy, education, and economic change, which were caused by globalization, computerization, informatization, and so on. Over the last decade, an unprecedented systemic integrated crisis, which expresses instability, turbulence, and variability of the modern world, has been added to this list of profound changes. The world economy is in constant turbulent motion, and new threats and dangers are constantly emerging. For example, COVID 19 has led to the collapse of the world economy, the destruction of stock markets, mass unemployment, and socio-ecological threats to human existence in general. Existing risk management mechanisms and models are not able to cope with the emergence of threats at different hierarchical levels of the economy, from the global to the personal. In this regard, there is a need to identify ways to minimize the primary negative factors, especially economic factors, that may affect human activity. Only global implementation of a model of responsibility (as a set of economic, social, and environmental attributes) as a strategy for the development of society will determine risk management mechanisms. Economic crises lead to the emergence or intensification of global economic problems, but the solutions to existing problems are difficult to achieve during the crises, which puts limits on the meaningful expression of potential solutions and concepts. In addition, turbulence involves fluctuations in the economic situations of individual countries, which involve periodic intensification and decline. Crises are characterized by long-term recession, the consequences of which are manifested in many countries around the world. Economic turbulence is a threat to both countries and the world at large because at any time, turbulence can turn into a crisis, the scale and consequences of which are difficult to predict. The current global crisis of 2020 arose precisely as a consequence of global processes, integrated in the economic and political lives of each country. The inability of countries to create a defense mechanism to counter turbulent processes, the competition between economic interests, and the inability to live in a global world has led to the collapse of the scientific platform for research in various fields. It is this immediate narrative that requires the intensification of scientific research in the field of risk management in various fields of activity in order to form a new paradigm for the protection of society in conditions of turbulent change.

The deadline for the first round of call for papers is 31 March 2022.

Prof. Dr. Svetlana Drobyazko
Guest Editor

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• Risk management
• Risk modeling
• Cost-effectiveness instability
• COVID-19 challenges
• World economy
• Turbulent processes