Application of digital tools in risk management

Recent years of risk management development can be characterized by the increasing role of digital technologies. For example, big data and complex algorithms for its assessment are now at the core of the risk management specialist’s operations. This trend is a consequence of the challenges faced by companies: risk assessment is of particular importance in light of the growing economic instability among the world’s most developed economies, including Russia, which is under sanctions pressure. In this regard, the departments responsible for identifying, assessing and leveling the consequences of risk are in constant search for tools that can increase the effectiveness of risk management measures. This trend is most noticeable in the processes of generation, dissemination, transfer, storage, analysis and use of information. In this regard, the purpose of this paper is to analyze the potential of using digital tools in activities related to the assessment of financial and resource risks. The study of the potential of digital technologies for risk assessment is carried out through the use of general scientific methods of cognition: the methodology of the study was made up of comparative analytical and systematic methods. The study considers various ways of risk assessment, including the use of both basic algorithms and the use of machine learning (ML) and artificial intelligence (AI) technologies. As a result of the study, the author concludes that digital tools can be used in many aspects of risk management professionals’ activities, as they offer qualitative advantages - increased forecasting accuracy, optimized variable selection process and the possibility of more comprehensive data segmentation.