INCREASING THE COMPETITIVENESS OF ENTERPRISES THROUGH THE IMPLEMENTATION OF RISK MANAGEMENT IN THE CONTEXT OF THE INDUSTRY 4.0 CONCEPT

Global and local changes in the business environment, increasing pressure to increase productivity, production efficiency, process optimization, and overall consumption reduction, in line with the Industry 4.0 concept, can have both positive and negative impacts on businesses. It is, therefore, necessary to anticipate, manage and reduce risks and exploit potential opportunities in order to maintain sustainable development as well as under the pressure of socially responsible business. The implementation of risk management procedures and tools in the management of businesses and projects currently has an irreplaceable role. The aim of the article is to point out the importance and possibilities of implementation of risk management in the company (in projects) in accordance with international standards and other management systems. Underestimating or ignoring risks can lead not only to the insolvency and loss of competitiveness of the enterprise but also to its disappearance, which ultimately affects not only employment but also the development of the whole region.