Risks in the operations of modern businesses in Ukraine: decision-making approaches and management strategy development

This paper presents a comprehensive study of the dynamics and structure of business risks in Ukraine during 2022–2025, shaped by prolonged military conflict, economic shocks, and regulatory fluctuations. The authors identify six major risk groups affecting enterprises under current conditions: macroeconomic, operational, financial, regulatory, social, and cyber risks. Each group is analyzed in terms of its origin, sector-specific exposure, and potential to escalate under limited institutional support and market volatility. Based on typological and contextual analysis, a comprehensive strategy for risk management is developed, aimed at ensuring resilience in the Ukrainian business environment. The proposed framework is grounded in a combined approach to managerial decision-making, which integrates adaptive responses, scenario-based planning, prioritization under uncertainty, and cross-functional coordination. For each risk group, the study provides a set of practical and realistic managerial decisions that can be implemented under constrained resources. Particular attention is given to defining the nature of these decisions – whether strategic, operational, or situational – and aligning them with current business models. The study also highlights the role of responsible practices, legal compliance mechanisms, digital security protocols, and social integration tools as components of modern enterprise-level economic threat prevention. The authors also emphasize the relevance of applying the proposed combined strategy in the operations of corporations as well as newly established micro and small businesses in Ukraine. The novelty of the research lies in its application-focused methodology that combines risk mapping, contextual diagnostics, and a hierarchical decision-making logic, which reflects the complexity of doing business in Ukraine’s crisis-driven economy. The results provide a solid foundation for developing sectoral policies, corporate risk management systems, and targeted solutions for enhancing the resilience of small and medium enterprises.