A Classification and the Features of the Impact of Risks under Conditions of Economic Instability in Enterprises’ Operations

In the current conditions of enterprise management, manifestations of economic instability are intensifying, resulting in an increase in the level of uncertainty and risk in the operating environment. The risks that arise in such conditions lose their status as isolated phenomena and transform into systemic destabilizing factors that affect all components of economic activity. The article provides a comprehensive theoretical analysis of the nature of risks, generalizes the approaches to their interpretation in economic science, and identifies the peculiarities of risk transformation into multi-vector threats due to the influence of external and internal destabilizers. The author highlights specific characteristics of risks activated by external shocks, global crises, institutional instability, and technological changes, including high dynamism, multiplicativity, low predictability, and systematic impact. The necessity for a more in-depth classification of risks considering their impact on the economic stability of the enterprise has been substantiated. An author’s approach to structuring risks by functional areas has been proposed, which encompasses operational, financial, managerial, technological, and reputational risks, as well as their interdependencies. The mechanisms of risk propagation within the enterprise have been revealed, and their impact on financial outcomes, competitiveness, and development strategies analyzed. Particular attention has been given to substantiating the need for the creation of an adaptive risk management system as a fundamental tool for strengthening the economic security of the enterprise in the context of economic turbulence.