Risk Management: Contemporary Approaches, Models, and Methodologies in Modern Organizations

Risk management has become one of the most essential strategic functions in modern organizations due to increasing uncertainty, technological transformation, globalization, and economic instability. This study investigates contemporary approaches, models, and methodologies used in risk management and evaluates their effectiveness in organizational decision-making processes. The research applies a systematic literature review methodology based on peer-reviewed international publications indexed in Scopus and Web of Science databases. The findings reveal that integrated and hybrid risk management models significantly outperform traditional qualitative approaches in managing uncertainty and improving organizational resilience. Furthermore, the study identifies the growing importance of quantitative techniques, artificial intelligence, and predictive analytics in modern risk governance systems. The article concludes that adaptive and technology-driven risk management frameworks are critical for ensuring sustainability, operational continuity, and strategic competitiveness in contemporary organizations.