Sustainability strategy and risk management

Abstract

Manufacturing companies in the Kazakhstan market introduce new developments in the field of applied technologies and materials. With the use of each new substance and technology in this area, the risks also increase. This increases the importance of risk management as part of a sustainability strategy and requires more experience and knowledge. Thus, the purpose of the dissertation research is to develop proposals for ensuring the sustainability of industrial companies based on the use of risk management. It is necessary to gain knowledge of best practices in the industry to provide further research on this issue that can improve risk management strategies and the sustainability list. This dissertation examines the modern theory of risk management and sustainability strategy, which highlights trends in the development of the industrial sector. Three Kazakhstani companies operating in the industrial oil and gas environment were selected to study various ways to combat risks and trends in the country’s sustainability. Those responsible for sustainability risk in companies were interviewed using semi-structured interviews, and additional information was collected from various sources such as annual reports, web pages, and other documents. This dissertation is a high-quality research project and applies an analytical approach to the purpose and nature of the phenomena under consideration. The results obtained showed various tools for applying corporate risk management and its relationship with risk. The results showed the importance of tools used to solve the problems of building a sustainability strategy in companies, which are used in addition to the processes of dealing with uncertainties that may arise if these processes are not implemented. From the point of view of generalizing the results obtained, more companies can still be added, we can also assume a study in the future of the company’s maturity and make conclusions more accurate. However, after analyzing the operations received from the company, the proposed model for improving the success of risk management measures and sustainability strategies can be used and applied in other companies operating in this industry.