The article below presents the investigation of the evolution of risk theory from the 17thcentury to the present day. Recently attention to the researches of entrepreneurial risks has increased that is caused by a set of circumstances and reasons amplified. The globalization of the world economy, the political instability in the world and the imposition of economic sanctions against Russia for some companies are going to be the drivers of further development, while for others can lead to crisis and even catastrophic level of risk. Nowadays theory and practice of risk management not only have not lost their relevance, on the contrary their development is becoming increasingly important. Fundamental principles of entrepreneurial risk analysis and management were laid by great philosophers, mathematicians, economists already in 17th– 20th centuries. The definition of profit was given and also its understanding was revealed by the scientists in their works through investigation of the profit nature and the role of uncertainty in its generation. They identified the most important distinguishing features that characterized risk situations arising in the economic decision-making process under conditions of uncertainty inherent in a market economy. The greatest contribution to the development of the risk theory was a combination of economic theory, mathematics and statistics, which crystallized as an econometrics. Application of statistics and econometrics allows to quantify the expected profit, its volatility and the level of risk; on the other hand, the use of modern hardware and software makes it possible to predict the future.

This article provides a systematic investigation into the cognitive determinants that govern the transformation of subjective risk within entrepreneurial activities. Within the framework of this research, the deterministic role of cognitive biases, heuristic methods, and psychological predispositions in constructing the architecture of subjective risk during the decision-making process is elucidated

The article examines approaches to improving the early warning system for credit and market risks based on digital indicators. Transactional, payment, financial, behavioural, and market indicators capable of identifying adverse changes before risk materialisation are analysed. A multi-level mechanism for classifying warning signals and linking them to bank management decisions is proposed. The study substantiates the use of dynamic thresholds and individual digital risk profiles.

This article examines the system of factors determining the effectiveness of financial resource management in higher education institutions. The expansion of higher education enrollment, changes in the proportion of government-funded and tuition-based financial resources, and the growing need to finance research and innovation activities require a qualitative improvement in financial management. The purpose of the study is to systematize the factors affecting the formation, allocation, and control of financial resources and to develop an integrated assessment methodology. The research applies a systems approach, comparative analysis of regulatory and legal documents, the indicator method, the Analytic Hierarchy Process (AHP), normalization techniques, and sensitivity analysis. The findings classify the influencing factors into five interrelated groups: the institutional and regulatory environment, diversification of funding sources, the quality of internal financial management, the efficiency of resource allocation, and transparency and financial risk management. Based on these groups, a Financial Resource Management Efficiency Index for higher education institutions is proposed. The index can be used to diagnose the financial sustainability and development potential of higher education institutions, identify priority expenditure areas, and improve the quality of managerial decision-making. The research findings may also be applied in developing medium-term financial plans, introducing responsibility centers for budgetary and extra-budgetary funds, and establishing internal financial monitoring systems

In this article, the priority task is the system of preliminary identification and assessment of tax risks in the context of digitalization of tax administration and reduction of the human factor. In particular, the need to improve the mechanisms for segmenting taxpayers by risk level and minimizing the tax gap coefficient in the fight against the "hidden economy" determines the relevance of the topic. The article considers the criteria for identifying tax risks and models for their quantitative assessment, and makes proposals for improving the effectiveness of risk management in the tax system of Uzbekistan

This article examines the key risks faced by banks in forming green credit portfolios and identifies effective strategies for risk management. Drawing on international experience, the study analyzes the nature of credit, climate, transition, technological, operational, market, and greenwashing risks. The findings demonstrate that green loans possess a more complex risk profile compared to traditional lending and require the implementation of environmental taxonomies, energy-efficiency certification, independent audits, and state-supported financing mechanisms. For Uzbekistan, adopting these tools can improve the quality of bank credit portfolios, reduce environmental risks, and accelerate the country’s green economic transition.

This article examines modern methodological approaches to the comprehensive assessment of financial risks in commercial banks. It explores the integrated evaluation of credit, liquidity, market, operational, and capital risks using stress testing, scenario analysis, early warning indicators, and an integral risk index. A comprehensive model is proposed for determining a bank’s overall risk profile and improving risk management decisions.

The article provides a scientific analysis of the main factors influencing the emergence of crisis situations in commercial banks. It substantiates that a banking crisis is directly related to the quality of the loan portfolio, liquidity, capital adequacy, deposit stability, interest rate risk and currency risk. Based on statistical data on the banking system of Uzbekistan for 2024-2025, the article analyzes non-performing loans, assets, deposits and capital indicators. The findings show that assessing crisis risk in commercial banks should rely not on separate indicators, but on a comprehensive risk management approach

This article is dedicated to the study of the role of the electronic invoicing (EHF) system and tax risk assessment mechanisms in tax administration in Uzbekistan. The research analyzes digital data collected through EHF, the assessment of taxpayers’ risk levels based on risk indicators, and the practical monitoring of turnover and activities of large taxpayers across regions. The results indicate that the EHF system is a crucial tool for enhancing tax audit efficiency, improving tax compliance, and optimizing tax administration. The study also highlights the benefits of the EHF system for taxpayers, including savings in material and human resources, reducing errors in VAT calculation, and automating reporting processes

This article examines modern principles of project management theory and their role in contemporary economic processes. In the context of globalization and increasing competition, effective project management has become a crucial tool for both the public and private sectors. The study emphasizes the importance of strategic planning, clearly defining project goals, and assessing potential risks in advance to ensure successful project implementation. The research analyzes the rational use of resources, the establishment of effective communication among project stakeholders, and the appropriate distribution of responsibilities within the project team. It is noted that team cohesion, coordinated actions, and the motivational role of the project leader are key factors that contribute to achieving project success. Special attention is given to the development of project management practices in the context of the Republic of Uzbekistan. The article highlights the processes of infrastructure modernization, implementation of innovative technologies, realization of governmental programs, and investment projects. The necessity of improving management mechanisms to achieve sustainable socio-economic results is underlined

This article analyzes the methodologies for managing the financial resources of local budgets in the context of regional socio-economic development. First, within the framework of fiscal centralization and decentralization principles, it examines local budgets’ independent revenue sources, share-based taxes, and the mechanism of transfers allocated from the central government. Next, based on the principles of medium-term budget planning, ensuring budget balance, and performance-oriented budgeting, it presents methods for effective on-site resource allocation. Furthermore, by enhancing participatory budgeting and public involvement, the study explores how transparency and control over local financial resource use are strengthened. The article also discusses approaches to reducing socio-economic disparities between regions through general (free) transfers, the subvention-grant system, and horizontal equalization instruments. Additionally, it investigates the impact of tax reforms, investment financing, and risk management methods on the sustainability of local budgets. The research concludes with practical recommendations for improving local budget management methodologies—introducing a formula-based transfer mechanism, expanding interactive budget portals, and enabling the issuance of local bonds. Based on applied research and official statistics, the article aims to identify effective tools for financing regional development strategies.

This article analyzes the risks involved in financing innovation projects and the methods of managing them, as well as the mechanisms for effective investment flow management. Based on global and local experiences, it examines models of innovation support through venture capital, startup funds, government grants, and other financial sources. The study covers the main components of risk management like probability assessment, insurance, diversification, and monitoring systems. Practical recommendations for improving the system in the context of Uzbekistan are developed

This article, structured according to IMRAD methodology, analyzes the importance of the Risk Management System (RMS) in regulating foreign economic activity. In particular, its role in optimizing customs control, accelerating export operations, and ensuring economic security is scientifically examined. Based on empirical data analysis and regulatory framework review, practical proposals are developed for improving the RMS

The article is devoted to the study of financial risks, their classification and management methods. Key types of risks, such as credit, currency and interest rate, as well as their impact on financial activities are considered. Risk management methods are described, including diversification, hedging, insurance and reserve creation. Attention is paid to modern technologies, such as blockchain and artificial intelligence, which help reduce risks and increase business resilience in the face of uncertainty and changes in the external environment.

This article scientifically analyzes the issues of forming and improving the internal control system at enterprises in the context of the digital economy. The study highlights the role of the internal control system in corporate governance, its significance in risk management, and its impact on financial stability. As a result of the introduction of digital technologies, it is substantiated that the internal control system will transform from a traditional inspection mechanism into a proactive, real-time management tool. The need to automate the internal control system, integrate it with information systems, and apply a risk-oriented approach is also indicated. The research results are important for increasing the efficiency of management at enterprises, reducing financial errors, and ensuring the efficient use of resources

This article examines the financing trends of business models of innovative entrepreneurship subjects, particularly startup ecosystems, in the national economy and mechanisms for assessing related risks. The support framework for startup projects through traditional and alternative financial instruments (venture capital, crowdfunding) under current digital transformation has been systematically analyzed. The results show that the sustainability of innovative business models depends on the correct forecasting of their financial flows and strategies for minimizing specific risk factors. In conclusion, practical proposals have been developed to increase the financial sustainability of national startup projects and reduce risks in their business models

This research examines the influence of environmental risk management (ERM) on the credit portfolio stability of commercial banks in Uzbekistan, utilising secondary data from sustainability reports, regulatory publications, and international financial institutions. The results show that banks with more advanced ERM frameworks, which include environmental screening, green lending, and sustainability governance, have lower non-performing loan (NPL) ratios and better asset quality. On the other hand, banks that don’t use ERM as much are still more vulnerable to environmental and credit risks. The study finds that integrating environmental risks into the banking system in Uzbekistan is necessary to make it more financially stable and in line with global standards for sustainable finance

This article is dedicated to a comprehensive study of the issues surrounding the diversification of foreign exchange reserves in commercial banks of Uzbekistan. Based on statistical data spanning from 2018 to 2024 and the financial statements of 12 commercial banks, the composition of currency portfolios, risk management mechanisms, and diversification strategies were analyzed. The research findings reveal that 73,4% of foreign exchange reserves in Uzbekistan's commercial banks are concentrated in US dollars, which is 2.5–3 times higher than international standards and significantly increases systemic currency risk. Based on the proposed "5-currency optimal diversification model", it was determined that there is a potential to increase the banks' Sharpe ratio by 96%, reduce maximum losses under stress testing scenarios by 6.3 percentage points, and lower the VaR (Value at Risk) indicator by 4.4 percentage points

This article analyzes the features of lending practices in assessing risks in commercial banks of Uzbekistan. The study examines the quality of the loan portfolio, the level of non-performing loans (NPLs), and the effectiveness of scoring and monitoring mechanisms used in credit risk assessment. The findings substantiate the need to improve risk assessment and management systems in lending processes, reduce the share of NPLs, and strengthen the financial stability of banks

This article examines methodological approaches to improving the efficiency of banking products through artificial intelligence technologies. The stages of integrating artificial intelligence into the banking product life cycle are systematized, and the interrelationship between process automation, predictive analytics, personalization, risk management, and adaptive product management is substantiated. A conceptual model incorporating data quality, algorithmic transparency, human oversight, and continuous monitoring is proposed.

Currently, the issues of improving the financial planning system, which is the main functional element of financial management, are widely studied all over the world. In particular, in the context of a global pandemic, targeted research is being conducted on the formation of a financial planning system capable of quickly adapting to changing conditions in foreign markets and its perfect model in combination with strategic plans. Also, one of the main functional elements of financial management is focused on improving the organizational architecture of financial diagnostics, which embodies a wide range of indicators for a comprehensive assessment of financial and economic activities of companies.

The article discusses the problems related to the main areas of effective management of the loan portfolio of commercial banks, as well as improving the management of the loan portfolio of commercial banks, and has developed proposals to address them. In order to solve the above-mentioned problems, in our opinion, it is advisable to implement the following measures: planning, rational management, as well as the use of loan portfolios and loan investments helps to increase competitiveness and reduce the credit risk of commercial banks.

This article examines the economic essence of digital governance in joint-stock companies, with a particular focus on banks operating under conditions of institutional and technological transformation. The study argues that digital governance should not be reduced to automation or IT adoption, but should be interpreted as a data-driven management system influencing decision quality, risk management, compliance, and financial stability. Using a systematic and comparative approach, the limitations of macro-level indices such as DESI and EGDI are identified in assessing corporate governance effectiveness. To address this gap, the paper proposes an integrated author’s indicator system and an integral evaluation model linking digital governance maturity with economic and risk-related outcomes. The findings provide a methodological basis for empirical analysis and practical application in banking governance

This article analyzes the theoretical foundations, developmental stages, and practical mechanisms for ensuring financial stability in corporate investment activities. Based on international experience and the case of Uzbek enterprises, key factors affecting financial resilience are identified, and strategic recommendations are developed regarding capital structure optimization, liquidity management, risk mitigation, and diversification of funding sources.

This article examines the modeling of climate change-related financial risks in Uzbekistan. Based on official reports from the World Bank, Asian Development Bank (ADB), United Nations Development Programme (UNDP) and the Central Bank of Uzbekistan, the country's vulnerability level to climate change is determined and the current state of climate risk management in the banking sector is assessed. The physical and transition components of climate risks and practical possibilities for their modeling using stress testing and Climate VaR methodologies are explored. Based on the research findings, scientific conclusions and practical recommendations for integrating climate risks into Uzbekistan's financial system and developing green finance are formulated