http://www.iaeme.com/IJARET/index.asp 439 editor@iaeme.com International Journal of Advanced Research in Engineering and Technology (IJARET) Volume 11, Issue 4, April 2020, pp. 439-451, Article ID: IJARET_11_04_042 Available online athttp://www.iaeme.com/IJARET/issues.asp?JType=IJARET&VType=11&IType=4 ISSN Print: 0976-6480 and ISSN Online: 0976-6499 © IAEME Publication Scopus Indexed RISK MANAGEMENT SYSTEM DEVELOPMENT AT AN INDUSTRIAL ENTERPRISE Borys Kholod Department of Economics and Business Process Modeling, Alfred Nobel University, Dnipro, Ukraine Olena Danyliuk Department of Social Pedagogy and Social Work, Kamianets-Podilskyi National Ivan Ohiienko University, Kamianets-Podilskyi, Ukraine Valentyna Pavlova Department of Entrepreneurship, Trade and Exchange Activities, Alfred Nobel University, Dnipro, Ukraine Nataliia Bakulina Department of Management, Public Management and Personal, Ternopil National Economic University, Ternopil, Ukraine Olena Shtepa Department of Management, Borys Grinchenko Kyiv University, Kyiv, Ukraine Victoria Orlova Department of Entrepreneurship, Trade and Exchange Activities, Alfred Nobel University, Dnipro, Ukraine ABSTRACT The study proposes the introduction of a mechanism for organizing a risk management system in an industrial enterprise using an economic and mathematical model based on the add-in for Microsoft Office Excel. The economic-mathematical model of risk management of the enterprise activity is offered, which allows on the computer not only to evaluate the efficiency of the enterprise portfolio on risk insurance but also to optimize its structure taking into account the efficiency of each risk insurance operation. A comprehensive risk management system is proposed, which, unlike the existing ones, is based on a systematic cybernetic approach using a computer and includes the steps of research on the occurrence of potential types of risks; estimation of the magnitude of activity risk; the choice of risk management strategy; formation and analysis of risk insurance system and anti-crisis measures; implementation of risky