aspg-1-1576-1791417802 20261008000322 American Scientific Publishing Group admin@americaspg.com American Scientific Publishing Group American Journal of Business and Operations Research AJBOR 2770-0216 2692-2967 2023 9 1 Sherkulov S. E. ugli Fundamental economics department, Tashkent State University of Economics, Uzbekistan Risk if not well managed could lead to collapse for most organizations especially those whose core business deals with day-to-day handling of risk. Risk management should, therefore, be at the core of an organization’s operations by integrating risk management practices into processes, systems, and culture of the entire organization. This involves identifying and analyzing risks, developing, and implementing risk handling techniques and monitoring the progress of these to avoid and/or reduce the impact of risk on the financial performance of the company. Furthermore, insurance company under concern should follow current international leading practice by adopting Enterprise Risk Management (ERM) which incorporates other insurance risk quantification models. This will ensure that the companies remain afloat during such times of strict regulatory regimes such as solvency 11 and Basel. 2023 26 32 1576 https://creativecommons.org/licenses/by/4.0/ 10.54216/AJBOR.090103 https://www.americaspg.com/journal/1/article/1576 https://www.americaspg.com/storage/51742911550.pdf