IMPLEMENTATION AND IMPROVEMENT OF ENTERPRISE RISK MANAGEMENT (ERM) SYSTEMS IN RETAIL BANKING SERVICES

Abstract

This article examines the issues of implementing and improving Enterprise Risk Management (ERM) systems in retail banking services. In the context of rapid digital transformation and increasing complexity of financial operations, retail banks are exposed to a wide range of risks, including credit, operational, liquidity, and fraud-related risks. Effective management of these risks requires an integrated and systematic approach. The study analyzes the theoretical foundations of ERM, international best practices, and modern approaches to integrated risk management in the banking sector. Particular attention is given to the development of a comprehensive ERM framework that ensures coordination among different risk categories and enhances decision-making processes. In addition, the paper identifies key challenges in the implementation of ERM systems in the banking practice of Uzbekistan and proposes practical recommendations for their improvement. The findings of the study contribute to strengthening risk management systems in retail banking and improving the overall stability and efficiency of financial institutions