Abstract
<jats:p>The article substantiates risk management as a system-forming factor in enhancing the effectiveness of change management within organizations operating under conditions of uncertainty. It is argued that contemporary transformation processes are characterized by increased complexity, resource constraints, behavioral resistance, and environmental turbulence, which significantly affect the achievement of strategic objectives. The study aims to provide a theoretical and methodological justification of risk management as an integrated instrument for improving change management performance and to develop an economic and mathematical approach to assessing its impact on transformation outcomes. The paper systematizes scientific approaches to defining risk management and change management, emphasizing the shift from reactive to proactive and strategic risk-oriented governance. A multifactor adjusted efficiency model is proposed, incorporating the integral risk level, the Integrated Risk Management Index (IRM), the coefficient of resource provision, and organizational adaptability. The model enables formalized quantitative evaluation of how risk exposure and the maturity of risk management systems influence the final effectiveness of organizational changes. It is proven that a higher level of integration of risk management into planning, implementation, and monitoring processes contributes to reducing uncertainty, minimizing deviations from planned results, and strengthening long-term competitiveness. The practical significance of the research lies in providing analytical tools for managerial decision-making and improving strategic adaptability in transformation processes.</jats:p>