Abstract

In the midst of increasing risks of the domestic economy, decline in real incomes of enterprises and population over the last years amid pandemic, the main way to achieve stabilization is associated not just with making a profit (for example, on the basis of marketing innovations, pricing elements, etc.), but, first of all, with improvement of management, cost reduction which is defined as the main criterion for the mechanism of economic security of enterprises. The purpose of the article is to show the relationship of the main way for reaching stabilization of enterprises with the improvement of the mechanism for management of cost reduction. The research methodology is based on the provisions of the domestic theory of economic security and relevant research using the proprietary approach. Special attention is focused on the development and implementation of a new algorithm and tools for influencing the economic security of formations amid pandemic. It is proved that controlling acts as the main tool in the management system of the company. The latter is presented in the form of a management system for the company activity, in which the focus is on costs and the principles of their management. At the same time, it is emphasized that a high level of security can be implemented provided that the entire set of indicators is within the permissible limits of its threshold values. Present-day strategies for implementing the economic security of domestic enterprises necessitate the development of new mechanisms, methods and risk management tools that are adequate to the changed socio- economic situation. The theoretical and practical significance of the study is that the presented developments on the use of up-to-date tools for mechanism strengthening economic security can be used in the activities of organizations and enterprises.

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