ФОРМУВАННЯ МЕХАНІЗМУ УПРАВЛІННЯ ФІНАНСОВО-ЕКОНОМІЧНОЮ БЕЗПЕКОЮ ПІДПРИЄМСТВА ПІД ЧАС ЙОГО СТРАТЕГІЧНОГО РОЗВИТКУ В УМОВАХ ЦИФРОВИХ ТРАНСФОРМАЦІЙ

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A comprehensive understanding of the fact that the role of business process automation is currently growing, as well as the timely use of relevant information resources as a catalyst for taking managerial actions, has been formed. It has been proven that traditional practices for protecting corporate resources of enterprises, which are embedded in classical mechanisms for managing their financial and economic security, are unable to respond quickly and effectively to digital risks, allowing attackers and fraudsters to gain access to internal information of a business structure and use it for selfish purposes or transfer it to the company’s competitors, devaluing trade secrets. The purpose of the study is to specify the modern features of the formation of a mechanism for managing the financial and economic security of an enterprise during its development in the context of digital transformations. The study used the methods of content analysis, synthesis, specification and generalization, as well as the graphical method. It is proposed that the mechanism for managing financial and economic security in the era of the spread of digitalization trends be considered a set of management actions aimed at predicting, assessing and counteracting threats to corporate resources and achieving the strategic goals of the enterprise, which are formed in the external, internal and digital spaces of its activity and development. The stages of forming the mechanism for managing financial and economic security of the enterprise during its development in the conditions of digital transformations are generalized and formalized. The structure of such a mechanism should contain elements aimed at maintaining a reasonable balance between the willingness of the company’s management to take risks to achieve strategic goals and the need to do so gradually, with an eye on possible negative scenarios that will unfold in the pursuit of overly ambitious financial and economic results. It is substantiated that the development of a comprehensive mechanism for managing financial and economic security in the context of digital business transformations requires a deep understanding by management of both the financial and technological aspects of implementing business processes in the digital economic environment, constant adaptation to changing economic conditions, skillful use of the latest digital tools, and the formation of a new security-oriented digital ecosystem in the enterprise.

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  • Research Article
  • 10.31548/economics14(1).2023.008
FINANCIAL SECURITY AS A STRATEGIC COMPONENT OF THE ECONOMIC SECURITY OF UKRAINE
  • Jan 1, 2023
  • Bioeconomics and Agrarian Business
  • Svitlana Voitsekhivska

Today's economic reality convincingly shows that the pace, prospects and general vector of socio-economic progress of domestic economies is largely subordinated to the state of formation of the country's economic security, in the general system of which the financial component plays a key role. The state of the national financial sector is becoming more and more difficult to control, due to the rather rapid change in the market situation in the world financial markets and the interconnected system of economic relations in the general structure of the world economy. Today, the financial potential of the state depends on the amount of financial resources, which are quite limited. The limitation and insufficiency of financial resources is the main reason for the increase in the amount of state internal and external debt, the growth of the inflation rate, and the development of the shadow economy. To solve these problems, it is necessary to develop balanced measures of state regulation, which should be aimed at strengthening the country's financial security. The purpose of the article is to reveal the essence of the concept of "financial security" and determine its place in the system of national and economic security of Ukraine. Conducting an analysis of internal and external threats to economic and financial security, its main indicators, and based on the results, provide recommendations on directions for their improvement and strengthening. The article is devoted to the study of the essence and problems of ensuring the financial and economic security of the state. The theoretical foundations of the concept of "financial security" are substantiated. The essence of the concept of "financial security" as the main component of economic security is considered and its place in the general hierarchy of national security is argued, the constituent elements of financial security are established. The author's vision of the essence of the structural elements of financial security is highlighted. A comparative analysis of external and internal threats to economic and financial security was carried out. The concepts of "financial security" and "economic security" are closely related, but not identical. The main and most dangerous threats to the economic (financial) security of Ukraine are analyzed. A comparative analysis of the indicators of financial and economic security with their threshold values was carried out, and directions for improving the financial security system were proposed based on the detected deviations. The selected research topic is quite promising and is subject to further disclosure when studying the financial security system and its interaction with other components of the national security of Ukraine

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  • Research Article
  • 10.31470/2306-546x-2022-54-87-94
Multi-stage structure of state security (the case of economic and financial security)
  • Sep 27, 2022
  • University Economic Bulletin
  • Zakharii Varnalii

Relevance of the research topic. The globalization threats of modernity determine the extreme urgency of the problem of ensuring the national security of any state. A new large-scale challenge for national security of Ukraine was the military aggression of the Russian Federation against Ukraine, a large-scale war that began on February 24, 2022. Under conditions of military aggression, the role and significance of the further development of security are enhanced. Formulation of the problem. Given the relevance and need to deepen the theoretical foundations of security, especially in the context of current warfare, as well as the conceptual definition of mechanisms (tools) for ensuring security in various areas, scientific intelligence of individual components, in particular, economic and financial security, their multi-stage and multi-level nature as economic security studies are required. Analysis of recent research and publications. Such scientists as O. I. Baranovskyi [1], T. H. Vasyltsiv [5], О. А. Grishnova [12], D. V. Nikytenko [8], S. V. Onyshchenko [9], Yu. M. Kharazishvili [12], S. M. Shkarlet [11] and others devoted their works to the study of the problems of economic and financial security. The results of our own scientific research on the problem of economic and financial security are given in [2-4]. Highlighting unexplored parts of the general problem. Despite the existing scientific developments in solving these issues, the relevance and the need for their early study and solution, the issues of multi-stage and multi-level security of Ukraine, in particular, economic and financial security, appropriate and full-fledged scientific studies have not been received and considered mostly fragmentary, which actualizes the topic of research and is (should be) the further development of economic security. Statement of the problem, and the purpose of the study. The subject of the paper is the theoretical, methodical, and methodological aspects of Ukraine's multi-stage and multi-level security, particularly economic and financial security. The purpose of the paper is to reveal the essence and substantiate the theoretical foundations of the multi-stage and multi-level security of the state on the example of the economic and financial security of the state. Method and methodology of research. In the process of conducting scientific research, both general scientific and special methods of scientific knowledge were used. In particular, scientific research methods were used: dialectical — to substantiate the content of theoretical provisions; abstract-logical — to determine the essence of the security of the state and its main economic and financial components; hypothetical-deductive — to build the main working hypotheses about the multi-stage security of the state; system-structural analysis and synthesis — to identify the multi-level composition of economic and financial security. Scope of the results. It is expedient to use the obtained scientific conclusions and results in scientific activities and further study of the actual problems of economic security, in the educational and scientific process of higher education institutions in the preparation of specialists in the specialty 8.18010014 "Management of financial and economic security", in the field of economic and financial security. Conclusions. The role and place of economic and financial security in the system of national security in globalization threats, in particular, in the conditions of military aggression, are determined and disclosed. The author's definition of the science of economic security as an interdisciplinary science about the essence, regularities, and ways of effective protection of national interests from real and potential, exogenous and endogenous threats is given. The multi-stage and multi-level security of the state is determined by the example of the economic and financial components of the security of Ukraine.

  • Research Article
  • 10.31651/2076-5843-2020-3-63-72
ОСОБЛИВОСТІ ФОРМУВАННЯ ТА ФУНКЦІОНУВАННЯ СИСТЕМИ ФІНАНСОВО-ЕКОНОМІЧНОЇ БЕЗПЕКИ ПРОМИСЛОВОГО ПІДПРИЄМСТВА В УМОВАХ ІНДУСТРІЇ 4.0: СТРАТЕГІЧНИЙ АСПЕКТ
  • Jan 1, 2020
  • CHERKASY UNIVERSITY BULLETIN: ECONOMICS SCIENCES
  • Olha Riabukha + 2 more

Introduction . The connection of financial and economic spheres in a high-risk environment of domestic industry allows us to talk about the problems of financial and economic security both in terms of public administration and in the functioning of economic structures. Traditional types of risks, the impact of which changes the effectiveness and efficiency of business structures, have long been studied within the classical approaches to risk management, while the risks caused by the spread of Industry 4.0 trends are still poorly amenable to management, control, minimization, which indicates the need to review and optimize the processes of formation and operation of economic security systems of industrial enterprises. Building a comprehensive system of financial and economic security of the enterprise is a long process, and its implementation requires resources, which encourages the search for evidence necessary to justify its need for company management. Purpose. The purpose of the study is to establish the peculiarities of the formation and functioning of financial and economic security systems of Ukrainian industrial enterprises in the context of the spread of Industry 4.0. Methods. In the course of research the monographic method and a method of the theoretical analysis are used. Methods of analysis and synthesis are also used. The method of generalization was used in the process of forming conclusions based on the results of the study. Results. The article examines the peculiarities of the formation and functioning of the system of financial and economic security at modern Ukrainian industrial enterprises, taking into account the risks of Industry 4.0. The characteristic of the structural and logical scheme of construction and functioning of the system of financial and economic security of the enterprise is given. The mechanism of ensuring financial and economic security of the enterprise is described. The features of strategic management of the system of financial and economic security of industrial enterprises are established. Originality. Financial and economic security of an industrial enterprise is a state of functioning of mechanisms for counteracting the negative impact of threats and risks of financial and economic nature on the results of its production and economic processes, which minimizes their destructive consequences for financial and economic interests of the enterprise and guarantees its ability to operate continuously. Industry 4.0 as the newest form of organization of industrial relations, has become a source for the emergence of new risks, threats and challenges for industrial enterprises. In particular, the low level of information and digital literacy of employees, digitalization of production processes, the rapid increase in information resources of different quality levels, the need for management decisions in time constraints, rising costs for innovative restructuring of production technologies, high obsolescence of equipment - all noted facts and should become catalysts for finding ways to form an effective system of financial and economic security in domestic enterprises and develop mechanisms for effective management in the strategic and tactical areas. In terms of Industry 4.0, the tasks of the economic security system include ensuring the protection of automated and digital processes, developing a mechanism to prevent cyberattacks, developing standards of security behavior with information resources of the enterprise, control of impersonal communication with stakeholders, security of digital financial settlements. Conclusion. The complex approach to formation and functioning of system of financial and economic security of the enterprise which should include the purpose, tasks, principles of functioning, objects and subjects, strategy and the mechanism of system strategic management of financial and economic safety of the industrial enterprises at their integration to Industry 4.0 is investigated. The purpose of the financial and economic security of the entity is the timely detection and prevention of external and internal dangers and threats, ensuring the integrity of corporate resources and achieving financial and economic interests of the enterprise, the implementation of its planned business goals in the short and strategic perspectives. With the spread of Industry 4.0, the problem of an integrated approach to economic and financial security is critical to building an effective management system of financial and economic security of the enterprise and maintaining its functional state at a high level. This will help prevent the loss of financial stability, solvency, competitiveness of the industrial enterprise and allow it to gain important market advantages, including the ability to develop and adapt to changing conditions of a risky economic environment.

  • Research Article
  • Cite Count Icon 6
  • 10.30525/2256-0742/2018-4-3-80-87
IDENTIFICATION OF THREATS TO FINANCIAL INSTITUTIONS’ ECONOMIC SECURITY AS AN ELEMENT OF THE STATE FINANCIAL SECURITY REGULATION
  • Jan 1, 2018
  • Baltic Journal of Economic Studies
  • Nataliia Zachosova + 3 more

Government structures should start financial security regulation at the macro-level with the definition of a list of threats, which impact on participants in the financial market can destabilize their activities and lead to negative trends in the financial system functioning and development. The state of financial security of a country depends on the level of economic security in its financial sector. Unstable and unprofitable work of financial institutions poses a threat to the state financial security because it means the inability to fully meet the financial interests of the population and business structures. Therefore, it is important to establish a list of factors that can have a negative impact on their economic security level. Purpose. The research objective is to establish a list of external, hybrid, and internal threats to financial institutions’ economic security for the purposes of regulating the state of financial security of the state. Methodology. For obtaining scientific results, the monographic method and the method of theoretical generalization were used in the article. On the basis of research materials of such scientists as Baranovsky O., Bovsunovsky G., Vovchenko R., Gladkikh D., Furman V., Gallagher H., Makmakhon V., Morrow R., De Oliveira I. S., Stickings A., Elliot D., Matanda E., Adrian T., Liang N. we systematized a list of hybrid and internal threats to financial institutions’ economic security. In the paper, we used analysis techniques to establish trends in the number of bank and non-bank financial institutions in Ukraine during the last four years (2014, 2015, 2016, 2017). A list of internal threats to financial intermediaries’ economic security has been generated while using information, obtained through comparing data from the survey and questionnaire of respondents – experts in the field of financial institutions economic and financial security management. Top management representatives of various types of professional financial market participants were interviewed during 2015, 2016, 2017; their answers have been analysed and the most significant threats to the normal functioning of the financial sector, and hence to the state financial security, have been identified. Results of the survey. It is established what threats to financial institutions economic security, and as a consequence, to the state financial security, can be called traditional ones. Hybrid threats to the Ukrainian financial market and its participants are systematized. The internal threats to the economic security of financial institutions are specified. Thus, the range of threats to the state financial security, the origin of which is the professional activity of economic entities in the financial market, is found out. Practical implications. Today, financial institutions are characterized by a large number of traditional and new threats to economic security, which they should learn in order to cope with because without this action their stable work will be impossible and it will also reduce the level of the country financial security. The list of threats found in the study can be used as an informational basis for the development of state strategies for ensuring the financial security of the state over the next five years. Value/originality. For the first time since gaining independence, Ukraine is experiencing a period of financial instability associated with military actions and the crisis of political power. To traditional threats to economic and financial security at the micro and macro levels, their new variations are added. They can only be detected in a timely manner by an expert in the field of security science and by a specialist in the practice field of managing a financial institution. The result of this study is a synergy of theoretical and practical specialists’ efforts towards the search for effective approaches to the regulation of the state financial security through the threat-oriented management of financial institutions.

  • Research Article
  • Cite Count Icon 5
  • 10.18371/fcaptp.v2i37.229950
EFFICIENCY OF THE LOGISTICS CHAIN AS A FACTOR OF ECONOMIC SECURITY OF ENTERPRISES
  • Apr 30, 2021
  • Financial and credit activity problems of theory and practice
  • М Ivanova + 4 more

Abstract. The basis of economic and financial security of the enterprise is effective financial and economic activity, stable financial condition, rational use of financial resources, the ability to counter threats to the internal and external environment. One of the factors of effective financial and economic activity and economic security of enterprises is the formation of effective logistics chains that provide its participants with opportunities to counter threats to the internal and external environment. Formation of effective logistics chains on the basis of taking into account the economic interests of its participants causes changes in the results of their financial and economic activities and creates the basis for their financial independence, socio-economic efficiency and stability. The purpose of the article is to form approaches to assessing the efficiency of the logistics chain on the basis of economic and financial security of enterprises. The article investigates scientific approaches to evaluating the efficiency of the logistics chain of enterprises, identifies their strengths and weaknesses, analyzes their methodology. An approach to evaluating the efficiency of the logistics chain of industrial enterprises, the use of which will reconcile the economic interests of the participants in the logistics chain, reduce their financial costs, ensure effective economic activity, form the basis for their financial and economic security. The scientific novelty of the article is the formation of a modern approach to evaluating the efficiency of the logistics chain, which, in contrast to existing ones, involves the use of an indicator of the efficiency of logistics activities of enterprises, the proposed indicator is the stationarity of ratio of operating results to logistics costs relative to the mean or deterministic trend over time, and identification of potential models of logistics efficiency of enterprises, which would ensure economic and financial security of enterprises. It is proved that efficiency of the logistics chain is achieved under the condition that the financial result from the operating activities of the enterprises united by the logistics chain in relation to their costs for logistics activities will not change for a long time or will naturally change with a reliable forecast and possibility economic forecasting of further cooperation. The expediency of using this approach was confirmed on the basis of the analysis of the efficiency of logistics chains of selected enterprises. The initial data for the construction of this model were the logistics costs as a component of the company’s operating expenses and the financial result from operating activities. The deficiencies in the use of existing accounting standards and regulations that govern the integrated assessment of the enterprise’s logistics costs have been established. It is proposed to use the Davis databases, which are formed on the basis of a web-survey of enterprises regarding the value of their logistic costs. It is noted that the actual stability of the logistics chains for each enterprise and the optimal ratio of their results to costs are determined by the current market conditions. An idea of the efficiency of connections in the logistics chain is formulated. It was concluded that the existence of a long-term stable equilibrium in the form of vector co-integration for all subjects of the logistics chain can be considered optimal. Prospects for further research are the development of a scientific approach to the formation of a logistics cluster as a basis for financial and economic security of enterprises. Keywords: economic security, financial security, financial costs, financial results, efficiency, the logistics chain, logistics activities. JEL Classіfіcatіon С22, D22, D61, O30 Formulas: 5; fig.: 2; tabl.: 2; bibl.: 15.

  • Research Article
  • 10.36887/2524-0455-2024-3-14
Сучасні ризики та загрози фінансово-економічної безпеки в умовах глобалізації
  • Apr 26, 2024
  • Actual problems of innovative economy and law
  • Ruslan Stepanenko + 1 more

At the current stage, the processes associated with integrating the markets of different countries are widespread. The critical issue of expanding borders, accelerating globalization processes, and strengthening competition in the world market is the need for clearly systematized, structured, and coordinated actions in relations with society and the economy to ensure the financial and economic stability of the entire country. At the same time, stable development depends on the ability to defend against external and internal threats. Therefore, detecting and identifying risks and threats is one of the most important tasks in ensuring economic security in the conditions of digitalization and globalization of modern world processes. The publication aims to reveal and identify modern risks that affect financial and economic security provisions in the conditions of globalization and digitalization of the economy. The article examines issues related to the detection of threats and risks to financial and economic security in the conditions of digitization and globalization of the economy. The essence of the concept of “financial and economic security” and “risk” has been defined, and the factors affecting the provision of the country’s financial and economic security have been determined. An analysis of the war’s effects on the country’s economic security and the damage caused by military actions was carried out. According to expert research, the distribution of challenges and threats to economic security is substantiated. The existing state and potential threats to financial and economic security, as well as their composition and qualitative characteristics, are determined -reasonable methods of minimizing threats to the country’s financial and economic security. Threats to business entities’ financial and economic security are given, and the processes of globalization and digitalization of the economic space are considered. It is noted that financial security risks are characterized by variability and variability. Timely, accurate identification of financial and economic security risks by authorized subjects, based on a high-quality expert (scientific) forecast, is necessary for making adequate management decisions and actions aimed at neutralizing and eliminating negative consequences. Only a combination of all available resources, regulatory potential, and decisive actions can ensure the necessary financial and economic security level. Keywords: financial security, economic security, financial and economic security, globalization, digitalization, threats, risk.

  • Research Article
  • 10.36887/2415-8453-2022-4-45
Methodological principles of assessing the state of financial and economic security and choosing management tools for industrial enterprises
  • Dec 26, 2022
  • Ukrainian Journal of Applied Economics and Technology
  • Oleksandr Kutsenko

The article outlines that there is a need to use management tools to ensure financial and economic security at industrial enterprises, that is, a system, a management mechanism or a security strategy. It has been proven that the prerequisite for obtaining the desired result from the use of financial and economic security management tools is the selection of these tools based on the organization of a comprehensive analysis. It was determined that the comprehensive analysis should cover not only indicators of financial and economic activity, but also indicators of assessment of the state of financial and economic security. It was established that there is no single approach to assessing the state of financial and economic security at industrial enterprises. According to the results of the research, the scientific and methodological approach of assessing the state of financial and economic security of industrial enterprises and the selection of management tools, which is based on the construction of a model of economic security assessment, has been improved. Its approbation at industrial enterprises will make it possible to carry out a comprehensive assessment of the state of financial and economic activity, determine the level of security based on the components of economic security and the general level of security, make a choice of a system, management mechanism or strategy for ensuring financial and economic security. The components of economic security are defined as: financial; investment; innovative; informative; personnel; production. The implementation of management tools to ensure financial and economic security will contribute to the increase and restoration of financial and economic security, which will ensure the improvement of work and the growth of the efficiency of financial and economic activities during the long-term period. Also, the application of a scientific and methodological approach ensures the development of measures to increase the level of financial and economic security, recommendations for the use of management tools. Keywords: economic security, financial security, financial and economic security, scientific and methodological approach, assessment of the state of financial and economic activity, assessment of the state of financial and economic security, management tools for ensuring financial and economic security.

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  • Research Article
  • Cite Count Icon 5
  • 10.1051/shsconf/20196503001
Financial and economic security system strategic management as an independent direction of management
  • Jan 1, 2019
  • SHS Web of Conferences
  • Oleksandr Cherevko + 8 more

The scientific views of domestic researchers regarding the definition of financial and economic security using the basics of the systematic approach are generalized. The author's vision on the definition of financial and economic security system is proposed. The main shortcomings of existing approaches to the process of formation of financial and economic security system as an object of management are revealed and systematized. The main defects and miscalculations in security management both – at the micro and macro levels are identified. The 16-component model of management of financial and economic security (PROM) was proposed. The conceptual foundations of security oriented strategic management are specified. Three strategies offered for achieving economic and financial security: Strategy for achieving financial and economic security on the basis of branding, image and reputation (BIR strategy), Strategy for achieving financial and economic security through partnerships with stakeholders and ensuring their interests (Strategy of PIS), Strategy for achieving the state of financial and economic security through the interconnection of experts, control and standardization (Strategy of ECS).

  • Research Article
  • Cite Count Icon 2
  • 10.18371/fcaptp.v4i39.241419
FINANCIAL AND LEGAL ASPECTS OF ECONOMIC SECURITY OF THE STATE
  • Sep 10, 2021
  • Financial and credit activity problems of theory and practice
  • I Nastasiak + 4 more

Abstract. The problem of elaborating the comprehensive state policy on regulatory and legal provision of the financial security at all levels of economy is significantly important for Ukraine. It is crucial to ensure development and implementation of the legislative framework that would determine the types of internal and external threats to the stability of financial activity and the means of counteracting these threats; the full power and responsibility of state authorities concerning the financial and legal regulation aimed at warranting order in financial sphere; the mechanism of financial control organization as the means of preventing financial offences. The aim of the research is to outline the essence of new threats to the economic and financial security of the state under modern economic conditions and search for the required mechanisms and means of regulatory and legal provisioning of the financial security of Ukraine. In the course of research, the general scientific and theoretical methods have been applied. These include systemic analysis (for defining the object and the subject of research); abstract and logical method (for preparing the scientifically justified generalizations and conclusions about the essence, the mechanism of provisioning financial security of the state, and the factors that designate it); graphic method (for representing visually the mechanism of ensuring financial security of the state). The article introduces improvements to the list of modern internal and external threats to the financial and economic security of the state with respect to the immanent nature of the World Band and the International Monetary Fund. It has been emphasized that the new list of indicators and sources of initial information about the constituent components of financial security should be developed and approved because the current list was outlined in the end of 2013 and does not take into account modern realia. It is necessary to determine the functions of the Ministry of Economy of Ukraine in the realm of monitoring and regulating financial stability of the state, particularly in the real economy sector. It has been specified that scientific development of the range of problems related to the methodology and legal regulation of the state security provisioning, as well as the means and methods of preventing and mitigating the threats, is tightly connected with the development of macroprudential supervision and regulation under the aegis of the National Bank of Ukraine. The introduction of new indicators by the Bank (such as the level of non-performing loans, the financial stress index, and others) is the positive step. Nonetheless, the large quantity of private indicators interferes the process of elaborating the set of measures for financial and legal regulation of the financial security level. The new methodological approach to development of the integrated indicator of financial stability at the macro level has been suggested. The research results enable the possibility of improving the mechanism of state financial security and justifying the set of measures for its reinforcement. The review and improvement of the current legal framework in the area of financial and regulatory economic security, and development of the new integrated indicator of financial security level are necessary. Keywords: financial security; internal and external threats; legal mechanism of security provision, macroprudential regulation. JEL Classіfіcatіon: О12, Е59 Formulas: 0; fig.: 2; tabl.: 1; bibl.: 16.

  • Research Article
  • 10.35774/econa2023.04.291
Marketing assurance of financial and economic security of the enterprise on the basis of quality standards in the conditions of the digital economy
  • Jan 1, 2023
  • Economic Analysis
  • Anatoliy Telnov

Introduction. Financial and economic security is an important component of the study of the state of domestic enterprises. The rapid pace of digitization of all spheres of activity prompts economists to study the impact of these processes on the financial and economic security of enterprises. Domestic enterprises are in the process of adapting to the digital environment, which at the same time causes significant risks and threats to economic security. In such conditions, the task of determining the tools and use of marketing support for the financial and economic security of enterprises arises, which involves the systematic application of quality standards to reduce or eliminate possible risks and threats in economic activity. Purpose of the article is to research of the main trends caused by the digital environment and their impact on financial and economic security; analysis of marketing support of financial and economic security of enterprises on the basis of international quality standards. Method (methodology). The information method was used for the research in order to obtain informative data from scientific sources and the Internet; methods of system analysis, classification and comparative analysis - when distinguishing types of quality standards and marketing research standards, generalization method - for formulating conclusions from the conducted research. Results. The impact of digitization processes on ensuring the financial and economic security of enterprises and the need for measures to adapt to the modern digital environment are substantiated. The place of financial security in the system of economic security of the enterprise is defined. The goal of ensuring the financial and economic security of the enterprise has been established. The existing definitions of the concepts of "financial and economic security" are summarized. The application of marketing analysis of the environment of the functioning of business entities in order to determine the factors that affect financial security is argued. The main international standards of marketing research, which allow determining the factors influencing financial security, are highlighted. The system and content of international quality standards, which are strategic tools for ensuring the financial and economic security of the enterprise, have been established.

  • Research Article
  • 10.31651/2076-5843-2020-2-160-168
СУТНІСНІ АСПЕКТИ ЗАБЕЗПЕЧЕННЯ ФІНАНСОВО -ЕКОНОМІЧНОЇ БЕЗПЕК СТРАХОВИХ КОМПАНІЙ У КОНТЕКСТІ РОЗВИТКУ КОНКУРЕНТОСПРОМОЖНОГО РИНКУ СТРАХОВИХ ПОСЛУГ
  • Jan 1, 2020
  • CHERKASY UNIVERSITY BULLETIN: ECONOMICS SCIENCES
  • Anna Honcharenko + 2 more

Introduction. Insurance is an important part of the formation of the financial security system of the state. Insurance in Ukraine covers less than 15% of the insurance field, which allows us to predict the rapid development of the insurance market in the near future. The insurance industry in Ukraine will be able to provide more diverse insurance services as it builds its potential. At the same time, the expansion of insurance will create space for the emergence of new threats to the normal operation of insurers, and the issue of ensuring their financial and economic security in the new operating conditions will become even more relevant.The reason for bankruptcy and liquidation of insurance companies in many cases is the low level of their financial and economic security. Therefore, it is necessary to draw the attention of the scientific community and insurance professionals to the problem of finding new opportunities to counter the risks and threats of insurance activities and to develop a mechanism for timely identification of declining financial and economic security of the insurer.Purpose. The purpose of the study is to establish areas for financial and economic security of insurance companies in the context of the development of a competitive insurance market in Ukraine. To achieve this goal, important tasks are: the study of the current state of development of the insurance market and the development of a list of practical recommendations for increasing profitability and improving the management of financial and economic security of domestic insurers.Methods. In the course of research the monographic method and a method of the theoretical analysis are used. Techniques of content analysis and synthesis are also used. The method of generalization was used in the process of forming conclusions based on the results of the study. A graphical method was used to visualize the stratistic data.Results. The article examines a set of issues related to insurance activities and ensuring its financial and economic security. The concept of financial and economic security of the insurance company, the essence and strategic aspects of its provision are studied. The definition of strategic management of financial and economic security of an insurance company is offered. The necessity of increasing the level of financial and economic security of insurers is substantiated and proposals are given on perspective directions of its improvement.Originality. The main threats for the security-oriented functioning of the competitive insurance market in Ukraine today are: cyber-attacks, lack of mechanisms to control the transparency of insurance market participants, low efficiency of regulation and quality control of insurance services, non-compliance of domestic insurance products with European standards, lack of national strategy of safety-oriented development of the insurance market. One of the main reasons for bankruptcy and liquidation of insurers is the inadequate level of their financial and economic security, which may be caused by the imbalance of insurance portfolios of companies. The main recommendations for increasing the level of profitability and modernization of financial and economic security management of insurance companies may be as follows: working out a general strategy for the development of the insurance company for five years, taking into account threats of digitalization of financial relations and trends in behavioral economics and interests of the company in the long run, ensuring the balance of the insurance portfolio, ensuring the appropriate level of qualification of employees of insurance companies, creating a separate unit for financial and economic security, developing new effective advertising strategies, implementing new insurance products (eg. cyber insurance).Conclusion. Further development of the competitive insurance market of Ukraine is impossible without ensuring financial and economic security of insurance companies in the strategic perspective, which, in turn, requires the development of theoretical and methodological provisions and practical recommendations for modernizing economic relations in the field of insurance and economic security. With the spread of digital and behavioral economic models, insurers face an important task of building a quality policy of strategic management of financial and economic security, which should be based on maintaining their proper financial condition, ensuring financial reliability and stability in the long run and tactical perspectives.

  • Research Article
  • 10.31891/2307-5740-2022-312-6(2)-45
THE ESSENCE AND SIGNIFICANCE OF THE STRATEGY OF ENSURING THE FINANCIAL AND ECONOMIC SECURITY OF INDUSTRIAL ENTERPRISES
  • Dec 29, 2022
  • Herald of Khmelnytskyi National University. Economic sciences
  • Oleksandr Kutsenko

The article found out that the results of the financial and economic activity of enterprises are under the negative influence of the market environment. In addition, threats and risks can lead to a decrease in the level of financial stability, instability of activity, unprofitable functioning and bankruptcy of enterprises. Accordingly, it is expedient to timely identify and analyze factors of the external and internal environment, develop measures to neutralize their negative impact. All this is possible under the condition of a stable level of financial and economic security and the use of tools to ensure it, which will allow the enterprise to resume work, ensure the stability of functioning and determine the directions of development. Among such tools, the strategy of ensuring financial and economic security plays an important role. It was determined that the success of the enterprise depends on the level of economic security, which allows to protect it from the negative influence of the market environment. It is substantiated that one of the important components of economic security is financial security, which ensures the improvement of financial indicators of activity, the rational use of financial resources, and the growth of financial stability. A thorough analysis of the existing approaches of scientists to the definition of the concept of “economic security”, “financial security”, “financial and economic security”, “strategy for ensuring financial and economic security” was carried out. The absence of an approach to the interpretation of the definition “strategy for ensuring the financial and economic security of the enterprise” was established, and an own vision of this concept was formed: a model of actions, tools for ensuring a stable level of economic and financial security by applying approaches, methods, functions, principles, software and resource support, taking into account interaction with the development strategy, management system and mechanism, which will guarantee the restoration, improvement, maintenance of the state of financial and economic activity, the level of financial and economic security, the avoidance of a crisis situation, the neutralization of the influence of factors, threats, risks in the short- and long-term period, provided that the appropriate type of strategy and will contribute to economic and financial development, the formation of economic balance. The difference between the proposed concept of “strategy for ensuring the financial and economic security of the enterprise” and already existing approaches is substantiated.

  • Research Article
  • 10.12731/2227-930x-2023-13-4-175-187
PRACTICAL ASPECTS OF ASSESSING THE ECONOMIC SECURITY OF A TRANSPORT COMPANY
  • Dec 30, 2023
  • International Journal of Advanced Studies
  • Olga N Mirkina

Transport is an important sector of the country’s economy. Its activities have an impact on other businesses and the public. It is important that enterprises in the transport industry achieve a state of economic security. The absence of a unified definition of the concept of “economic security” and approaches to its assessment is shown. It is noted that the concept of “financial security” is closely related to the concept of “economic security.” It has been shown that without financial security, it is impossible to achieve a state of economic security. On the example of the most important enterprise of railway transport in Russia, an assessment of the financial condition, financial security and economic security was carried out. Extremely low economic security of the enterprise was revealed. Based on the analysis, some ways have been proposed to improve the financial and economic security of the enterprise in question. The goal is to consider practical aspects of the economic security of the transport company through an assessment of the financial and economic security of FPK JSC. Method or methodology of work: the study used a systematic approach and general scientific methods - statistical, comparative analysis, expert assessments and logical generalizations. Results: shows the relationship between the financial and economic security of the enterprise. The economic security of FPK JSC was assessed as extremely low. Some ways to strengthen financial and economic security have been proposed. Field of application of the results: it is advisable to apply the obtained results to economic entities engaged in activities in the field of transport.

  • Research Article
  • Cite Count Icon 1
  • 10.18371/fcaptp.v4i39.241313
AN ASSESSMENT OF THE FINANCIAL AND ECONOMIC SECURITY OF THE AGRICULTURAL SECTOR IN UKRAINE
  • Sep 10, 2021
  • Financial and credit activity problems of theory and practice
  • N Sirenko + 3 more

Abstract. The article states that the financial and economic security of the agricultural sector is aimed at ensuring a sufficient level of efficiency of financial and economic activities; protection from external and internal dangers, improvement of financial firmness, and stability. It is established that one of the ways to solve these problems is the application of modern approaches to determining the level of financial and economic security of agricultural sector entities in order to identify the most significant threats to the market, as well as the application of modern approaches to improving the level of financial and economic security of the Ukrainian agricultural sector. It was found that the financial security of the country directly and proportionally affects the financial and economic security of the agricultural sector, and the presence of problems can prevent the agricultural sector from reaching the desired economic level. The basic elements of financial and economic security in agricultural entities are identified as financial resources, financial stability (solvency), and profitability of operating activities, effectiveness of financial and economic activities, the possibility and cost of attracting external financial resources. The indicators for financial and economic security of agricultural enterprises in Mykolayiv region are assessed and a model of factors influencing the indicator, which is the profitability of operating activity, is developed. General and specialist research methods were used to study theoretical, and methodological issues of financial and economic security in the agricultural sector; monographic, causal relationships, and logical modeling are also used in determining the indicators of assessing the level of financial and economic security in the agricultural sector; method of dynamic analysis and — in order to assess the rate of economic growth of the main macroeconomic indicators of the country, taking into account the dynamics of their change in the market environment; calculation-constructive, graphic — when assessing the level of financial and economic security. It is proved that the financial and economic security of the agricultural sector is aimed at ensuring a sufficient level of efficiency of financial and economic activities in the market environment, protection from external and internal dangers, as well as creating conditions for long-term development, given globalization challenges. Keywords: agricultural sector, financial security, financial and economic security, indicators, approaches. JEL Classification Q14, Q18 Formulas: 0; fig.: 1; tabl.: 6; bibl.: 13.

  • Research Article
  • Cite Count Icon 1
  • 10.33108/sepd2022.01.003
Financial security of Ukrainian enterprises: current status, main problems and ways to solve them
  • Jan 1, 2022
  • Socio-Economic Problems and the State
  • Kostiantyn Pavlov + 3 more

The existence of an effective financial and economic security system, which will provide the protection of the enterprise from the threats is one of the most important aspect of sustainable business growth providing and formation of positive results of its financial activities in modern conditions of the economic processes imbalance. The protection is conditioned by the ability of the enterprise authorities: to provide sustainable business growth of the enterprise, to neutralize the negative impact of the crisis economy, to form an adequate accounting system of financial flows, to strengthen operating effectiveness of the control system, to provide the protection of the trade secret information confidentiality on appropriate levels. Modern scientific researches indicate there is impossible to find exit from crisis, to stabilize the economic situation, to create an effective mechanism of doing business without unified system of business financial and economic security. The search of the main ways of business acceleration with minimal expenses for forming of effective system of enterprises functioning aimed at maximization of profits and harmonization of relations between business stakeholders is very relevance in the conditions of post-crisis reconstruction. It should be taken into account the fact that production and economic systems, regardless of the form of ownership, are characterized by the presence of constant risk and threats associated with the dynamics of the external and internal environment of their functioning. The financial and economic security of a business depends on the state of the country's monetary security. It should also be noted that at present the financial security of Ukraine is under threat, since all components of ensuring financial and economic security are in danger. The problems of their own economic security arise before each type of business, not only in times of crisis, but also when working in a stable economic environment, the set of targets to be solved in this case has a significant difference. The instability of the economic and political situation in the modern world creates great tensions and serious problems to ensure the financial security of enterprises, which is associated with solving economic and legal problems, as well as protecting economic interests and property rights of economic entities - physical and legal persons. The financial security of the enterprise, as the main economic entity of the modern economy, occupies an important place among the indicators of financial security at other levels, as the security of the enterprise is the basis of both economic security in general and financial security in particular. Financial security plays a significant role in the management of the enterprise, helps protect its financial and economic interests from negative internal and external threats, protects the financial interests of business owners, controls the financial resources of the company, able to withstand existing and emerging risks that cause financial damage change the structure of equity.

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