Ensuring Financial Stability of Companies on the Basis of International Experience in Construction of Risks Maps, Internal Control and Audit

Abstract

JEL Classification Codes: G10, G32, M1, M4. 1. Introduction Currently in terms of economic recession short-term priorities in financial activity of companies prevail over long-term. The research of Southern Federal District companies showed that in discussing strategy about 70% of managers focus on period from one to three years. Only 9% of companies have enough confidence in perspectives for business development to predict a strategy for 5-10 years or more. In course of survey 35% of managers of Southern Federal District companies noted that in 2015-2016 their companies faced serious risks and financial difficulties (Aksyonov, Sichev and Holina, 2016). In 2016 35% of responded executives out of 50 companies analyzed in course of research expect deterioration of financial and economic indicators. 16% expect their improvement. Majority of directors (64%) believe that continuation of Russian economy growth can be expected not earlier than 2017 (Aksyonov, Sichev and Holina, 2016). The list of main risks for Russian companies includes following: geopolitical instability, change in consumers' behavior, expensive loans as well as lack of qualified managerial human resources. Currently financial management implements tactical measures to prejudice of strategic interests of companies' development. In conditions of crisis most companies revised their strategies under influence of such factors as ruble devaluation, difficult access to capital (first of all credit resources due to lack of liquid pledge), reduction in oil prices and consequences of sectoral sanctions introduction from US and European Union with regard to Russian companies. Management of a company is connected with delegation of goals and tasks with which a manager faces (Thalassinos et al., 2013; Carstina et al., 2015). Concentration of financial levers (rewards and limitations) in manager's hands strengthens importance of these communications for company's sustainable development. Control action from top is understood at bottom as a signal related with surrounding circumstances and processes. In western culture of production high chances for a victory of strongest are provided thanks to functioning of uniform competitive field (level playing field), action of general for all rules (Shpengler, 1995; Hamid and Won Kie, 2016). According to A. V. Kuznetsov, the operating influence from above is perceived below as signal coordinated to surrounding circumstances and (Kuznetsov, 2015). To ensure financial stability companies must critically assess business processes and revise business models of development (Allegret et al., 2016; Grima et al., 2016). Main direction of activities in modern management system is cost optimization, restructuring of core business processes of financial management on basis of risk management programs, diversification of products and services. Management of company financial stability is connected with more flexibility of financial strategy of development and adaptability when it is important to provide business development with financial resources in related industries, e.g. construction and processing companies (Averina et al., 2016; Havlicek et al., 2013). Currently some Russian companies have stopped large investment projects. In order to ensure financial stability in conditions of increasing limiting factors Russian companies have started reformatting business processes, because they have not formed anti-crisis strategies of development as well as efficient business processes. Digital business transformation can be assigned to modern problems of modern system of company financial management. To ensure financial stability modern companies need to introduce new information technologies not only in production but also in risk assessment system. …