European experience in ensuring the financial security of financial institutions

Abstract

The article is dedicated to exploring the essence of financial security for financial institutions in Ukraine in the context of a state of war and providing proposals for its enhancement. In light of international events, particularly the full-scale invasion and aggression by the russian federation, the insufficient level of financial security of Ukrainian financial institutions becomes exceptionally pertinent. Therefore, identifying internal and external threats to the financial security of these institutions during wartime, along with developing a strategy to neutralize these threats and enhance the effectiveness of financial security, emerges as an extremely relevant task. The article substantiates the significance of developing a strategic plan to bolster Ukraine's financial security, with a focus on the control of financial institution activities. The author meticulously examines key aspects and methods of ensuring stability and reliability of financial institutions in the European Union. Additionally, key elements of controlling financial institution activities within the context of Ukraine's financial sector development strategy are studied and compared with methods applied in other countries around the world. The article comprehensively examines practices and strategies for financial stability of institutions in European Union countries such as the Netherlands, Belgium, the United Kingdom, and the Czech Republic. Analyzing the practices of these countries, known for their successful results in ensuring economic stability and protecting consumer and investor rights, provides insights and recommendations for Ukraine's financial sector. A crucial aspect of the article highlights the role of regulatory bodies that define standards of business conduct, requirements for financial reporting, and the process of service delivery. Moreover, the article underscores the importance of innovation and financial literacy in ensuring the efficiency and competitiveness of financial institutions in the modern global environment. In conclusion, the article makes a significant contribution to understanding and addressing the issues of financial security in Ukrainian financial institutions, especially in the context of geopolitical challenges. The conclusions and proposals presented in the article have the potential to contribute to refining approaches to financial stability in other countries and developing effective strategies for Ukraine's financial institutions.