Open AccessFINANCIAL SECURITY AND ECONOMIC DEVELOPMENT: METHODS OF ANALYSIS AND RISK MANAGEMENT (THE CASE OF RUSSIA)
Author(s) -
Nataliya Kazakova,
Anna Sivkova
Publication year - 2018
Publication title -
the euraseans : journal on global socio-economic dynamics
Language(s) - English
Resource type - Journals
ISSN - 2539-5645
DOI - 10.35678/2539-5645.2(9).2018.68-80
Subject(s) - bankruptcy , business , accounting management , risk analysis (engineering) , control (management) , transparency (behavior) , economic security , finance , security management , quality (philosophy) , risk management , accounting , economics , accounting information system , computer science , computer security , economic growth , philosophy , management , epistemology
Under the conditions of today’s megarisks, the general level of instability of the world economy is only rising, the number of unprofitable organizations with overdue debts increases, and this creates additional threats to financial security of the states. In this regard, the presented research results have scientific and applied importance for risk management of financial security of economic entities on the basis of the suggested control and analytical concept. The suggested concept includes; monitoring, diagnostics, prevention of crisis situations, including bankruptcy, corporate fraud or financial irregularities in the economy. Accounting for the specifics of economic entities in the analysis, diagnostics and control of their activities is aimed at developing an effective management system for corporate fraud and bankruptcy prevention. The conceptual principles of information and analytical support, improved methods used in analyzing, evaluating and monitoring financial security contribute to the development of this methodology for economic analysis and control, ensuring their effectiveness and transparency. The comprehensive toolkit offered here for diagnosing financial security allows identifying the areas of increased bankruptcy risks, fraudulent actions or ineffective business management; unify the control process, thereby reducing labor intensity and improving the quality of control measures.