FINANCIAL SECURITY AND ECONOMIC DEVELOPMENT: METHODS OF ANALYSIS AND RISK MANAGEMENT (THE CASE OF RUSSIA)

  • Natalia Kazakova Plekhanov Russian University of Economics, Moscow
  • Anna Sivkova Plekhanov Russian University of Economics, Moscow
Keywords: financial security; financial risks; bankruptcy; corporate fraud; monitoring

Abstract

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.

Author Biographies

Natalia Kazakova, Plekhanov Russian University of Economics, Moscow

Doctor of Economic Sciences, professor of the Financial Management Department, Director of the Center for Financial Studies, Plekhanov Russian University of Economics, Russia

Sphere of professional activity: scientific and practical issues of financial analysis, business process diagnostics, bankruptcy and risk assessment of the company's financial security.

Since 1997 he has been engaged in professional analytical work in state and commercial organizations

Anna Sivkova, Plekhanov Russian University of Economics, Moscow

Assistant at the Financial Control, Analysis and Audit Department, post-graduate student of the Financial Management Department,Plekhanov Russian University of Economics, Russia

Sphere of professional activity: сertified professional accountant of the Russian Institute of Information Technologies. She is engaged in problems of financial analysis, diagnostics of bankruptcy risks, transformation of reporting and implementation and application of IFRS in Russian companies.

Has practical experience of analytical work in the department of tax and legal consulting in the international company "Deloitte and Touche CIS".

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Published
2018-03-30
How to Cite
Kazakova, N., & Sivkova, A. (2018). FINANCIAL SECURITY AND ECONOMIC DEVELOPMENT: METHODS OF ANALYSIS AND RISK MANAGEMENT (THE CASE OF RUSSIA). The EUrASEANs: Journal on Global Socio-Economic Dynamics, (2(9), 68-80. https://doi.org/10.35678/2539-5645.2(9).2018.68-80