Financial Risk Management as a Strategic Direction for Improving the Level of Economic Security of the State

Korol, Inna; Полторак, Анастасія Сергіївна

doi:10.30525/2256-0742/2018-4-1-235-241

Cited by 22 publications

(11 citation statements)

References 4 publications

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“…For instance, Miller and Keipi (2005) recommend integration of risk mitigation in the design of all projects in risk-vulnerable domains [150,151]. Successful organizations take prevention, conduct cost-benefit analyses of different scenarios, and seek further protection through insurance with decreased premiums.…”

Section: Financial Contingency Planningmentioning

confidence: 99%

Sustaining Enterprise Operations and Productivity during the COVID-19 Pandemic: “Enterprise Effectiveness and Sustainability Model”

et al. 2020

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The research explores key factors impacting enterprise operational sustainability and the ability to transcend adversity during different stages of a crisis, such as the COVID-19 pandemic. The current study draws from the Theory of Crisis Management Teams, the Stakeholder Theory, and the Distributed Cognition Theory to build an “Enterprise Effectiveness and Sustainability Model during Pandemic.” Existing theoretical background joint with contemporary success case studies helped to identify the essential aspects and strategies enterprises should employ to survive and thrive during crisis and post-crisis. We have conceptualized an innovative approach to COVID-19 from the perspective of organizational characteristics, operations, digital transformation, and financial planning. The findings suggest that enterprises having distributed leadership, workforce and adaptive culture sustain business operations during a pandemic. Furthermore, resilient enterprises allow for more informed and decentralized decision-making. Prosperous organizations leverage Internet and Communication Technology (ICT) and integrate Intranet, social media, and online communication platforms into their daily business routines, as this helps to establish trust and build bonds with employees, stakeholders, and customers during and post-crisis. Finally, balancing between the stockpiling of resources and resiliency is crucial in anticipation of a crisis. Therefore, we conclude that enterprises with financial contingency plans sustain their business operations during a pandemic.

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Section: Financial Contingency Planningmentioning

confidence: 99%

Sustaining Enterprise Operations and Productivity during the COVID-19 Pandemic: “Enterprise Effectiveness and Sustainability Model”

et al. 2020

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“…At the same time, a dedicated risk management department has been established within financial institutions, dedicated to preventing and deflating risks and digesting the resulting costs [18]. e bank's credit department evaluates the potential and development prospects of the borrower and its unit and integrates the borrower's income and the ability to return the loan conditions and enters the evaluation system in a unified manner [19]. e existing records and information will be the applicant's risk evaluation result and perform evaluation and submit it to credit granting personnel to provide a basis for making decisions.…”

Section: Similarity Measurementioning

confidence: 99%

[Retracted] Early Warning of Financial Risk Based on K‐Means Clustering Algorithm

Zhu

Liu

2021

Complexity

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The early warning of financial risk is to identify and analyze existing financial risk factors, determine the possibility and severity of occurring risks, and provide scientific basis for risk prevention and management. The fragility of financial system and the destructiveness of financial crisis make it extremely important to build a good financial risk early-warning mechanism. The main idea of the K-means clustering algorithm is to gradually optimize clustering results and constantly redistribute target dataset to each clustering center to obtain optimal solution; its biggest advantage lies in its simplicity, speed, and objectivity, being widely used in many research fields such as data processing, image recognition, market analysis, and risk evaluation. On the basis of summarizing and analyzing previous research works, this paper expounded the current research status and significance of financial risk early-warning, elaborated the development background, current status and future challenges of the K-means clustering algorithm, introduced the related works of similarity measure and item clustering, proposed a financial risk indicator system based on the K-means clustering algorithm, performed indicator selection and data processing, constructed a financial risk early-warning model based on the K-means clustering algorithm, conducted the classification of financial risk types and optimization of financial risk control, and finally carried out an empirical experiments and its result analysis. The study results show that the K-means clustering method can effectively avoid the subjective negative impact caused by artificial division thresholds, continuously optimize the prediction process of financial risk and redistribute target dataset to each cluster center for obtaining optimized solution, so the algorithm can more accurately and objectively distinguish the state interval of different financial risks, determine risk occurrence possibility and its severity, and provide a scientific basis for risk prevention and management. The study results of this paper provide a reference for further researches on financial risk early-warning based on K-means clustering algorithm.

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“…Many methods of evaluation have been developed and proposed in the economic literature [8,9]. Methods of estimating the environmental impact factors on the financial and economic security of water supply and sewage companies can be grouped as follows: forecasting methods, modeling methods, methods for evaluating the consequences, expert methods.…”

Section: ____________________________________________________________mentioning

confidence: 99%

Macroprudential Regulation in Ensuring of the Development of Financial Markets

Konoplina¹,

Mizik²

2020

Modecon

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Introduction. This article is devoted to advanced tools and methods in audit of financial & economic security at Ukrainian water services enterprises. The water supply and sewage system is one of the most important branches of Ukrainian economy. Given the critical technical, economic and financial situation of the industry, it demands the search for and application of new effective methods that would ensure not only the efficiency of operation, but also the security of the enterprise. That is why the formation of the system of financial and economic security of enterprises in the industry is an objective necessity of modern management. Purpose. The purpose of the article is to study the methods and tools of auditing the financial and economic security of water supply and sewerage companies to ensure a rapid response to constant changes in the external and internal environment. Results. The essence of auditing the system of financial and economic security of water supply and sewage companies is manifested through the specifics of their activities. Therefore, along with the standard processes inherent in the audit, it is necessary to develop those directions which take into account the factors that are specific to these enterprises. Methods of estimating the environmental impact factors on the financial and economic security of water supply and sewage companies can be grouped as follows: forecasting methods, modeling methods, methods for evaluating the consequences, expert methods. Conclusion. Therefore, the result of auditing financial and economic security is the preparation of general conclusions and recommendations for ensuring its financial and economic security both at the current stage and in the future.

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Financial Risk Management as a Strategic Direction for Improving the Level of Economic Security of the State

Cited by 22 publications

References 4 publications

Sustaining Enterprise Operations and Productivity during the COVID-19 Pandemic: “Enterprise Effectiveness and Sustainability Model”

Sustaining Enterprise Operations and Productivity during the COVID-19 Pandemic: “Enterprise Effectiveness and Sustainability Model”

[Retracted] Early Warning of Financial Risk Based on K‐Means Clustering Algorithm

Macroprudential Regulation in Ensuring of the Development of Financial Markets

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