Leading approaches for monitoring financial security and maturity of business companies

Abstract

This paper concentrates on the leading approaches for monitoring the financial soundness of organizations represented by business companies in the context of their financial security. Financial security and maturity of business companies largely rely upon the financial control systems that are envisaged to provide sufficient protection for any company's finances and assets. Generally, financial management involves planning, organization, control, monitoring, and evaluation of an organization's financial resources to achieve its overall goals. In addition, there are a variety of tools to manage organization's financial resources and create a solid financial management system that includes collecting the data, assessment, analysis and learning in order to improve the subsequent iterations Our results demonstrate that financial examiners usually work in one of the two main areas for ensuring maturity and financial security of firms: risk assessment or consumer compliance. We show that financial examiners need a strong analytical ability to assess the risk management efficiency of financial institutions and the safety of individual loans that the institution provides.