Economic security in investment projects management: convergence of accounting mechanisms

Abstract

Implementation of business processes in Ukraine has become more structured in recent years. If previously the only goal was to get the most profitable investment and pay-off in the short term, and the attention to drawbacks and considerable riskiness of these projects was given already in case of their occurrence, now there is another management approach. Thus, the decision to attract additional funds involves a detailed analysis of the potential and existing risks of the project. The management focuses on continuous monitoring of the project implementation. Accordingly, it is necessary to develop an effective mechanism to evaluate an investment project, the effectiveness of its implementation, but from the perspective of the company’s economic security aimed at identifying and diversifying risks. As such, the accounting system of the enterprise’s economic safety management is presented as to the investment projects execution based on the convergence of budgeting, management, financial accounting and elements of the economic analysis and control. The proposed system of investment project management is based on the definition of responsibility centers during the investment project implementation. The developed plan of actions and methods is aimed at creating effective tools for identifying risk factors and monitoring the investment projects effectiveness. Such a system provides an opportunity to operate an investment project promptly and flexibly, following clearly defined management tasks within the chosen strategy of enterprise’s economic security. System management of investment project, which is a part of the overall business management, contributes to the achievement of goals set by the company at a given level of risks and financial performance.

With Regard To The Question Of Ensuring The Bank's Economic Security

“…There are many works in modern economic literature devoted to the study of topical issues of improving the system of economic security of banks, building a system of internal control -this is primarily the work of Ackroyd and Marsden (2006), Adrian, Covitz, and Liang (2015), Ellul (2015), Fedotova, Chugumbaev, Chugumbaeva, Sukhinin, and Kuzmina (2019), Fedotova, Lomakin, Tkachenko, and Gontar (2019), Han (2018), Ostapiuk, Karmaza, Kurylo, and Timchenko (2017), Ryan (2018), Saltanova (2017), Suglobov and Svetlova (2015), Zyabrova and Vasilyeva (2016). Nevertheless, today there are still many unresolved issues related to problems of identification and neutralization of risks and threats, the establishment of an effective internal control system that provides stable and reliable protection of customer information, assets and personal data.…”

Security of the Eurasian Economic Union Member States: Socioeconomic and Financial Aspects

“…l Using the "independence" term. Proponents of this approach interpret economic security as the state of social production that would allow to achieve economic sovereignty and ensure the ability of the national economy to constantly develop, update, and improve (Ronis, 2011;Ostapiuk, et al, 2017;Novoselova, et al, 2016;Ilyin, 2016;Karanina, & Kartavyh, 2018;Gorodetsky, 2016).…”