Financial monitoring of the port industry companies on the basis of risk-oriented approach

Abstract

The paper determines that the need in financial monitoring of Ukrainian companies of the port sector is caused by financial consequences related to the need to protect the environment, the existence of a dominant part of payments in foreign currency (foreign exchange risk associated with currency fluctuations), the possibility of cash outflows into the shadow sector of the economy and the possibility to use transport for smuggling. In addition, in the recent years there is a tendency of diminished financial stability of the seaports of Ukraine, which is a signal to determine the factors that have an impact on this situation, the consequences of risky operations and the optimal structure of sources for the formation of assets. An important aspect of financial monitoring is the necessity to identify the data about the objecton the basis of insignificant and relevant information, which makes it possible to avoid non-essential features and parameters and to speed up the decision making process at the lowest cost of expenditures and time. The study offers a methodical approach to financial monitoring of the port industry companies on the basis of the risk-based approach that takes into account the conditions for the functioning of port companies and their business characteristics, making it possible to implement the appropriate measures to prevent and avoid risky financial transactions and, consequently, to increase/preserve the competitiveness of the port sector companies. Regarding the need in further studies of the practical realization of financial monitoring of the port sector companies, there is a choice and substantiation of aggregate indicators of the financial monitoring system, their listing with a view to specific features, types and scale of activities.

Comparative Analysis of Strategies for Innovative Development of the Fuel and Energy Complex: The Experience of the EU Countries

“…It is necessary to impose fines in case of outflow of resources into the shadow economy sector, non-compliance with environmental protection rules, smuggling. Financial monitoring is an effective element of the management system to identify and prevent possible problems (Oneshko and Ilchenko, 2017). Taking into account the above information, Kazakhstan can improve the efficiency of water transport, in particular on the Caspian Sea.…”

Ризикові Фінансові Операції Стивідорної Компанії

“…Адже, якість роботи впливає на репутацію та довіру, і зрештою, на здатність виконувати свою місію. Щоб система контролю якості була ефективною, вона повинна бути частиною кожної стратегії, культури, політики та процедури державного органу, що здійснюють аудиторську функцію (далі -орган зовнішнього аудиту), зокрема вищих органів аудиту (далі -ВОА) [3].…”

Problematic Aspects of Financial Risk Assessment Methodology in Stevedoring Companies

“…-the likelihood of financial consequences associated with the existence of a dominant share of foreign currency payments, which directly influences the presence of currency risk associated with currency fluctuations, which have been quite significant in Ukraine in recent years [6];…”