Risks and possibilities of the effect of financial inclusion on managing the financial security at the macro level

Abstract

The financial security state of the country directly depends on the amount of resources available in the financial system. Internal sources of financing of the economic and social needs may deprive the government of the necessity seek opportunities for obtaining external borrowings, which lead the country to the loss of financial autonomy. The financial inclusion of the population and business entities into the process of using financial products and services will stabilize the situation in the financial market by obtaining additional financial resources by its professional participants. At the same time, the lack of control of this process can lead to new threats for financial security at micro and macro levels. In view of this, the purpose of the study is to specify the opportunities and risks of financial inclusion for the financial security of financial intermediaries and the state as a whole. The object of the study was the level of financial inclusion, a set of factors that affect it, and a list of the consequences that its change may have for financial security. As the theoretical basis of the study, the reporting materials of financial market regulators were used, as well as information obtained from the application of such methods of scientific research as the analysis by which the level of financial inclusion in different sectors of the financial market was established, and the expert method implemented through surveys and questionnaires. Its use enabled to get a quantitative assessment of the level of financial inclusion of the population and economic entities. As a result of the study, the possible, positive consequences, risks and challenges of financial inclusion for the financial component of economic security are specified and systematized. The practical significance of the results of the survey is the possibility of developing on their basis the mechanisms for stimulating and controlling the level of financial inclusion by the financial market national regulators.

Development of digitalization mechanism of institute of financial ombudsman on example of Ukraine

“…Consumer rights protection allows improving the level of financial inclusion, which has a positive effect not only on the consumer of financial services. According to sci entists [10][11][12], the financial inclusion of the population and businesses will stabilize the situation in the financial market by obtaining additional financial resources from its professional participants, which plays an important role in ensuring financial security in the country.…”

Strategic Risk Management in the System of Providing Business Entities Financial and Economic Security

“…oriented and risk management, or at least two of the three mentioned areas of management of modern business structures. Thus, among Ukrainian researchers, approaches to risk management and financial and economic security are combined by Zachosova N., Herasymenko O., Shevchenko А., Babina N., Zanora V., Kovalenko А. Kutsenko D. 1 within the concretization of the theoretical foundations of financial and economic security management at the present stage of development of security science offers guidelines for strategic management of financial and economic security of enterprises, taking into account the interests, challenges and risks 2 , that accompany both the activities of the entity and directly the management process of the business structure. It should be emphasized that one of the authors of this study has already begun attempts to generalize the theoretical aspects of strategic management of the economic security system of economic entities 3 , which is an evidence of awareness and consistency in the conduct of scientific research on the stated issues.…”

“…However, we would like to note two important facts. First, the risk for the company can have both economically negative and positive consequences, because the existence of risk in itself is an objective reality for the functioning of all participants in economic relations, so effective risk management must have two vectors -the first -aimed at counteracting the negative consequences 1 of the existence of risks, the second -to obtain a positive effect from the realization of opportunities that lie behind the decision to take risks in a particular economic situation. The second fact is that the management of financial and economic security at the micro level is not limited to the risks identification, monitoring and control.…”

Features of the Industrial Enterprises’ Financial and Economic Security System Formation and Functioning in the Conditions of Industry 4.0: Strategic Aspect

“…Вивченню різних аспектів процесів формування та функціонування системи фінансово-економічної безпеки підприємств, установ і організацій присвячено значну кількість наукових праць як українських, так і зарубіжних вчених. Серед вітчизняних дослідників у межах проблематики управління фінансово-економічною безпекою не можна оминути увагою публікації О. Вівчара [1], Н. Дехтяра [2], Н. Бабіної, В. Занори [3], О. Герасименко, А. Шевченко [4], Н. Зачосової [5], А. Коваленка [6], Д. Пілевича [7] та ін. Їх праці присвячені питанням дослідження різноманітних підходів до формування системи фінансовоекономічної безпеки, стратегічного та тактичного управління фінансово-економічною безпекою підприємств, вивченню зарубіжного досвіду безпеко орієнтованого управління та встановленню можливостей його адаптації до українських реалій.…”