STRATEGIC APPROACH TO THE MANAGEMENT OF FINANCIAL SECURITY OF ENTERPRISE

Authors

  • N. Kolenda Lesya Ukrainka Eastern European National University
  • N. Matviichuk Lesya Ukrainka Eastern European National University
  • L. Cherchyk Lesya Ukrainka Eastern European National University
  • G. Nakonechna Lesya Ukrainka Eastern European National University
  • Kumar Amit Integral University, Lucknow

DOI:

https://doi.org/10.18371/fcaptp.v4i35.221797

Keywords:

financial security, strategy, risk, financial stability, market value of the enterprise, financial resources

Abstract

Effective management of financial security of the enterprise is impossible without the use of a strategic approach in this process. The author’s vision of a strategic approach to the management of financial security of an enterprise is presented in the article. The algorithm of a strategic management of financial security is proposed and the peculiarities of realization of each stage in accordance to the financial-legal norms are revealed. The following stages of strategic management of financial security of the enterprise are allocated: analysis and assessment of the level of financial security of the enterprise and its effectiveness, a mission statement, goals and objectives of the strategic management of financial security of the enterprise, evaluation of external and internal environment of the enterprise, formation of a portfolio of financial security management strategies, evaluation of strategies and selection of the optimal strategy, implementation of the chosen strategy of financial security management of the enterprise and evaluation of the effectiveness of its implementation.

The strategies of management of financial security of an enterprise and the procedure for their selection, which is based on two criteria: level of financial security and effectiveness of the management of it are developed. In particular, it’s proposed the anti-crisis strategy, which may be general or functional; growth strategy, which we divide to the strategy of rapid growth, moderate growth, concentrated growth and diversified growth; a stabilization strategy that includes a strategy of intensive stabilization and a strategy of extensive stabilization; a protective strategy that includes a strategy of passive protection and a strategy of active protection.

Also, the matrix of the choice of the strategy of financial security management in accordance two criteria: the level of general financial security of an enterprise and the level of security of its components is proposed.

Author Biographies

N. Kolenda, Lesya Ukrainka Eastern European National University

Ph. D. in Economics, Associate Professor, Associate Professor of Department of Management

N. Matviichuk, Lesya Ukrainka Eastern European National University

Ph. D. in Economics, Associate Professor, Associate Professor of Department of Finance

L. Cherchyk, Lesya Ukrainka Eastern European National University

Doctor of Economics, ProfessorHead of Department of Management

G. Nakonechna, Lesya Ukrainka Eastern European National University

Ph. D. in Law, Associate Professor of Department of Civil-legal Disciplines

Kumar Amit, Integral University, Lucknow

Doctor of Finance, M.B.A (Finance), Master of Commerce, Assistant Professor of Department of Commerce & Business Management

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Published

2020-12-24

Issue

Section

The topical questions about the development of finance, account and audit