Prerequisites for the development of the system of managing the financial and economic security of business in the system of the global economic environment

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Admiral Makarov National University of Shipbuilding

Prerequisites for the development of the system of managing the financial and economic security of business in the system of the global economic environment

Harahulia Arthur, Postgraduate Student

Abstract

Harahulia A. Prerequisites for the development of the system of managing the financial and economic security of business in the system of the global economic environment.

Analysis of the financial and economic security management system of business in the system of the global economic environment requires a detailed study of the prerequisites for the development of the corresponding system in the context of ensuring the stability and viability of business, adaptation to changes in the global environment, optimization of costs and resources, strengthening of competitive positions, attraction of investments and responsibility to society. In the global economic context, enterprises face various external and internal risks. Researching the prerequisites allows for developing effective mechanisms for identifying, analyzing, and minimizing potential threats, thereby ensuring stable operation and development of the enterprise. Globalization of the economy, political fluctuations, changes in legislation, currency fluctuations, technological innovations, and other global challenges require business flexibility and the ability to adapt quickly. The article analyzes the prerequisites for developing a financial and economic security management system for business in the global economic environment. Previous studies indicate the need for an integrated approach to managing a business's financial and economic security, including risk management, innovation, intellectual property protection, digitization of processes, and a responsible attitude to social and environmental aspects of activity. The need to transform the management system of financial and economic security of business is caused by factors that require companies to be flexible, innovative, and resistant to external and internal challenges of the modern globalized world. It was determined that digitalization processes and technological development largely influenced the transformation of the business's financial and economic security management system. Rapid advances in digital technologies such as blockchain, artificial intelligence, big data, and the Internet of Things fundamentally change how we do business. This requires companies to implement new approaches to data management, cybersecurity, and information technology to ensure financial security.

Keywords: management, financial and economic security, business, global economic environment.

Анотація

Гарагуля А.В. Передумови розвитку системи управління фінансово-економічною безпекою бізнесу в системі глобального економічного середовища.

Аналіз системи управління фінансово-економічною безпекою бізнесу в системі глобального економічного середовища потребує детального опрацювання передумов розвитку відповідної системи у контексті забезпечення стабільності та життєздатності бізнесу, адаптації до змін у глобальному середовищі, оптимізації витрат та ресурсів, зміцнення конкурентних позицій, залучення інвестицій та відповідальності перед суспільством. У глобальному економічному контексті підприємства стикаються з різноманітними зовнішніми та внутрішніми ризиками. Дослідження передумов дозволяє розробити ефективні механізми для ідентифікації, аналізу та мінімізації потенційних загроз, забезпечуючи тим самим стабільну роботу та розвиток підприємства. Глобалізація економіки, політичні коливання, зміни в законодавстві, валютні коливання, технологічні інновації та інші глобальні виклики вимагають від бізнесу гнучкості та здатності швидко адаптуватися. Метою написання статті є процес аналізу передумов розвитку системи управління фінансово-економічною безпекою бізнесу в системі глобального економічного середовища. Попередні дослідження вказують на необхідність комплексного підходу до управління фінансово- економічною безпекою бізнесу, що включає ризик-менеджмент, інновації, захист інтелектуальної власності, цифровізацію процесів та відповідальне ставлення до соціальних і екологічних аспектів діяльності. Потреба в трансформації системи управління фінансово-економічною безпекою бізнесу викликана комплексом факторів, що вимагають від компаній бути гнучкими, інноваційними та стійкими до зовнішніх і внутрішніх викликів сучасного глобалізованого світу. Визначено, що значною мірою на трансформацію системи управління фінансово-економічною безпекою бізнесу вплинули процеси цифровізації та технологічний розвиток. Швидкий прогрес у сфері цифрових технологій, таких як блокчейн, штучний інтелект, великі дані та ін- тернет речей, кардинально змінює способи ведення бізнесу. Це вимагає від компаній реалізації нових підходів до управління даними, кібербезпеки та інформаційних технологій для забезпечення фінансової безпеки.

Ключові слова: управління, фінансово-економічна безпека, бізнес, глобальне економічне середовище

Statement of the problem in general

Analysis of the financial and economic security management system of business in the system of the global economic environment requires a detailed study of the prerequisites for the development of the corresponding system in the context of ensuring the stability and viability of business, adaptation to changes in the global environment, optimization of costs and resources, strengthening of competitive positions, attraction of investments and responsibility to society.

In the global economic context, enterprises face various external and internal risks. Researching the prerequisites allows for the development of effective mechanisms for identifying, analyzing, and minimizing potential threats, thereby ensuring stable operation and development of the enterprise. Globalization of the economy, political fluctuations, changes in legislation, currency fluctuations, technological innovations, and other global challenges require business flexibility and the ability to adapt quickly. Understanding the prerequisites of the management system allows companies to be ready for these challenges and use them to their advantage.

Analysis of recent research and publications

A significant amount of scientific research by Ukrainian scientists is devoted to the management of the financial and economic security of enterprises, including Var- naliy Z. S., Irtyshcheva I. O., Kovalchuk A. M., Kramarenko I. S., Romanchyk T. V. Semenov A. G., Ste- gnei M. I. However, digital transformation processes increase the impact of risks on the financial and economic security of doing business. That is why the analysis of the prerequisites for developing the management system of the financial and economic security of business in the system of the global economic environment is quite relevant and requires additional research.

The purpose of this article is to analyze the prerequisites for developing a business's financial and economic security management system in the global economic environment.

Presentation of the main material of the research

Adequate financial and economic security management helps enterprises rationally use their resources, minimize costs associated with risks, and optimize financial planning. Enterprises that effectively manage their financial and economic security are better able to withstand competition at the international level, using their competitive advantages and providing high-quality products and services. Companies with a strong financial and economic security management system are more attractive to investors because they demonstrate their ability to minimize risks and provide stable income. Approaches to risk management that consider global challenges and responsibility contribute to sustainable development and strengthen business social responsibility. Thus, studying the prerequisites for developing the financial and economic security management system in the global economic environment is critical to forming strategic business priorities, stability, and innovating in a rapidly changing world.

In recent years, the issue of managing business financial and economic security in the context of Globalization of economic processes has attracted considerable attention from researchers. A.G. Semenov's research [1] emphasizes the importance of developing comprehensive strategies for financial stability, focusing on adaptation to the rapidly changing conditions of the international economic environment. The author also emphasizes the need to integrate risk management as a fundamental component of the company's strategic management.

The work [2] analyzes the mechanisms of intellectual property protection and their impact on enterprises' financial security in the context of global competition. The study's results emphasize the importance of legal protection of innovations as a key element of ensuring business competitiveness.

Z. S. Varnaliy and A. M. Kovalchuk [3; 4] study digitization and its impact on financial and economic security. They demonstrate how technological innovations can contribute to optimizing the management of company resources while providing a higher level of protection against external and internal threats.

Researchers also pay special attention to corporate social responsibility (CSR) and its impact on financial security. The article [5] indicates that involvement in CSR practices not only has a positive effect on the company's image but also helps reduce risks associated with non-compliance with environmental, social, and management standards.

In general, previous studies indicate the need for a comprehensive approach to managing business financial and economic security, which includes risk management, innovation, protection of intellectual property, digitization of processes, and a responsible attitude to social and environmental aspects of activity. business competitive investment responsibility

The transformation of a business's financial and economic security management system is caused by several factors that reflect changes in the global economic environment and new challenges companies face. The main reasons for this need are:

Globalization of economic processes. The opening of markets and the growth of international trade contributed to the integration of economies but also increased their interdependence. Companies must adapt to the rapidly changing conditions of the international business environment, which requires more flexible and responsible security management systems.

Technological progress. The rapid development of digital technologies, including artificial intelligence, blockchain, the Internet of Things (IoT), and big data, has changed how we do business. This has created new opportunities for process optimization and innovation but has also introduced new risks related to cyber security and data protection.

Changes in international legislation and regulatory mechanisms. Regulatory requirements, especially those related to financial reporting, tax policy, and environmental regulations, are becoming increasingly complex. Companies must constantly adapt to new regulations to ensure legal and financial security.

Economic and political crises. Financial crises, political instability in various regions of the world, and the COVID-19 pandemic have shown how important it is to have a stable financial and economic security management system that can quickly respond to crisis situations.

Increasing competition. Fierce competition in global markets forces companies to constantly seek ways to reduce costs, increase efficiency, and develop innovative products. Effective financial and economic security management becomes a key factor in ensuring business competitiveness.

Thus, the need to transform the management system of financial and economic security of business is caused by a complex of factors that require companies to be flexible, innovative, and resistant to external and internal challenges of the modern globalized world.

The transformation of the financial and economic security management system of business was largely influenced by digitalization processes and technological development. Rapid advances in digital technologies such as blockchain, artificial intelligence, big data, and the Internet of Things fundamentally change how we do business. This requires companies to implement new approaches to data management, cybersecurity, and information technology to ensure financial security.

Globalization in the context of the growth of international trade and the integration of markets increases companies' dependence on global economic conditions. For the business sphere, the manifestation of various directions of Globalization is possible (Fig. 1). Globalization requires companies to manage currency risks effectively, comply with international standards and regulations, and develop strategies for effective competition in international markets. Introducing new international standards in tax policy, labor, ecology, and corporate governance requires companies to constantly adapt their internal policies and procedures to ensure compliance with global requirements.

The volatility of financial markets, economic sanctions, political instability in various regions of the world, and global crises, such as the COVID-19 pandemic, create additional challenges for companies' financial and economic security due to economic uncertainty. Recessions, financial crises, pandemics, and other global shocks affect business stability, causing the need to find new approaches to financial stability management and recovery planning.

Fig. 1. Directions of globalization for the business sphere

Source: summarized on the basis of [9].

Growing attention to climate change, environmental sustainability, and corporate social responsibility forces companies to review their operational processes and risk management strategies in sustainable development. Along with this, consumer preferences are changing, new consumer trends are forming, and there is an increase in requirements for transparency and ethical business practices, which prompt companies to adapt their strategies to meet these new requirements. In accordance with these global processes, companies must develop flexible, innovative, and complex approaches to managing financial and economic security. These approaches must be capable of adapting to rapid changes and ensuring business sustainability in the long term, taking into account all components of globalization (economic, sociocultural, technological, political, and environmental).

Thus, because globalization prerequisites for the development of a management system of financial and economic security of business are generalized, it is possible to single out the following types of globalization manifestations: economic globalization, sociocultural globalization, technological globalization, and political and environmental globalization.

Economic globalization is the integration of national economies into the world economy through the growth of international trade, investment, and capital. Economic globalization facilitates the free movement of goods, services, technology, and financial resources between countries, leading to increased GDP, efficiency, and new jobs. However, it can also increase inequality and vulnerability to global economic crises.

Technological globalization refers to the rapid spread of technology and innovation globally. From the Internet and mobile communications to biotechnology and renewable energy, technological globalization is changing how people live, work, and communicate worldwide. This promotes progress and economic development but presents new societal challenges regarding security, privacy, and the technology access gap.

Sociocultural globalization reflects the exchange of cultures, ideas, values, and lifestyles between countries and peoples. This includes spreading languages, religions, culinary traditions, arts, and entertainment through mass media and tourism. While sociocultural globalization can promote mutual understanding and tolerance between peoples, it also risks eroding national cultures and identities.

Political globalization describes the growth of international cooperation and the formation of global political structures, such as the United Nations, the European Union, the World Trade Organization, etc. It aims to address transnational problems such as climate change, international terrorism, nuclear proliferation, and migration. Political globalization can promote peace and stability, but it also generates debates about sovereignty and national independence.

Environmental globalization emphasizes the global nature of environmental problems and the need for joint efforts to solve them. Climate change, biodiversity loss, and ocean pollution require global attention and coordination of actions. Environmental globalization encourages countries to develop and implement international environmental agreements and policies to preserve natural resources and promote sustainable development. For the business sphere, the positive consequences of globalization influence are the expansion of sales markets, optimization of production chains, access to investments and financial resources, innovative development, competitive advantages, diversification of risks, improvement of corporate culture, and social responsibility of business.

Conclusions

Previous studies indicate the need for an integrated approach to managing a business's financial and economic security, including risk management, innovation, intellectual property protection, digitization of processes, and a responsible attitude to the activity's social and environmental aspects. The need to transform the management system of financial and economic security of business is caused by factors that require companies to be flexible, innovative, and resistant to external and internal challenges of the modern globalized world. To a large extent, the transformation of the financial and economic security management system of business was influenced by digitalization processes and technological development. Rapid advances in digital technologies such as blockchain, artificial intelligence, big data, and the Internet of Things fundamentally change how we do business. This requires companies to implement new approaches to data management, cybersecurity, and information technology to ensure financial security.

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