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Ensuring Financial Stability of Companies on the Basis of International Experience in Construction of Risks Maps, Internal Control and Audit

Natalia Vovchenko (), M.G. Holina, A.S. Orobinskiy and R.A. Sichev

European Research Studies Journal, 2017, vol. XX, issue 1, 350-368

Abstract: The managerial information can be considered as the basis for implementation of system organized phenomena which provide development of instruments, methods and strategies of management. The information is updated and implemented in the system of control actions on the object of management. A universal principle of information and financial correspondence of techniques and instruments exists between managerial information and selected vector of the financial strategy of the company development. In conditions of close informational interaction of professional auditing companies and their regular customers the construction of enterprise risk maps takes place, which allows eliminating imbalances of development based on financial consulting. It is professional financial consulting on the basis of high-quality managerial information that enables companies interacting with auditors to ensure financial stability. Development of risk management systems supposes appearance at all levels of the information management system of specialists in risk management understanding the peculiarities of risk-management methods. In order to ensure financial stability it is important to make the risk management instruments at the level of its comprehensibility to apply them for identifying the really existing risks.

Keywords: Financial stability; risk management; integrated risk management; risks map; financial strategy; managerial information; audit (search for similar items in EconPapers)
JEL-codes: G10 G32 M1 M4 (search for similar items in EconPapers)
Date: 2017
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