Possibilities of managing the bank's financial security based on the five-petal model
Year: 2024
Type: article
Abstract: The paper is devoted to the analysis of methods and approaches to ensuring the financial security of banking institutions. The purpose of the paper is to study theoretical and practical approaches to managing the financial security of a bank using the five-petal model and develop methodological recommendations for their practical application. As a result of the research, it was established that the banking sector of Ukraine, despite the war that has begun, continues to operate smoothly, while implementing measures to strengthen its stability, strength and security. It is determined that the financial security of the banking system is an important component of the country's financial and national security. The paper considers the five-petal model as an innovative approach to assessing and managing risks. The authors proposes a model consisting of five main components (petals): economic, legal, technological, organizational and information security. The authors offers methodological recommendations for the practical application of the five-petal model to improve the financial security management system of banks, which allows reducing the level of risks and increasing the efficiency of financial operations. The results of the study are a relevant addition to the understanding of security problems in the banking sector and can be useful for financial specialists, as well as for managers and regulators who study and improve security management practices in the banking sector. Conclusions. To improve the financial security management system of Ukrainian banks, it is recommended to use the five-petal complex model proposed by the author. This model provides for a quantitative and qualitative assessment of the current economic condition of the bank, identification of critical moments of the financial condition and forecasting of future activities in accordance with the development strategy, taking into account potential shocks.
Source: Economics Finances Law
Authors: Valentyna LEVCHENKO, Mykyta CHERNYSHOV
Institution: Kyiv National University of Technologies and Design
Language: English
Domain: Life Sciences
Open Access status: diamond
OpenAlex ID: W4406503014