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Business: Theory and Practice
ISSN 1648-0627 / eISSN 1822-4202
2023 Volume 24 Issue 2: 533–543
https://doi.org/10.3846/btp.2023.18951
management accounting is future-oriented and uses anal-
ysis to develop a business strategy, ensure the growth of
the market value of the business, is based on the study
of end-to-end business processes to identify and manage
risks. However, the methodological tools of management
accounting for assessing and displaying risks, especially in
the context of the russian occupation war against Ukraine,
are practically not developed.
e existing strategic management accounting has a
number of problems that limit its practical use in solv-
ing strategic tasks of an enterprise in today’s changing
environment. Strategic management accounting focuses
mainly on nancial and intangible indicators, without
assessing the impact of risks as a key aspect of strategic
management. Risk management tools are not suciently
integrated into the system of internal control, strategic
management, accounting and reporting processes. ere is
insucient emphasis on going concern, which is the main
accounting principle, and on long-term sustainability and
RISK-ORIENTED STRATEGIC MANAGEMENT ACCOUNTING
IN UKRAINE
Olena FOMINA 1, Svitlana SEMENOVA 2*, Olena MOSHKOVSKA 3,
Volodymyr YEVDOSHCHAK 4, Yulia MANACHYNSKA 5
1, 2, 3Department of Accounting and Taxation, State University of Trade and Economics, Kyiv, Ukraine
4, 5Department of Finance, Accounting and Taxation, Chernivtsi Institute of Trade and Economics
of State University of Trade and Economics, Chernivtsi, Ukraine
Received 11 April 2023; accepted 16 October 2023
Abstract. In order to survive, Ukrainian enterprises in the conditions of war must look for new ways of eective manage-
ment, a higher degree of integration of risk management and strategic management. Management accounting helps make
risk-based decisions to achieve strategic goals. e expert survey method made it possible to identify the most signicant
risks for enterprises in Ukraine in war conditions: the risk of increased costs, reduced income, the risk of inability to repay
obligations, loss of customers, non-payment of receivables, loss of asset value, risk of unprotability, reduction of business
and bankruptcy. e strategic management accounting risk matrix shows the probability and potential impact of each risk
on accounting data. A strategic plan and measurement of the eectiveness of risk-oriented strategic management account-
ing was developed. It shows the relationship of accounting objects, the nancial statements of the enterprise, with analytical
indicators for assessing the nancial condition and the impact of risks under pessimistic, optimistic and optimal scenarios.
In practice, it helps to identify risks, determine their impact on enterprise performance indicators, model indicators, assess
their compliance with strategic goals, adapt in a timely manner, and make eective management decisions.
Keywords: accounting, management, risk, management accounting, risk-management, strategy, strategic management ac-
counting, risk-oriented strategic management accounting, prognostication.
JEL Classication: D61, D81, M41, M49.
Introduction
Globally, challenges and threats are becoming more tangi-
ble than ever before, forcing business entities to constantly
assess risks and opportunities for their activities, identify
and display them in management accounting to provide
information for decision-making. Ukraine found itself in
an extremely dicult situation due to the unnecessarily
aggressive occupation war of the russian federation. Huge
risks of loss of business, loss of assets, personnel, nancial
and material resources, sales markets, business connec-
tions, investment attractiveness, the ability to function
normally and develop indicate the need for rapid adapta-
tion of management approaches and the relevance of risk-
oriented strategic management accounting.
e Chartered Institute of Management Account-
ants (CIMA) emphasizes that a successful business re-
quires a combination of advanced methods of manage-
ment, accounting and nance (CIMA, 2022). Strategic
534 O. Fomina et al. Risk-oriented strategic management accounting in Ukraine
competitiveness, which are important for management.
Another problem with strategic management accounting
is the insucient involvement of specialists in the process
of identifying, monitoring risks and developing a manage-
ment strategy, lack of integration with reporting, limited
attention to change, lack of exibility, and ineective re-
sponse to crises. ese limitations emphasize the need for
further development of strategic management accounting,
in particular in the direction of a risk-based approach.
Risk is an important object of accounting, control, au-
dit, and management. In general, it is considered as the
possibility of occurrence of events and their impact on the
achievement of strategy and business goals (COSO ERM,
2018). Risk also means uncertainty regarding the achieve-
ment of goals, one of the aspects of which is accounting
(ISO Guide 73:2009), however, there are currently no ap-
proaches to displaying potential events and their conse-
quences in the system of strategic management account-
ing, taking into account various scenarios of the develop-
ment of events. Enterprise risk management should not be
seen as a function or a separate department, as is common
in practice, but as part of the corporate culture, capabilities
and practices that are integrated with strategy and used to
create, preserve and realize value (ISO 31000:2018). Cor-
porate culture is an important component of success for
any enterprise, as it determines the values, attitudes, be-
liefs and behavior of employees and management, which
in turn inuence the creation of a working environment
that helps reduce risks. Corporate culture, which is based
on high standards of ethics, compliance with legislation,
standards, ethics, mutual respect in relations with custom-
ers, partners, and employees. A risk-based approach re-
quires awareness and involvement of employees at all lev-
els of the enterprise to reduce, avoid, identify and analyze
risks. erefore, modern accounting professionals must
have a good understanding of risk management. From an
accounting point of view, risk management is the process
of assessing the risks associated with a company’s business
practices in order to minimize or eliminate them. How-
ever, there is a question of identifying the most signicant
risks for Ukrainian enterprises under martial law, creating
an eective risk assessment system as an object of risk-
oriented strategic management accounting, in particular,
using a risk matrix, taking into account the risk assess-
ments obtained for budgeting under dierent scenarios
and generating internal reporting.
e diculties faced by the business directly in the
conditions of russian’s war against Ukraine and around
the world require an urgent search for new approaches
to the construction of strategic accounting, more eective
methods and concepts. e development of risk-oriented
strategic management accounting will help to identify
and predict potential risks, which will help to make ef-
fective decisions, avoid negative consequences and pre-
pare for them in a timely manner. Risk-oriented strategic
management accounting will ensure that strategic goals,
budgets, and plans are aligned with risk management
measures, which will help to increase the sustainability
and competitiveness of the enterprise. e ability to as-
sess risks on the scale of cost and probability, to forecast
the performance and nancial statements of an enterprise
under various scenarios when developing a strategy in of
the current martial law environment are extremely di-
cult and urgent tasks. From now on, strategic management
accounting must be risk-oriented. is means deepening
scientic research developing theoretical and practical as-
pects of implementing risk-oriented strategic management
accounting.
1. Literature review
Management accounting, risk and strategic management
are widely studied objects in the scientic literature,
which, although closely related, are mostly considered
separately. Historically, the impetus for the development of
management accounting was the accounting and control
of stocks of business entities (Nzuza Wiseman, 2016). e
term “management accounting” was used in the meaning
of cost accounting, to dene processes, cost calculation
and nancial control. In the future, the meaning of this
concept became more and more multifaceted. Manage-
ment accounting is a system of measuring and collecting
nancial and operational information for the implemen-
tation of motivational behavior, creation or maintenance
of cultural values necessary to achieve the strategic goals
of the organization (Abbasi & Mohammadi, 2016). But
today, strategic management accounting is gaining much
more importance than the control of stocks or costs of the
enterprise for the long term. In today’s changing business
conditions, the so-called market turbulence, it is necessary
to take into account a signicant range of factors and the
inherent risks, which is important for strategic manage-
ment accounting.
Strategic management accounting is mainly associated
with improving the process of making strategic manage-
ment decisions and increasing the company’s eciency.
Modern accounting should have a market-oriented ap-
proach and a strategic orientation, focus on calculation,
planning, monitoring, customer and competitor account-
ing, and performance measurement (Ojra et al., 2021).
However, this is not enough, the competencies of a mod-
ern management accounting specialist should be expand-
ed with risk management and internal control skills (Kose
& Agdeniz, 2019). Authors Hadid and Al-Sayed developed
a strategic management accounting (SMA) research model
using three variables: management accounting profession-
als, quality of information systems, and organizational cul-
ture. A close connection was established between the net-
work interaction of management accounting accountants
and the implementation of the practice of strategic man-
agement accounting. Among these variables, the quality
of information systems and an organizational culture fo-
cused more on results than on innovation had the greatest
inuence (Hadid & Al-Sayed, 2021). However, this model
does not take into account the risk factor that aects each
of these variables.
Business: eory and Practice, 2023, 24(2): 533–543 535
Accounting is an integral element of the risk manage-
ment mechanism at any enterprise (Tarashevsky, 2020).
e authors agree with the view that risk management in
accounting should be regulated by an appropriate policy
and occupy a separate section in the general accounting
policy at the enterprise level, in particular, regarding is-
sues of identication, assessment and limitations (Vyhi-
vska, 2018). e application of professional judgment in
the preparation of nancial and integrated reporting and
the disclosure of information about the company’s risks
in it is becoming especially relevant (Fomina etal., 2022),
approximation of international and national accounting
standards and reporting on this (Kuzub etal., 2022).
e authors are convinced that strategic management
accounting methods help to allocate limited resources
more eciently, rationally integrate business processes
and exchange information to achieve strategic decisions
and objectives. However, strategic management account-
ing is currently not widespread in the practice of small
businesses. And the main problem is not so much the in-
sucient level of corporate culture development in small
businesses for the implementation and use of strategic
management accounting (Ma etal., 2022), but rather the
limited resources to attract or train employees in the ba-
sics of management accounting, understanding of busi-
ness processes, strategic thinking and analytical methods.
Small business in practice is mainly focused on solving
current issues and strategic accounting mostly covers cost
control and management reporting on them (Kovova &
Semenova, 2015). However, risk-oriented strategic man-
agement accounting can become an important tool not
only for business preservation, but also for achieving long-
term success and growth.
e available research results are fragmentary and fo-
cus only on some problematic aspects. For example, in
enterprise risk management, scientists pay attention to the
accounting and control of provisions for future costs and
payments (Kurak, 2019), improvement of accounting for
sustainable development and evaluation of the eective-
ness of the chosen strategy (Kostyuchenko etal., 2021).
Risks are identied within project management, risk man-
agement and changes in management decision-making
processes (Danchenko & Zanora, 2019), during modeling
of internal business processes (Rogovyi etal., 2020).
For Ukrainian companies, it is important to take into
account the key trends in risk management of leading Eu-
ropean companies, which focus on strengthening the role
of cyber security and data protection, with signicant at-
tention paid to the risks of the nancial sphere, human re-
sources and macroeconomic changes (Semenova, 2020a).
e problem of ensuring cyber security for the protec-
tion of the vital interests of a person, society and the state
during the use of cyberspace is especially acute now all
over the world (e Verkhovna Rada of Ukraine, 2017).
Risk management in conditions of high uncertainty was
quite actively considered under the inuence of the nega-
tive consequences of the covid-19 pandemic, according to
which approaches to risk management of the company’s
continuous activity at the stages of preparation, response
and recovery were highlighted (Deloitte & Touche, 2020).
In particular, personnel, communication, infrastructure,
business continuity and cyber risks were identied. How-
ever, in the conditions of the terrorist war started by rus-
sia, new threats and risks are being imposed, the list of
which can be supplemented and detailed, both inherent in
Ukraine and in most countries and regions of the world
that have faced the consequences of military aggression,
the crisis in the energy and food markets, environmental
changes, disruption of logistics, and sanctions restrictions.
When considering risks in strategic management ac-
counting, scientists attach considerable importance to
determining or changing the future fair market value of
accounting objects, forecasting cash ows and calculating
costs (Semenova etal., 2021). e authors believe that ef-
fective strategic management must necessarily take into
account the risk factor (Karpenko etal., 2018), and ele-
ments of anti-crisis management (Hnatenko etal., 2021).
Strategic management accounting should also include
forecasting tax payments, expected parameters of tax
accounting (Kovova etal., 2018), the impact of risks on
transfer pricing (Korol etal., 2022), risks by responsibil-
ity centers (Drobyazko etal., 2019). e role of strategic
management accounting for achieving sustainable devel-
opment goals at the enterprise level is widely explored
(Ambika & Krishnamoorthy, 2019). Rating modeling for
developing of development strategies based on manage-
ment accounting information (Mazaraki etal., 2022) is
worthy of attention, models of sustainable development
in strategic management (Semenova et al., 2020).e
consistency of information for third parties is ensured by
accountants and auditors (Preve & Frias, 2013), however,
condential information related to risks can create condi-
tions of asymmetry in meeting the information needs of
users, which can be eliminated, in particular, using inte-
grated reporting.
Dimitris N. Chorafas highlights the issues of nancial
planning of cash ows, nancial condition, strategic ac-
counting principles in the context of IFRS, in particular,
determination of fair value, application of IAS 39, corre-
sponding US standards, hedging and hedge accounting, a
model approach to asset and liabilities management, virtu-
al consolidated nancial statements, use of the algorithm
for credit equivalence, in part 3 of his book (Chorafas,
2007). However, the author focuses the stady on strate-
gic planning, while strategic management accounting and
its peculiarities in the context of risk are covered rather
briey and, in our opinion, require further research.
In the scientic literature, considerable attention is
paid to managerial accounting, strategic management and
risks, but their combination into one whole has not been
studied enough. e rapid dynamics of changes, as shown
today, requires the search for new approaches and tools
for the implementation of risk-oriented strategic manage-
ment accounting.
e objective of the article is to dene the essence and
develop methodological tools for risk-oriented strategic
536 O. Fomina et al. Risk-oriented strategic management accounting in Ukraine
management accounting, which takes into account the
specics and is of practical importance for enterprises
that are in crisis due to the rf’s war of aggression against
Ukraine.
2. Research method
To achieve the goal of the research, the following main
methodological tools were used: analysis of limitations to
identify and understand existing risks, factors inuenc-
ing business activity, which should be reected in strategic
management accounting; an expert survey of practicing
accountants who have experience and perform manage-
ment accounting functions at large, medium and small
business, various sectors of the Ukrainian economy to se-
lect and rank the most signicant risks and objects of risk-
oriented strategic management accounting under martial
law; a matrix method of visualization, parameter estima-
tion and risk forecasting using a risk matrix in strategic
management accounting, built on the example of practical
data on the activities of the enterprise “Вoldness”; retro-
spective and systematic analysis to deepen the categorical
and conceptual apparatus and determine the essence of
risk-oriented strategic management accounting; a survey
for collecting, processing and evaluating information pro-
vided by business entities regarding the practice of stra-
tegic management accounting and determining require-
ments for management reporting on risk assessment.
e conducted studies of the developments available in
the scientic literature make it possible to distinguish six-
teen methods of strategic management accounting, which
can be classied according to ve directions: 1) strategic
costing (ve main methods: costing by attributes, tar-
get or target, costing of the life cycle, quality and chain
added value); 2) strategic planning, control and perfor-
mance measurement (in particular, using the tools of in-
tegrated performance management (Balanced Scorecard)
and benchmarking); 3) making strategic decisions (based
on strategic costing, strategic pricing and brand evalua-
tion to determine and achieve the company’s competitive
advantages); 4) accounting of competitors to determine
the position on the market (using the assessment of com-
petitors’ costs, monitoring the position of competitors and
evaluating their eectiveness); 5) customer accounting
(estimation of prots, sales volumes and costs related to
customers and their groups) (Ojra etal., 2021).
Risk-oriented methods of strategic management account-
ing can be classied according to the following criteria:
1) by methods of risk identication: scenario analysis
(consideration of risk scenarios and their conse-
quences to identify potential threats), involvement
of experts to identify risks, classify and assess them;
2) by risk analysis methods: SWOT-analysis (de-
scription of strengths and weaknesses of the en-
terprise, opportunities and threats of the external
environment), PESTEL analysis (assessment of the
impact of political, economic, socio-cultural, tech-
nological, environmental and legal factors on the
strategy), risk matrix, portfolio risk analysis (risk
assessment of various strategies and selection of
the best alternatives);
3) depending on the object: methods focused on busi-
ness processes (methods that allow analyzing risks
in supply chains, customer relations, etc.), infor-
mation security (methods for identifying cyber-
security, condentiality, and information storage
risks), risks related to nancial condition (methods
for assessing risks that aect nancial statements,
nancial results, indicators of the nancial condi-
tion of the enterprise, analysis of nancial ratios,
cash ows, etc;)
4) by types of reactions to risks: acceptance, avoid-
ance, distribution, reduction;
5) by methods of monitoring and controlling risks:
implementation of key risk indicators (metrics for
tracking risks and their impact on the strategy),
audit (Tarashevsky, 2020).
e latter should be supplemented by internal control
and business continuity management methods. is clas-
sication helps to determine which specic methods and
tools can be used to implement risk-based strategic man-
agement accounting, depending on the conditions, needs
and specics of the enterprise.
A more detailed review of the management account-
ing methodological tools used to assess and display risks
allowed us to identify the most eective ones:
– e risk matrix is a graphical tool that visualizes the
relationship between the probability of risks and their
impact on the business. e matrix consists of two
axes: the probability of risk occurrence and its conse-
quences (cost impact). Each risk is assigned a certain
level of probability and consequences, which helps to
determine its signicance for the business and select
appropriate response measures.
– Scenario analysis– this method involves considera-
tion of possible options for the development of events
under dierent scenarios and helps to assess what
risks may arise in dierent conditions and how they
will aect the company.
– SWOT-analysis is a tool that allows you to identify
the company’s strengths and weaknesses, as well as
opportunities and threats from the external environ-
ment. is analysis helps to identify risks and build
a strategy to manage them.
– Sensitivity analysis is a tool that allows you to assess
the impact of changes in certain factors, parameters
(price, demand, costs, etc.) on the risks and nancial
results of a project or business process.
– Probable consequences analysis is a method that de-
termines the possible consequences for the enterprise
for each identied risk and helps to better understand
potential losses and benets.
– Portfolio analysis, which is used to assess risks in the
context of the entire portfolio of projects or activities of
the enterprise. It helps determine which risks are com-
mon to several projects and how best to manage them.
Business: eory and Practice, 2023, 24(2): 533–543 537
Figure 1. Key objects of risk-oriented strategic management accounting according to the estimates of practicing accountants and
specialists in Ukraine in 2022 (source: compiled by the authors based on the results of an expert survey іn 2022, Ukraine)
Cost growth
(by
cost item and
elements)
29%
Reduction (lack of
receipt) of income
19%
Inability to repay
obligations
13%
Loss of customers
9%
Non-repayment of
receivables
7%
Loss of asset value
7%
Unprofitableness
5%
Reduction of business
3% Bankruptcy
2%
Others
6%
THE MOST SIGNIFICANT RISKS
In addition to these methods, it is important to es-
tablish a risk monitoring system and regularly report on
their changes and impact on the company’s operations to
ensure eective risk management. e use of information
systems and specialized soware tools allows you to au-
tomate the processes of risk assessment, monitoring and
reporting.
e search for universal concepts and systems is a
dicult task, since universality implies a somewhat gen-
eralized approach, and higher accuracy of estimates and
calculations require more individual methods. at is why
risk-oriented strategic management accounting should be
based on objects that are common and relevant for all
companies, as well as on objects that can be detailed and
specied in accordance with the specics of an individual
enterprise, taking into account the risks and threats.
e expert survey conducted by the authors of the
study allowed to take into account the opinion of practic-
ing accountants who have experience and perform man-
agement accounting functions at large, medium and small
businesses belonging to dierent sectors of the economy
and located in dierent regions of Ukraine. As a result,
a number of key indicators were identied– the most
important objects of risk-based strategic management ac-
counting (Figure 1).
us, according to the results of the ranking, it was es-
tablished that in the rst place was recognized the risk of
an increase in costs by articles and elements (29% of the
specic weight according to the estimates of the interviewed
accountants), in the second place– a decrease or lack of in-
come (19%), in the third place– the risk of not being able
to repay one’s own obligations (13%), followed by the risk of
losing customers (9%), non-repayment of receivables (7%),
loss of value of assets (7%), unprotability (5%), reduction of
business, sectors, and volumes of activity (3%), risk of bank-
ruptcy (2%). e expert survey questionnaires developed
by the authors contained a detailed list of objects, and an
open question was added to allow everyone to add their own
risks that were not on the proposed list but which, in the ex-
pert’s opinion, were relevant. us, among other objects, the
following are recognized as the most common risks: devalu-
ation of nancial instruments, loss of suppliers, destruction
of supply chains, increase in the operating cycle, increase in
the cost or unavailability of credit resources, loss of qualied
personnel, changes in tax and regulatory rules. Despite the
close correlation of experts’ responses, there is a variation in
the importance of certain risks in experts’ assessments de-
pending on geographic regions, in particular, the loss of as-
set value directly due to military operations, occupation, and
looting. Not all business entities in Ukraine have managed to
relocate their business from the occupied territories and the
contact line. In addition, acts of war in business, banking and
insurance contracts were previously classied as force ma-
jeure, which also makes it dicult to expect compensation or
indemnication and to continue normal business practices.
Signicant risks in the conditions of war, occupation
and their complex economic consequences are associated
with the destruction of transport infrastructure, higher
prices or fuel and lubricants, possible temporary seizure of
vehicles for the period of martial law, downtime due to air
raids and blackouts, caused by russian shelling and attacks
on critical infrastructure, damage from missiles, drones,
falling debris, all of which signicantly aect the ability to
do business, business continuity, time and money spent,
reduced protability, and limited supply and sales oppor-
tunities. Also, income estimates should take into account
uctuations in demand during the war and its changes
during the reconstruction phase. e detailing of objects
of risk-oriented strategic management accounting largely
depends on the sector of the economy in which the busi-
ness operates: transport services (Tarashevsky, 2020), agro-
industrial complex (Fomina etal., 2020), construction,
manufacturing, retail, tourism, medicine, nancial system
(Shulha etal., 2022)– each of them has its own character-
istics. erefore, the further description of risks as objects
of strategic management accounting for individual sectors
of the economy and types of activities can be a direction of
prospective research. is will allow not only to more com-
prehensively assess the current negative consequences of
military actions, but also to identify opportunities, threats,
538 O. Fomina et al. Risk-oriented strategic management accounting in Ukraine
factors inuencing future indicators of nancial reporting,
and the nancial condition of enterprises.
3. Results
Management accounting is a source of generating, pre-
senting and using nancial and non-nancial information
to support decision-making and counter their eective-
ness. If earlier accountants focused mainly on reecting
retrospective events and preparing reports, today account-
ing specialists are increasingly involved in strategic man-
agement, risk management, internal control and auditing
(e Institute of Internal Auditors Ukraine, 2017). at
is, the focus is complemented by the analysis of the exter-
nal environment, non-nancial information and risk as-
sessment when choosing the best response measures and
modeling key indicators.
Risks in the accounting and reporting system are
considered from three positions: 1) accounting can be a
source of risk formation (for example, due to incorrect
judgments and estimates); 2) accounting is one of the
functions of risk management (through the creation of
reserves and provisions, revaluation, hedging, etc.); 3)ac-
counting provides the necessary information (manage-
ment reporting for internal users, nancial and integrated
reporting for external users) (Semenova etal., 2021). Risk-
oriented strategic management accounting combines these
aspects and allows considering the accounting of objects
related to future risks and reporting on them, using not
only generally accepted International Financial Reporting
Standards and the Conceptual Framework for Financial
Reporting, as well as internally developed policies and
methods (Ministry of Finance of Ukraine, 2023).
In strategic performance measurement, brand evalua-
tion, the amount of projected prot calculated according
to accounting rules is taken into account. At this stage,
it is absolutely necessary to highlight the components of
prot formation and risks that can change the expected
values under dierent scenarios. It has been proven that
the productivity of the company can increase signicantly
if the strategic management accounting in the enterprise
is used along with the quality management system, which
are complementary and allow to increase the overall ef-
ciency (Sedevich-Fons, 2018).
Formulation of the objects of risk-oriented strategic
management accounting allows to highlight the most sig-
nicant parameters that have a signicant impact on the
indicators of assets, equity, liabilities, nancial results and
cash ows, which are reected in nancial statements using
accounting accounts and which are the basis to analyze its
nancial condition, stability, protability, business activity
for making further decisions. Analysis and assessment of
risks, their interrelationship and interdependence, will allow
to systematically consider the parameters of the enterprise’s
functioning in the future, to timely identify risk-creating
factors that can aect the enterprise’s ability to achieve its
strategic goals. Accordingly, a comprehensive risks assess-
ment of the possibility of their impact on the enterprise is
realized by combining the risk matrix with the strategy and
parameters of the strategic plan of nancial performance
and measuring the eectiveness of risk-based strategic
management accounting. is should help to choose the
right and timely eective response measures of prepare for
the worst-case scenarios.
Each object of risk-oriented strategic management ac-
counting can be considered as a whole or detailed by ele-
ments. For example, it is advisable to analyze the risk of
cost growth by components and elements, in particular,
what will be the consequences of an increase in the cost
of fuel, purchasing raw materials and materials (especially
for imports), components, changes in taris, etc. e re-
duction and lack of income also requires a more detailed
Risks of cost growth (by cost item and elements): R1– cost growth for transportation; R2 – increase in the cost of taris; R3– in-
crease in costs for the purchase of raw materials; R4– losses due to simple equipment; R5– deterioration of values; R6– increase in
the cost of rent; R7– increase in labor costs.
Figure 2. Risk matrix for objects of risk-oriented strategic management accounting (sources: compiled by the authors based on data
from the enterprise “Вoldness” and ISO 31000:2018; Tarashevsky, 2020)
Business: eory and Practice, 2023, 24(2): 533–543 539
consideration of the types of products, goods, works, ser-
vices, and sales markets. It can be seen that these objects
are associated with the risk of losing customers, business
reduction, unprotability, inability to repay obligations,
bankruptcy.
For a weighted assessment of the impact of each object,
the technique of building a risk matrix is eective, which al-
lows you to visualize the value expression of the risk or the
scale of its impact and the probability of occurrence. At the
same time, those risks that have potentially high damage and
a high probability of their occurrence require the greatest at-
tention (Figure 2). For the scale of the cost measurement of
risk in relation to the object of strategic management ac-
counting, it is necessary to take into account the level of ma-
teriality. For assets, liabilities, and equity, its recommended
limit is up to 3% of the relevant category, for income and
expenses– 0.2% of the total amount of income and expenses
or 2% of the amount of net prot (loss) (Ministry of Finance
of Ukraine, 2003). For basic indicators, it is advisable to use
data from the latest reporting. As a rule, the risk matrix is
built for assessment for one year (12 months), however, if the
planning horizon is 3 or 5 years, the discounting mechanism
can be used.
With the help of the risk matrix, each object can be ana-
lyzed aggregated, as well as in more detail to the required lev-
el of materiality. According to the list of risks dened by the
company, a systematized catalog of risks is drawn up, where
the risk code, description, indicators, accounting accounts,
reporting forms aected by the risk, response measures and
responsible persons should be determined.
It is important to build risk matrices for each object of
risk-oriented strategic management accounting in relation
Table 1. Strategic plan and performance measurement of risk-oriented strategic management accounting
(source: сompiled by the authors on the example of the enterprise “Вoldness”)
No Indicators
Years
2023
2024
optimal
2025
optimal
scenarios e potential
impact of risks
pessimistic optimal optimistic
ІA Statement of Financial position
1Assets, including: 3049 3098 3123 254 3120 3148
2Non-current assets, thousand UAH 2004 2013 2024 94 2026 2044
3Current assets, UAH thousand, including: 1027 1085 1096 160 1094 1102
4cash and their equivalents, thousand UAH 49 54 62 6 60 69
5stocks, thousand UAH 652 674 688 65 691 702
6accounts receivable, thousand UAH 344 357 349 89 343 333
7Liabilities, including: 3049 3098 3123 254 3120 3148
8Equity (share capital), thousand UAH 1644 1678 1732 72 1695 1701
9Current liabilities, thousand UAH 1405 1420 1391 182 1425 1447
ІІ A Statement of Prot or Loss
10 Net income from sales, thousand UAH 612 625 638 215 642 650
11 Cost of sold goods, products, works, services,
thousand UAH 422 428 437 134 440 447
12 Gross prot, thousand UAH 190 197 201 81 202 203
13 Other incomes, thousand UAH 28 36 39 10 40 44
14 Other expenses, thousand UAH 49 54 47 16 51 53
15 Financial result before taxation, thousand UAH 169 179 193 75 191 194
16 Net prot (loss), thousand UAH 139 147 158 61 157 159
ІІІ A Statement of Cash Flows
17 Incoming cash ow, thousand UAH 915 936 1008 225 1010 1018
18 Outgoing cash ow, thousand UAH 904 902 947 198 956 963
19 Net cash ow, thousand UAH 11 34 61 27 54 55
ІV Assessment of nancial condition, protability, business activity
20 Absolute liquidity ratio 0.03 0.04 0.05 –0.01 0.04 0.05
21 Total liquidity ratio 0.73 0.77 0.80 –0.11 0.77 0.76
22 Coecient of autonomy 0.54 0.54 0.55 –0.26 0.54 0.54
23 Net protability, % 22.7 23.5 24.8 –4.9 24.5 24.5
24 Return on assets, % 4.6 4.7 5.1 –0.4 5.0 5.1
25 Business activity (asset turnover ratio) 0.201 0.202 0.204 –0.046 0.206 0.206
540 O. Fomina et al. Risk-oriented strategic management accounting in Ukraine
to the impact on budgets and plans that are developed in
accordance with the chosen strategy and the policy of its
achievement. is will form a risk map of the company
and determine the choice of further response measures.
Risks that are in the red zone should be considered as a
priority, especially with regard to their impact on other
important indicators of the nancial condition and re-
sults of the enterprise. In accordance with this, the form
of internal management reporting “Strategic plan and
performance measurement of risk-oriented strategic man-
agement accounting” is proposed, which was developed
for the years 2023–2025 on the example of the enterprise
“Boldness”, presented in Table 1.
e practical testing of the proposed approach was
conducted on the basis of data from the enterprise “Bold-
ness”, the name of which was changed for reasons of us-
ing condential internal information. is enterprise
is located in the city of Kyiv, belongs to the category of
medium-sized enterprises, and its main activity is trad-
ing. e enterprise “Boldness” is interested in implement-
ing risk-oriented strategic management accounting. e
application of the proposed methodology for matrix as-
sessment of key risks of the enterprise “Boldness” allowed
to identify and practically demonstrate their impact on
the strategic plan and measure the eectiveness of risk-
based strategic management accounting. By analogy, the
proposed methodology will be of practical importance for
other enterprises that also implement risk-based strategic
management accounting.
Since risks can move from dierent zones: from lighter
to darker (or presented in color– green, yellow, red), it is
advisable to build a budget for three scenarios: optimal,
pessimistic and optimistic. e potential impact of risks
is separately highlighted on the basis of an additive as-
sessment of their possible impact on accounting objects,
reporting items, and indicators of the company’s nancial
condition relative to the expected optimal level. e use
of a risk matrix can be a tool for modeling the parameters
of a strategic plan or budget for each scenario.
e proposed form of the strategic plan can be sup-
plemented with indicators in accordance with the infor-
mation needs of users, including approved strategic pa-
rameters. However, the main idea of building such a table
is to reect the relationship between accounting objects
that are presented in the articles of the company’s nan-
cial statements, with analytical indicators characterizing
the nancial condition, and quantitative measurement of
the expected impact of risks under pessimistic, optimis-
tic and optimal scenarios. In practice, such a table can be
implemented using the Excel oce program, which will
allow you to immediately observe the change in strate-
gic parameters under the inuence of risk factors, model
planned parameters, their compliance with strategic tasks,
and select the most eective response measures.
For Ukrainian enterprises in wartime, the implemen-
tation of risk-oriented strategic management accounting
will have a signicant practical signicance, since now it
is important not only to identify risks, but also to be able
to determine their impact on the performance of the en-
terprise, to adapt in a timely manner and to make eective
management decisions.
4. Discussion
e study of strategic management accounting as a whole
is based on three aspects: 1) methods of strategic manage-
ment accounting to increase the productivity of the organ-
ization; 2) factors for choosing the specied methods and
methods of evaluating their eectiveness; 3) the shortcom-
ings of existing research in this area and the possibilities of
overcoming them (Ojra etal., 2021). However, the existing
list is obviously missing a key component that needs to be
singled out from among the others. is is the focus of
strategic management accounting on taking into account
possible risks and choosing measures to respond to them.
e latest techniques can help change the direction,
accelerate or slow down the growth of companies, pro-
vided they are ready and able to cope with future threats
and the ability to use potential advantages (Abbasi & Mo-
hammadi, 2016). e implementation of more complex
management accounting systems allows reducing risks for
the enterprise and makes risk management more eective
(Afa & Saleh, 2021).
It is relevant to assess the eectiveness of responsibility
centers in the management accounting system (Drobyaz-
ko etal., 2019), cyber risks and information technologies
(Shulha etal., 2022). Foresight technologies, based on a
combination of strategic analysis and forecasting of key
indicators, provide a high probability of achieving certain
results and contribute to the formation of conditions for
this (Fomina etal., 2020).
To systematize and analyze cause-and-eect relation-
ships in the formation of nancial security, enterprises
use the “bow tie” diagram, with the help of which risk
management is aimed at identifying events that aect the
formation of the nancial state of the enterprise (Fedulova
& Piatnytska, 2020).
e assessment of the eectiveness of management ac-
counting, that is, its impact on the company’s productivity,
is debatable. It is believed that company performance is
determined by the t between structure and environment
(Ojra etal., 2021). erefore, strategic management ac-
counting must take into account the risks of changes in
the external (intensity of competition and market turbu-
lence) and internal environment (organizational structure
or formalization, decentralization and strategy), in order
to be ready, timely and eective in choosing methods of
responding to them and understanding the consequences
of decisions made, their impact on reporting indicators
and the nancial position of the enterprise. Approaches
to determine the greater eectiveness of formalization or,
conversely, decentralization of the company’s organiza-
tional structure for a better impact on the practice of stra-
tegic management accounting remain debatable. However,
it has been proven that there is a higher need for the sup-
port of strategic management accounting in enterprises
Business: eory and Practice, 2023, 24(2): 533–543 541
that had a decentralized organizational structure, which
is explained by a lower level of communication between
employees and information exchange (Ojra etal., 2021).
e authors agree with the opinion on the need for
interaction between management accounting and risk
management (Kose & Agdeniz, 2019), the development
of the competencies of a modern accountant (Fomina
& Goncharenko, 2015), management accounting tools
(Mazaraki & Fomina, 2016) and internal audit (Marti-
nis & Houghton, 2019), expansion of risk classication
(American Academy of Actuaries Risk Classication Work
Group, 2011), including for the needs of management ac-
counting (Semenova, 2020b) and internal audit (Auditores
Internos, 2021).
e existing risk assessment methodology has a num-
ber of limitations that may aect its eectiveness. e
most important are the following: uncertainty and in-
terconnectedness of risks, their multicollinearity, limited
forecasting accuracy, lack of reliable information, limited
resources, subjectivity of assessment and human factor in
relation to the impact of risks and selection of measures
to respond to them, dynamism of the external environ-
ment, in particular, rapid changes in technologies, mar-
kets, geopolitical, environmental and military factors that
generate new risks that are dicult to predict according to
preliminary estimates. erefore, the methodological tools
of risk-oriented strategic management accounting should
combine the advantages and capabilities of dierent ap-
proaches, use various sources of information, be exible
and adapt to changes in the environment, possible threats
and challenges.
Strategic management accounting and risk manage-
ment are considered through the function of providing
information about external risks associated with external
factors for the enterprise, such as: competitors, custom-
ers and suppliers (Roupska, 2022). However, internal risks
aecting the ability to achieve strategic goals are no less
important, especially in wartime, so it is necessary to de-
velop a balanced approach. at is why a methodical ap-
proach to the selection of the range of risks– objects of
risk-oriented strategic management accounting, for which
the optimal level of detail is chosen when building a ma-
trix of risks, determining their impact on the formation
of key planned indicators, is proposed. Depending on the
type of rm’s strategy (aggressive or moderate), the set of
strategic management accounting tools and their prior-
ity may change. Deepening the risk-orientation of strate-
gic management accounting in the context of the type of
strategy and style of management, organizational and legal
form, size and type of activity of the enterprise, region
and territory of placement can act as directions for further
research. e limitations of the proposed risk assessment
methodology are the need to analyze each object of risk-
oriented strategic management accounting separately ac-
cording to their impact on the nancial statements and
nancial condition of the enterprise, which increases the
labor intensity of the process. e risk matrix does not
allow immediate assessment of the multicollinear impact
of risks and their interaction, but the identied objects,
within the limits of materiality and the required detail, can
consistently trace the impact of risks on the enterprise’s
strategy and nancial reporting indicators under dierent
scenarios (optimal, optimistic or pessimistic). is distin-
guishes the proposed methodology from the existing one
and helps to assess not only key risks, but also to control
their impact on important nancial parameters and the
continuity of the company’s operations, select the most
benecial risk response measures and analyze their eec-
tiveness.
Conclusions
e results of existing studies indicate the relevance of
expanding the functions of accounting and implementing
the practice of risk-oriented strategic accounting. With a
view to deepening the categorical apparatus, the authors
formulate own denition of the concept of “risk-orient-
ed strategic management accounting”, which means the
process of selecting and modeling strategic management
decisions, identifying and assessing risks, taking into ac-
count their impact on accounting objects, nancial report-
ing indicators, tax accruals, nancial condition, liquidity,
solvency, protability, business activity, cash ows of the
enterprise, and the ability to achieve strategic goals. To
develop of risk-oriented strategic management account-
ing, its methodological toolkit have been deepened. On
the basis of an expert survey, the most important objects
of risk-oriented strategic management accounting for en-
terprises in the conditions of the rf’s war against Ukraine
were identied– the risk of increased costs (by items and
elements), decreased income, the risk of inability to repay
obligations, loss of customers, non-payment of receivables,
loss of asset value, risk of unprotability, business decline
and bankruptcy. e tools of risk-oriented management
accounting are expanded and an integrated approach is
proposed that combines an eective methodology for
identifying and analyzing risks with an assessment of their
impact on key indicators of nancial and economic activ-
ity of enterprises under various scenarios. It is proposed
to evaluate the objects of risk-oriented strategic manage-
ment accounting using a risk matrix, which reects the
value expression of the risk or the scale of its impact and
the probability of occurrence. Each object can be analyzed
aggregated or in more detail by elements. With the help of
the risk matrix, it is possible to assess the impact of each
risk on other indicators of strategic management account-
ing, in particular, on budgets and plans that are developed
according to the chosen strategy. A form of management
reporting has been developed in the form of a strategic
plan and monitoring of key indicators of the enterprise’s
activity under the inuence of risks under various sce-
narios and management policies.
e added value of the developed methodological
tools of risk-oriented strategic management accounting
is the ability to directly measure and evaluate the impact
of risks on accounting objects and nancial indicators, to
542 O. Fomina et al. Risk-oriented strategic management accounting in Ukraine
integrate strategic management with nancial reporting,
which will allow developing more sound and balanced
strategies. e proposed risk-based approach is more ex-
ible and involves constant monitoring of the external en-
vironment and internal processes, which helps to respond
quickly to changes, objectively adjust strategic plans and
take the necessary measures to maintain business con-
tinuity in a timely manner. In general, the development
of risk-based strategic management accounting can help
organizations become more adaptive, competitive and ef-
cient in the face of uncertainty and change.
For Ukrainian enterprises, the introduction of risk-
based strategic management accounting, its integration
with risk management, internal control, audit, and busi-
ness continuity management is of great practical impor-
tance to provide the necessary information in the forma-
tion of exible strategies and ensure business eciency in
the face of high risks caused by the war and overcoming
its consequences.
us, management accounting not only provides in-
formation for decision-making at the enterprise, risk-ori-
ented strategic management accounting provides informa-
tion that reduces uncertainty through the identication
and analysis of risks, increases the manageability and pre-
dictability of key indicators of the enterprise, which ulti-
mately contributes to the achievement of strategic goals.
Directions for further research are to expand the meth-
odology of risk-based strategic management accounting
and its integration into the management system based on
the use of modern information technologies, in particular,
articial intelligence, data analytics, modeling, which will
allow to fully take into account and adapt to the type of
strategy and management style, organizational and legal
form, size and type of activity of the enterprise, country
and region of location.
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