Oleksandra М. Muzychka’s scientific contributions

The aim of the article is to disclose a systematic approach to the formation of mandatory accumulative pension provision on the basis of the object-subject approach in the coordinates of «effectiveness – risks». The system of mandatory accumulative pension provision is proposed to be considered as an aggregate of interrelated elements, in particular, such as: objects, subjects, tasks, principles, sources of financing and other components that ensure effectiveness and focus on achieving social and economic effect, taking into account the existing risks of external and internal nature. The main objective of such a system is specified, which is to accumulate a sufficient amount of pension contributions to ensure appropriate pension payments, taking into account the need to form investment income adjusted for the inflationary component, existing risks and restrictions on the placement of pension assets. It is noted that the accumulative mandatory pension provision in the conditions of wartime and post-war recovery of Ukraine should be considered as an element of the transformation of the pension system. The social effect is achieved in the form of accumulation of a supplement to the basic old-age pension for pensioners, which reflects the receipt of pension payments both immediately and in installments under the agreement and depends on the diversification of investments in cash on deposit pension accounts, assets in securities and other assets not prohibited by current legislation. It is expedient to consider the economic effect as a source of financing economic transformations through stock market instruments that activate the mobilization of financial resources for investment in various sectors of the economy. It is proposed to identify specific risks of accumulative pension provision, which include: operational, investment, risks of unbalanced liquidity; environmental, social and governance risks associated with the pension portfolio and its management, interest rate risk. Further research will be aimed at developing a conception for the development of pension provision in Ukraine in the post-war period, taking into account the legal, financial and organizational foundations for the introduction of mandatory accumulative pension provision.

The aim of the article is to substantiate the functionality and ways to modernize early warning systems in banks as an instrument for anti-crisis management. It is proved that banking crises at the macro and micro levels are identified by: bank runs (banking panic), growth of interest rates on deposits and loans; provision of the State financial assistance to banks to avoid a systemic crisis; reorganization and restructuring in the banking system. It is proposed to consider early warning systems as an aggregate of methods and models that allow to identify potential and real signs of crisis phenomena in banks at the macro and micro levels, and to develop preventive measures of anti-crisis management at the early stages of manifestation. It is noted that the creation of an early warning model is a sequential process that includes three stages: preliminary modeling, modeling, and post-modeling. Such actions are directed towards defining the goals and objectives of the model, evaluating the model, and substantiating the initial representativeness of the model. An approach to systematization of early warning indicators with their division into external and internal ones has been developed. External indicators include: insufficient level of capitalization and profitability, high share of non-performing loans, banking risks, unsatisfactory asset quality, bank runs, imbalance of assets and liabilities in terms of amounts and terms, liquidity problems, and others. Internal indicators are as follows: low level of capitalization, quality of assets of an individual institution, deposit potential, liquidity, profitability, spread, etc. Approaches to improving early warning systems have been developed by modernizing them on the basis of artificial intelligence. An anti-crisis management instrumentarium in banks has been proposed, depending on the type and depth of the crisis. The instruments are systematized into non-market ones, which include emergency measures, restrictions on banking competition and the scope of activity, and market instruments – financial, operational and structural. Prospects for further research are the development of indicators for assessing the depth of the crisis at the macro and micro levels along with determining its level, substantiating strategic and tactical methods of anti-crisis management.

The aim of the article is to substantiate the mechanism for managing the financial security of an insurance company in the context of endogenous and exogenous risks, threats and hazards. It is proved that the economic essence of the concept of «financial security of the insurer» can be interpreted on the basis of system, system-activity, state, resource, criterion, indicator, risk- and strategically oriented approaches. It is proposed to consider the financial security of the insurer as a complex characteristic of its activities, which reflects the ability to manage finances, accumulate insurance premiums, fulfill obligations in the face of existing risks, threats and hazards of exogenous and endogenous nature. It is proved that ensuring the financial security of the insurer is based on an effective mechanism specific to each insurance company, depends on the purpose, financial and economic activities of the company, the level of its security and forms, methods and levers of its provision. The mechanism for managing the financial security of an insurance company has been improved, which is based on the definition of targets, forms, methods, levers, management tools, regulatory and information support. An approach to improving the mechanism for managing the insurer’s financial security has been developed, which is based on determining the targets of the insurer’s financial security, analyzing and evaluating the dynamics of the main indicators and activity coefficients, the existing methodological instrumentarium for assessing the level of the insurer’s security and substantiating the most acceptable methods, selecting financial security indicators, calculating the indicators of financial security, determining the level of the insurer’s financial security. Prospects for further research are the development of methodical tools and indicators for assessing the level of financial security of the insurer in the context of existential risks, threats and hazards.