Home  Journals  National Interests: Priorities and Security  3(384) - 2020 March

The comprehensive approach to establishing economic security management in a foreign trade entity

Received: 25 July 2019

Received in revised form: 18 August 2019

Accepted: 20 September 2019

Available online: 16 March 2020

Subject Heading: ECONOMIC SECURITY

JEL Classification: C53, M21

Pages: 519–535

https://doi.org/10.24891/ni.16.3.519

Subject The article unfolds the main lines for developing the comprehensive analysis methodology as part of the economic security management in entities dealing with foreign trade. It also concerns the development of methodological tools for evaluating its constituents that help make reasoned managerial decisions.
Objectives The study formulates the comprehensive approach to forming the economic security management in an entity dealing with foreign trade, and ensures the relationship of balanced economic processes and effectiveness of managerial decisions.
Methods Research is based on the information and analytical concept for ensuring the economic security of a foreign trading entity. The concept involves tools of economic and mathematical modeling, control and analysis of respective efficiency, thus allowing to evaluate the economic security of an entity with reference to its sectoral specifics.
Results The approach proposed herein is designated for the management level that includes information and financial constituents, foreign trade risks, providing for the quality of global economic ties which is based on the economic sovereignty of each foreign trade actor and independent decision-making.
Conclusions and Relevance If the comprehensive approach to setting up the economic security management process is implemented, the entity will be able not only to control, but also timely coordinate processes influencing its economic security.

Keywords: foreign trade, Markov process, risk, economic security, effectiveness

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