Economic Security

This article examines the main trends in the development of the global financial system. The main trends are as follows: currency polycentrism and digitalization, the formation and functioning of decentralized finance (DeFi), and the relationship of this model of organizing finance with centralized finance. The authors analyze such phenomena as the rapid development of innovative technology in the financial market infrastructure, the process of changing the economic leader of the world economy (China is becoming the leader), and the growing global imbalances. It is concluded that due to the high exposure of financial markets to geopolitical risks, alternative currencies are increasing their share in the structure of international settlements and reserves, and gold is still an important global reserve asset.

The article examines foreign experience and Russian practice in the field of CBDC. On the example of individual countries, the concepts of CBDC implementation are analyzed. The factors determining the driving forces of CBDC development are identified. The results of the study conducted by the Bank for International Settlements on the relevance of the introduction of CBDC (wholesale and retail) according to financial criteria in both developed and developing countries are presented. The main advantages of the introduction of the digital ruble in Russia are substantiated. The current Russian experience with the introduction of the digital ruble shows that the Bank of Russia has used an integrated approach in developing the concept and platform of the digital national currency. It is concluded that despite the listed advantages of the CBDC, its release may face a number of problems, including distrust of the authorities and their initiatives, misunderstanding and unwillingness of society to use a centralized digital currency.

The relevance of the issues discussed in the article is due to the fact that in practice corporate structures are often formed without taking into account risk assessment. The article emphasizes the expediency of structuring production processes taking into account the risk structure by introducing the concept of structural integral risk. To assess structural integral risks, the tools of graph theory and probability theory are used. The integral risk assessment is carried out on the example of a typical structure of a wood firm. The assessment of integral structural risks is carried out under the assumption of sufficiency of quality work, at least one technological chain connecting the initial and final stages of production. It is shown that if the structure is formed without taking into account the risks, the initial structural risk, i.e. the risk of poor quality operation of the company without additional measures, may be too large. For the considered example, measures to reduce the initial structural integral risk are proposed. These measures consist both in influencing individual elementary risks and their totality and in improving the risk structure.

The article reflects the results of a study on the issues of planning corporate risk culture in a new digital and polycentric reality. Corporate risk culture is considered as a basic element of the risk management system and an important part of the risk management policy. Improving the quality of the process and effectiveness of risk management in a public company cannot be achieved without continuous growth of corporate risk culture. The article provides a comprehensive consideration of planning corporate risk culture within the framework of risk management process, risk management system and risk management policy. It is proposed to conduct an independent assessment of the level of corporate risk culture of public companies. The assessment should be carried out by the Moscow Stock Exchange. To calculate the integral index of the level of corporate risk culture, a six-factor regression model similar to the Altman's Z-score model is used. To calculate the regression coefficients in the proposed model, it is suggested to use information about public companies that have gone bankrupt in the last 3-5 years. The author also talks about risk capital planning as an indicator of risk culture balance (the first of the six indicators of the model) and about the Consolidated Register and Risk Passports as tools for planning corporate risk culture.

The article examines the theoretical justifications and rules for setting tariffs, which, even in theory, cannot be unambiguously identified to ensure the optimal use of resources by public utilities. In fact, in the absence of a generally accepted theory of state policy for regulating prices and tariffs, it is difficult to make general recommendations to the government, which should determine the utility pricing policy. To demonstrate this, the author proposes to begin with a brief review of the criticisms of the simple marginal cost rule during the early transition to a market economy. According to the author, such a historical approach will provide a basis for demonstrating perhaps less well-known (but no less crucial) analytical shortcomings of the two-rate tariff rule, both in its simple form and in the form of a modified club principle. In conclusion, the broad implications of all these arguments for the state policy of prices and tariffs from the point of view of institutional transformations of socio-economic security are identified. The results of the study may be in demand by legislative and executive authorities in ensuring socio-economic security in the context of utility rate regulation.

Based on Russian legislation and Gazprom's corporate standards of the Unified Industrial Safety Management System, the process of organizing administrative and production control over compliance with industrial safety requirements is characterized. Despite the fact that the key areas for the development of industrial safety culture have been updated and identified, no special assessment of the level of industrial safety culture is carried out at Gazprom. The behavioral safety audit is the exception. The article analyzes the peculiarities of conducting administrative and industrial control of industrial safety culture and defines the priorities of risk management in Gazprom's industrial safety culture.