INNOVATIVE APPROACHES TO MANAGING BUDGETARY RISKS IN THE CONTEXT OF DIGITAL TRANSFORMATION OF THE FINANCIAL SYSTEM
Abstract
The features of budgetary risk management in the context of digital transformation of the financial system are studied and the possibilities of improving this process through the use of innovative technologies are considered. It is established that traditional methods of risk assessment based on retrospective analysis do not provide the necessary accuracy and efficiency in identifying financial threats. It has been found that the integration of artificial intelligence, automated monitoring systems, machine learning and blockchain technologies contributes to more effective control over budget operations and minimises risks. The purpose of the study is to systematically analyse the key aspects of budget risk management in the context of digitalisation and to develop scientifically sound recommendations on the use of modern technologies to improve its efficiency. The article uses a systematic approach to assess the impact of digital technologies on budget risk management, a comparative analysis of traditional and digital risk management methods, and a structural and functional approach to classify modern monitoring and forecasting tools. The main problems that complicate the introduction of digital technologies in budget management are identified, including regulatory barriers, insufficient integration of information systems, limited funding for digitalisation, and technological challenges related to cyber threats. It is proved that effective budget risk management is possible with the creation of a single digital platform for monitoring financial flows, updating regulations and applying analytical systems based on big data. The practical value of the work lies in the development of recommendations for the introduction of digital technologies into the budget control system, which will help to increase the transparency of the budget process and minimise financial threats. Prospects for further research are related to improving the methodological apparatus for assessing budget risks and creating adaptive forecasting algorithms based on artificial intelligence.
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