INTEGRATION OF FINANCIAL MANAGEMENT AND RISK MANAGEMENT IN REGIONAL DEVELOPMENT PROJECTS OF UKRAINE DURING MARTIAL LAW AND THE POST-WAR PERIOD
Abstract
The study is devoted to the applied aspects of forming an effective system of financial management and risk management for regional development projects in Ukraine in wartime. It highlights the issues of identifying, assessing and minimising multi-level risks caused by military aggression, macroeconomic instability and structural imbalances in regional development. The necessity of adapting classical approaches to risk management and financial management to a turbulent environment is substantiated, taking into account security, energy, logistical, personnel and institutional risks, which are cascading in nature. Risk and financial flow management tools are systematised and a five-component model of an integrated risk management system at the regional level is proposed. The phases of transformation of the risk management system in the process of post-war recovery (stabilisation, reconstruction, modernisation) are identified and their risk profiles are outlined. The practical significance of the results lies in the possibility of using the proposed approach by state authorities, local self-government bodies and international donors to increase the effectiveness of recovery projects. To achieve these goals, the following tasks have been set: to systematise the specific risks of regional development projects in wartime; to analyse existing risk management tools and the possibilities for their adaptation; justify the methodology for forming an integrated risk management system at the regional level; develop recommendations for transforming risk management systems during the transition to post-war recovery. The transition from the war to the post-war phase is accompanied by a significant change in the risk profile and requires adaptation of management systems. Prospects for further research are related to the detailed development of methods for quantitative assessment of specific military risks, the study of best practices for coordination between national and regional levels of risk management, the analysis of the effectiveness of digital monitoring platforms, and the development of competency standards for financial management and risk management specialists in the regional development sector.
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