No 3 (2022)

The highly turbulent external environment of an organization and the multi-level internal environment necessitate fundamentally new conceptual approaches to the organization management. Contemporary postindustrial period specifies digital business transformation as a new vector of the companies’ economic development. In this regard, the author considers the controlling system that has received worldwide recognition to be an effective one. The paper briefly characterizes the main trends in the global economy, changes in business environment, and management issues in the activity of an organization. The analysis of the functioning and development of the general management and digital technology system allowed distinguishing a number of interrelated components of the contemporary management paradigm. The author specifies the directions of theoretical studies in the field of controlling: clarification of the conceptual apparatus, the formation of the principles of constructing a system, functional features identification, the development of up-dated tools, and the expansion of spheres of influence on various aspects of the company’s activity. The paper presents the author’s interpretation of the “Controlling” category, determines the boundaries of the tasks of the controlling system, and highlights its main functions. The paper presents the assessment of the state and dynamics of digital transformations of Russian organizations. The author describes the main directions of the controlling system digitalization in the company and considers the impact of using the key digital technologies on the management efficiency. The paper defines the most promising Industry 4.0 technologies, the use of which leads to the controlling system transformations and qualitative changes in its functionality. The theoretical and practical understanding of digital opportunities in the sphere of management and the structuring of controlling functions allowed formulating the essence of transformation of each of them. The author proposes the development of the controlling system based on digitalization, which ensures the stable functioning of an enterprise and the systemic solution of problems arising as a result of interaction between the enterprise and the internal and external environment. 

More and more companies in Western markets provide potential investors with an instrument to attract debt financing called “green bonds”. In recent years, a significant rise in demand for this type of securities is observed in Western stock markets; Russian investors also demonstrate interest in them, which makes issues of evaluating green bonds and comparing their investment attractiveness with the attractiveness of traditional bonds topical ones. The paper gives the assessment of attractiveness of green bonds both of Russian and Western European issuers and compares green and traditional corporate bonds from the point of view of a potential investor. The authors analyzed key financial performance indicators of green bonds: a coupon size, yield to maturity, and duration; assessed alternative costs of holding green bonds (bank deposit for the period of more than one year is considered an alternative variant of investment). Based on the results of the work, the authors conclude that, in general, non-green bonds today are more attractive for an investor; however, green bonds have an advantage in view of nominal coupon profitability. High duration is a distinctive feature of green bonds: the average due date of return of investments of green bonds is close to the maturity date, while traditional bonds have the duration much less than the term to their maturity. Therefore, one can note the heightened risks of inability to perform green bonds payments. In the Russian Federation, it is possible to partially eliminate specified risks through the government support of green projects.    

The implementation of a competent credit policy, the formation of a balanced loan portfolio, and the minimization of a level of credit risk are the main tasks of banking management. Credit operations of commercial banks have been and remain the most profitable and the banking sector profitability directly affects the financial market sustainable development. The main purpose of the study is to analyze the commercial bank credit activity and a credit risk on the example of the HCF Bank LLC commercial bank. The paper analyzes the structure of the bank’s loan portfolio, the overdue debt level, and the credit transactions restructuring. The authors performed the centralized and decentralized (coefficient) analysis of the commercial bank credit activity. The centralized analysis results showed the bank’s full compliance with the standards regulating lending activities. Ratio analysis revealed a downward trend in the quality of the retail customers’ loan portfolio due to an increase in the overdue debt and, consequently, an increase in credit risk. Based on the results of the study, the authors came to a conclusion that the level of the commercial bank credit activity for the analyzed period is high. The commercial bank has a low diversified loan portfolio, which makes it dependent on the loyalty and solvency level of its main individual customers. The assigned international and national credit ratings indicate a high degree of the commercial bank creditworthiness in the medium term period. The analysis of bank procedures for the work with credit risks shows that the bank follows the standard policy in the sphere of credit risk management. However, to avoid the growth of the riskiness level of credit operations and maintain the quality of the loan portfolio at a high level, the commercial bank should introduce more effective measures of managing credit risk, such as limiting, diversifying, and securing.