THE ROLE OF EFFECTIVE CORRUPTION RISKS MANAGEMENT IN ENSURING THE ECONOMIC SECURITY OF THE STATE

Abstract

The article examines the critical importance of anti-corruption measures for the economic security and stable development of the country. Performed analysis of corruption risks and their impact on economic security is conducted, and the effectiveness of existing regulatory and legal mechanisms for combating corruption is assessed. The focus is placed on the implementation of internal control and audit mechanisms as key tools for detecting and preventing corrupt activities. Particular attention is given to enhancing the transparency and accountability of government bodies, which is a necessary condition for reducing the level of corruption. The importance of interagency cooperation and the integration of efforts from various institutions to achieve the set goals is emphasized. Recommendations are proposed for improving the management of corruption risks to strengthen the economic security of the state. It highlights that corruption poses a significant threat to economic security by undermining trust in state institutions, reducing the efficiency of economic activities, fostering the growth of the shadow economy, and diminishing the country's investment attractiveness. The need for an improved regulatory and legal framework to address contemporary challenges and incorporate international experience is underscored. Enhancing transparency and accountability through open access to information, regular reporting on budget expenditures, and public participation in oversight processes is essential for creating an effective anti-corruption environment. The article argues for the strengthening of internal control and audit mechanisms, incorporating modern methods and technologies to monitor and evaluate activities regularly. The role of independent audits in providing early detection and timely measures to mitigate corruption risks is emphasized. The importance of interagency cooperation is highlighted, advocating for the development of effective mechanisms for collaboration between various governmental and non-governmental institutions. Furthermore, the article explores the potential of technology and digital tools in promoting transparency and accountability. The use of digital platforms for public procurement, financial transactions, and reporting can reduce opportunities for corruption by providing clear records and traceability. A comprehensive approach and the integration of proposed measures are necessary to create a robust anti-corruption strategy that addresses the issue from multiple angles. The conclusions drawn from the study emphasize the need for a holistic approach to managing corruption risks, involving legislative improvements, enhanced internal controls, increased transparency, and interagency cooperation. Such an approach is vital for ensuring long-term economic stability and growth, thereby reinforcing the overall security of the nation. This article provides a thorough overview of strategies aimed at strengthening the economic security of the state through effective management of corruption risks, offering valuable insights and recommendations for policymakers and practitioners.