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Modern financial control: Challenges, contradictions, and digital development tools

Vol. 24, Iss. 12, DECEMBER 2018

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Received: 5 September 2018

Received in revised form: 20 September 2018

Accepted: 4 October 2018

Available online: 24 December 2018

Subject Heading: THEORY OF FINANCE

JEL Classification: G00, G29

Pages: 2661–2677

Tatuev A.A. Kabardino-Balkarian State University named after H.M. Berbekov, Nalchik, Kabardino-Balkar Republic, Russian Federation

Ovcharova N.I. Surgut State University (SurGU), Surgut, Khanty-Mansi Autonomous Okrug, Russian Federation

ORCID id: not available

Galyuta O.N. Surgut State University (SurGU), Surgut, Khanty-Mansi Autonomous Okrug, Russian Federation

ORCID id: not available

Zalevskaya M.A. Surgut State University (SurGU), Surgut, Khanty-Mansi Autonomous Okrug, Russian Federation

ORCID id: not available

Subject This paper discusses the perspective development of modern financial control instruments due to the increasing digitization of the financial system. The paper also examines the challenges and contradictions facing financial control at the present time.
Objectives The paper aims to justify the need for advanced financial control through embedding in the ecosystems of financial markets and digital financial infrastructure with the preservation and development of its external character.
Methods For the study, we used methods of generalization and structural design.
Results The paper says that the main contradiction of the modern financial control is the increasing discrepancy of its organizational and managerial forms to the challenges of financialisation and digitization. The paper proposes to form adapted digital instruments.
Conclusions and Relevance Development of priorities of modern financial control is involves its new organization on the basis of principles of openness, permanence and universality of all participants of financial relations. The results obtained can be used to supplement the implemented main directions of financial technologies development with the system set of digital instruments of financial control.

Keywords: fiscal control, financial system, financialisation, digitization, digital financial infrastructure, blockchain platform


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