Improving Risk-Based Internal Control Mechanisms to Ensure Financial Security in Insurance Organizations

The article examines the theoretical, methodological, and practical aspects of improving risk-based internal control mechanisms to ensure financial security in insurance organizations. It substantiates the need to transform the internal control system from retrospective inspection into a preventive management mechanism that identifies threats to financial security in advance, given the specific features of insurance activities related to contingent liabilities, insurance reserves, reinsurance, investment processes, and the acceptance of various risks. The study develops a methodological approach based on a comprehensive assessment of the risk management system, the state of internal control, financial security outcomes, and digital control infrastructure. A mechanism is proposed for determining control priorities based on the impact of risks on capital adequacy, solvency, liquidity, adequacy of insurance reserves, and profitability; identifying financial security zones under stress scenarios; and early detection of adverse trends through key risk indicators (KRIs). As a result, a risk-based internal control mechanism is substantiated that enables the integration of assessment, prioritization, stress testing, digital monitoring, and control response into a single management cycle.