Innovation risk management in financial institutions

Svitlana Mishchenko · Svitlana Naumenkova · Volodymyr Mishchenko · Dmytro Dorofeiev

82 citations0/0 files storedInvestment Management and Financial Innovations

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Digital Transformation in Financial Services Islamic Finance and Banking Studies FinTech, Crowdfunding, Digital Finance

Abstract

The extensive use of financial technologies and innovations in the provision and utilization of financial products and services causes new risks that require constant attention. The article aims to improve innovation risk management methods to increase the operational stability of financial institutions in Ukraine. By generalizing international practice, the types of innovation risks are classified, and their impact on the activities of financial institutions and consumers is characterized. The attention is drawn to the control strengthening over the impact of operational and regulatory risks, based on important theoretical provisions contained in WBG, BIS, BCBS, and FSB documents. An organizational scheme for the interaction of a financial institution and an IT company is proposed to conclude “smart contracts” based on the use of a cloud service and blockchain technology. The authors propose additional methods of insurance protection and compensation for losses caused by the implementation of risks of using ICT and innovation based on creating the Collective Risk Insurance Fund of financial institutions; offer approaches to the calculation of variable and fixed parts of the contribution to the insurance fund for certain groups of financial institutions. It is concluded that to maintain the proper operational stability of financial institutions in Ukraine, it is necessary to introduce additional collective compensation methods for the risks of innovation and the strengthening of cyber threats.

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References

2013Risk Sharing and Transactions Costs: Evidence from Kenya's Mobile Money Revolution 2016The digital revolution in financial inclusion: international development in the fintech era 2008Cross-country variation in household access to financial services 1997Financial Markets, Intermediaries, and Intertemporal Smoothing 2017Fintech as Financial Innovation - The Possibilities and Problems of Implementation 2020Fintech and Financial Stability Potential Influence of FinTech on Financial Stability, Risks and Benefits

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