Strategic Contributions of FinTech Professionals to Risk Management and Nation-Building
Main Article Content
Abstract
The expertise of FinTech professionals is critical to every nation’s wellbeing, risk and financial management, technology leadership, and nation-building. This study aims to explore the crucial role played by the FinTech professional in risk management and nation-building. The study is rooted in three theories of strategic management and integrated functionality, which offer valuable insights into the functional connectivity between finance and technology sectors, economy and management, and the FinTech professional and other professionals in collaborative risk management and nation-building. Data are obtained from survey questionnaires, observation, and selected library and internet materials. Mixed methods alongside its associated techniques, content and thematic analyses, systematic review, and interpretative tools are employed. The analysis shows that the FinTech professional expertly and diversely contributes significantly to risk management and nation-building by playing strategic roles in various spheres. The study concludes that the FinTech professional is a strategic risk manager, leader, builder and an agent of change in society. It recommends that this unique professional should be consistently consulted, partnered with, and involved in all public activities of every society and organisation.
Article Details
Copyright (c) 2024 Adedotun Christopher Adeniyi (Author)
This work is licensed under a Creative Commons Attribution 4.0 International License.
Adenusi, D. A., Adekunle, A. U., Ekuewa, J. B., & Ayediran, O. R. (2019). Challenges and way out of cyber security issues in Nigeria. Paper presented at the 1st International Conference of Villanova Polytechnic, themed "New trends in science, technology, management and social sciences in Africa," held at Villanova Polytechnic, Imesi-Ile, 10th & 11th July.
Akkermans, J., Chipulu, M. Ojiako, U. & Williams, T. (2020). Bridging the fields of careers and project management. Project Management Journal, vol. 00(0), 1-12. DOI: 10. 1177/ 8756 9728 20910605.
https://doi.org/10.1177/8756972820910605 DOI: https://doi.org/10.1177/8756972820910605
Alam, A. (2024, Jan. 12). Financial management in the real estate sector: Strategies and challenges." Accessed from https://www.linkedin.com/pulse/financial-management-real-estate-sector-strategies-aqeel-alam-fca-f8tlf.
Ashley, C. (2019). Understanding functionalist theory, one of the major theoretical perspectives in sociology. https://www.thoughtco.com/functionalist-perspective-3026625.
Auwul, M. R., Hakim, M. A., Dhonno, F. T., Shilpa, N. A., & Abedin, M. Z. (2023). Knowledge mining from health data: Application of feature selection approaches. In M. Z. Abedin, & P. Hajek (eds.), Novel financial applications of machine learning and deep learning. Springer Nature's International Series in Operations Research & Management Science 336, (217-231). https://doi.org/10.1007/978-3-031-18552-6_1 DOI: https://doi.org/10.1007/978-3-031-18552-6_13
https://doi.org/10.1007/978-3-031-18552-6_1
Auwul, M. R., Hakim, M. A., Dhonno, F. T., Shilpa, N. A., Sohag, A., & Abedin, M. Z. (2023). Using machine learning using outlier modification rule for improvement of the performance of classification algorithms in the case of financial data. In M. Z. Abedin & P. Hajek (eds.), Novel financial applications of machine learning and deep learning. Springer Nature's International Series in Operations Research & Management Science 336, (75-92). https://doi.org/10.1007/978-3-031-18552-6_1 DOI: https://doi.org/10.1007/978-3-031-18552-6_5
https://doi.org/10.1007/978-3-031-18552-6_1
Bertalanffy, L. (1968) General systems theory. Braziller.
Beyerlein, M. M., Freedman, S., McGee, C., & Moran, L. (2003). Beyond teams: Building the collaborative organization. Jossey-Bass/Pfeiffer.
Boitan, I. A. (2019). Cyber security challenges through the lens of financial industry. International Journal of Applied Research in Management and Economics, 2(4), 33-38.
https://doi.org/10.33422/ijarme.v2i4.275 DOI: https://doi.org/10.33422/ijarme.v2i4.275
Bonsu, M. O., Roni, N., & Guo, Y. (2023). The impact of big data on accounting practices: Empirical evidence from Africa. In M. Z. Abedin, & P. Hajek (eds.), Novel financial applications of machine learning and deep learning (47-76). Springer Nature's International Series in Operations Research & Management Science, 336. https://doi.org/10.1007/978-3-031-18552-6_1 DOI: https://doi.org/10.1007/978-3-031-18552-6_4
https://doi.org/10.1007/978-3-031-18552-6_1
Centre for European Policy Studies- (2018, June). Cybersecurity in finance getting the policy mix right! Report of a CEPS-ECRI Task Force.
Chartered Institute of Internal Auditors (2018). Cyber security. December.
Chinoy, E. (1967). Society: An introduction to sociology. Random House.
Chowdhury, E. K. (2023). Integration of artificial intelligence technology in management accounting information system: An empirical study. In M. Z. Abedin, & P. Hajek (eds.), Novel financial applications of machine learning and deep learning. Springer Nature's International Series in Operations Research & Management Science 336, (35-46). https://doi.org/10.1007/978-3-031-18552-6_1 DOI: https://doi.org/10.1007/978-3-031-18552-6_3
https://doi.org/10.1007/978-3-031-18552-6_1
Fahmida-E-Moula, N. A. S., Shaha, P., Hajek, P., & Abedin, M. Z. (2023). Default risk prediction based on support vector machine and logit support vector machine. In M. Z. Abedin, & P. Hajek (eds.), Novel financial applications of machine learning and deep learning. Springer Nature's International Series in Operations Research & Management Science 336, (93-106). https://doi.org/10.1007/978-3-031-18552-6_1 DOI: https://doi.org/10.1007/978-3-031-18552-6_6
https://doi.org/10.1007/978-3-031-18552-6_1
Giuca, O., Popescu, T. M., Popescu, A. M., Prostean, G., & Popescu, D. E. (2021). A survey of cybersecurity risk management frameworks. In Soft computing applications: Proceedings of the 8th International Workshop Soft Computing Applications (SOFA 2018), vol.18 (240-272). Springer International Publishing.
https://doi.org/10.1007/978-3-030-51992-6_20 DOI: https://doi.org/10.1007/978-3-030-51992-6_20
Hasan, M., & Hoque, A. (2023). FinTech risk management and monitoring. In M. Z. Abedin, & P. Hajek (eds.), Novel financial applications of machine learning and deep learning. Springer Nature's International Series in Operations Research & Management Science 336, (3-16). https://doi.org/10.1007/978-3-031-18552-6_1
https://doi.org/10.1007/978-3-031-18552-6_1
Hossain, S. F. A., Nadi, A. H., Akhter, R., Sohan, M. A. I., Ahsan, F. T., Shofin, M. R., Shabab, S., Karmoker, T., & Paul, K. (2023). Exploring the role of mobile technologies in higher education: The impact of online teaching on traditional learning. In M. Z. Abedin, & P. Hajek (eds.), Novel financial applications of machine learning and deep learning. Springer Nature's International Series in Operations Research & Management Science 336, (197-216). https://doi.org/10.1007/978-3-031-18552-6_1 DOI: https://doi.org/10.1007/978-3-031-18552-6_12
https://doi.org/10.1007/978-3-031-18552-6_1
Jakka, G., Yathiraju, N., & Ansari, M. F. (2022). Artificial intelligence in terms of spotting malware and delivering cyber risk management. Journal of Positive School Psychology, 6(3), 6156-6165
Kopp, E., Kaffenberger, L., & Wilson, C. (2017). Cyber risk, market failures, and financial stability. IMF Working Paper, WP/17/185.
https://doi.org/10.5089/9781484313787.001 DOI: https://doi.org/10.5089/9781484313787.001
Luma, A., Abazi, B., Aliu, A., Snopce, H., & Januzaj, Y. (2021). Cybersecurity challenges for organizations. International Conference on Engineering Technologies (ICENTE'21).
Macfarlane, B. (2005). The disengaged academic: The retreat from citizenship. Higher Education Quarterly, 59 (4).
https://doi.org/10.1111/j.1468-2273.2005.00299.x DOI: https://doi.org/10.1111/j.1468-2273.2005.00299.x
Makeri, Y. A. (2017). Cyber security issues in Nigeria and challenges. International Journal of Advanced Research in Computer Science and Software Engineering, 7 (4), 315-321.
https://doi.org/10.23956/ijarcsse/V6I12/01204 DOI: https://doi.org/10.23956/ijarcsse/V6I12/01204
McNay, I. (2005). Higher education communities: Divided they fail? Perspectives, vol.9, no.3.
https://doi.org/10.1080/1360310052000343748 DOI: https://doi.org/10.1080/1360310052000343748
Merton, R. K. (1938). Social structure and anomie. American Sociological Review, vol.3, no.5, 672-82.
https://doi.org/10.2307/2084686 DOI: https://doi.org/10.2307/2084686
Nadi, A. H., Hossain, S. F. A., Hasan, A. M., Sofin, M. R., Shabab, S., Sohan, M. A. I., & Yuan, C. (2023). Discovering the role of m-learning among finance students: The future of online education. In M. Z. Abedin, & P. Hajek (eds.), Novel financial applications of machine learning and deep learning. Springer Nature's International Series in Operations Research & Management Science 336, 183-196. https://doi.org/10.1007/978-3-031-18552-6_1 DOI: https://doi.org/10.1007/978-3-031-18552-6_11
https://doi.org/10.1007/978-3-031-18552-6_1 DOI: https://doi.org/10.1007/978-3-031-18552-6_1
Nwode, G. C., Emeka-Nwobia, Ngozi U., & Nwankwegu, J. A. (2024). Leveraging decision-making artificial intelligence techniques for the implementation of policies on Nigerian indigenous languages. Paper presented at 35th Conference of The Linguistic Association of Nigeria (CLAN), hosted by the Departments of African Languages and English, Al-Qalam University, Katsina
Nwosu, E. N. (2022). Syntactic rules and research ethics: A critical exposition. Bangladesh Journal of Bioethics (BJBio), 13(3), 44-52. https://doi.org/10.62865/bjbio.v13i3.49
https://doi.org/10.62865/bjbio.v13i3.49 DOI: https://doi.org/10.62865/bjbio.v13i3.49
Obinna, N. N., Thuraka, B., & Okusi, O. (2024). Impact of information technology on teaching and learning: A focus on hybrid teaching mode. African Journal of Humanities and Contemporary Education Research, 15(1), 119-130. https://doi.org/10.62154/689nh583
https://doi.org/10.62154/689nh583 DOI: https://doi.org/10.62154/689nh583
Ojiako, C. D., & Nwode, G. C. (2022). Effective language use in interdisciplinary collaboration for employee performance and academic integrity in the university. Journal of Chinese & African Studies (JOCAS), 3(1), 41-50.
Osuchukwu, C. N., & Danjuma, C. (2022). Research ethics and pragmatic context: An exposition. Bangladesh Journal of Bioethics, 13 (3), 28-34.
https://doi.org/10.62865/bjbio.v13i3.47 DOI: https://doi.org/10.62865/bjbio.v13i3.47
Scott, W. R. (2008). Lords of the dance: Professionals asInstitutional Agents. Organization Studies, 29(2), 219-238. http://doi.org/10.1177/0170840607088151
https://doi.org/10.1177/0170840607088151 DOI: https://doi.org/10.1177/0170840607088151
Siddigi, L. (2020). Why cyber-risk should take centre stage in financial services. World Economic Forum, February 2020, https://www.weforum.org/agenda/2020/02/cyber-risk-should-take-centre-stage-in-financial-services/.
Slapniˇcar, S., Vuko, T., ˇCular, M., & Draˇsˇcek, M. (2022). Effectiveness of cybersecurity audit. International Journal of Accounting Information Systems, 44, 100548. https://doi.org/10.1016/j.accinf.2021.100548
https://doi.org/10.1016/j.accinf.2021.100548 DOI: https://doi.org/10.1016/j.accinf.2021.100548
Thach, N. N., Hanh, H. T., Huy, D. T. N., & Vu, Q. N. (2021). technology quality management of the industry 4.0 and cybersecurity risk management on current banking activities in emerging markets-the case in Vietnam. International Journal for Quality Research, 15(3), 845-856.
https://doi.org/10.24874/IJQR15.03-10 DOI: https://doi.org/10.24874/IJQR15.03-10
Thuraka, B., Ogirri, K. O., & Pasupuleti, V. (2024b). Strategic mitigation of depression through critical and positive thinking for mental health. Asian Journal of Medical Principles and Clinical Practice, 7(2), 356-67. AJMPCP.122096
Thuraka, B., Pasupuleti, V., Malisetty, S. & Ogirri, K. O. (2024). Leveraging artificial intelligence and strategic management for success in inter/national projects in US and beyond. Journal of Engineering Research and Reports, 26(8), 49-59. https://doi.org/10.9734/jerr/2024/v26i81228.
https://doi.org/10.9734/jerr/2024/v26i81228 DOI: https://doi.org/10.9734/jerr/2024/v26i81228
UK Finance (2019). Fraud the facts 2019: The definitive overview of payment industry fraud.
https://doi.org/10.1016/S1361-3723(19)30037-5 DOI: https://doi.org/10.1016/S1361-3723(19)30037-5
Watson, K.J., Blackstone, J.H. &Gardiner, S.C. (2007). The evolution of a management philosophy: the theory of constraints. Journal of Operations Management, vol.25, 387‐402.
https://doi.org/10.1016/j.jom.2006.04.004 DOI: https://doi.org/10.1016/j.jom.2006.04.004
Article Sidebar
