Identifying and prioritizing financial resilience strategies of financial technological business with a risk management approach

Document Type : Original Article

Authors

1 PHD student in financial, Islam Branch, Islamic Azad university of Ilam, Iran.

2 University Professor Professor and retired faculty member of Islamic Azad University, Science and Research Founding member and secretary-general of the Financial Engineering Association and chairman of the Iranian Management Accounting

3 Assistant Professor. Department of Accounting . Islam Branch. Islamic Azad university of Ilam. Iran.

4 Assistant Professor, Department of Accounting, Islam Branch, Islamic Azad university of Ilam, Iran.

10.30495/ijfma.2023.74887.2054

Abstract

Abstract:
The purpose of resilience is to create the capacity to improve a system for survival, from a shock and facing change and instability, to resist the effects of shock by creating the capacity to adapt and grow. In this research, using the opinions of 10 FinTech business experts, 4 different types of business uncertainty were identified and based on that, 12 types of possible problems were determined. In the following, using error analysis technique and RPN calculation, the most important failure modes were identified. In the next step, through interviews with experts, the number of resilience as well as strategies before and after failure were determined, and using the FDAHP approach, strategies were prioritized and the most important strategy was identified. The results indicate that to increase financial resilience in FinTech businesses with a risk management approach, strategies to pay attention to legal infrastructure; Establishment of risk and exchange rate fluctuation committee; Development of strategic and operational plans for financial resilience; Transparency in providing financial and entrepreneurial services to contracting companies; Ensuring financial stability in FinTech businesses and identifying alternative suppliers are the most important strategies. Finally, solutions for the development of the most important strategies were presented as practical suggestions for FinTech businesses.

Keywords

References

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International Journal of Finance & Managerial Accounting
Volume 10, Issue 36
January 2025
Pages 279-296

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