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Opinion/Comment

Safeguarding financial resilience through digital trust and responsible innovation

Ingrid Vasiliu-Feltes
Journal of Risk Management in Financial Institutions, 17 (2), 130-141 (2024)
https://doi.org/10.69554/PWOV3485

Abstract

In the rapidly evolving financial industry landscape, the convergence of digital and physical realms, known as the ‘phygital era’, presents novel challenges for boards that aim to build digital trust and strengthen their financial resilience while fostering responsible innovation and maintaining their competitive edge in the global business arena. These encompass people management, processes and their digital technology portfolio. Building a new phygital culture, upskilling and reskilling the workforce, deploying a mix of intelligent automation and hybrid augmented workflows and deploying frontier technologies responsibly are now on the agenda for forward-thinking boards. The latest deep tech innovation trends in financial services offer exponential pathways for innovative solutions yet increase cybersecurity threats, create new ethical dilemmas and demand a new risk tolerance from board executives. Novel risk management styles, the value of harmonising cyber and ethics programmes, and leadership traits are potentially viable solutions for risk management at the board level in this phygital era. This paper proposes a trifecta that financial industry boards can embrace to adapt their risk governance to the demands of this phygital era: zero trust cybersecurity, ethics by design and risk management by design. By deploying this combination of strategies, boards within the finance industry can successfully navigate the complexities of the phygital era and steer their organisations towards a more secure, trustworthy and sustainable future.

Keywords: phygital; risk; governance; ethics; cybersecurity; innovation; leadership

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Author's Biography

Ingrid Vasiliu-Feltes is an accomplished healthcare and life sciences executive, academician and techpreneur with a remarkable career spanning over two decades. She has held several distinguished leadership positions in the academic, not-for-profit and business arenas, most notably chief executive officer, president, vice president, chief quality and safety officer, chief innovation officer and chief of compliance.

Citation

Vasiliu-Feltes, Ingrid (2024, March 1). Safeguarding financial resilience through digital trust and responsible innovation. In the Journal of Risk Management in Financial Institutions, Volume 17, Issue 2. https://doi.org/10.69554/PWOV3485.

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cover image, Journal of Risk Management in Financial Institutions
Journal of Risk Management in Financial Institutions
Volume 17 / Issue 2
© Henry Stewart
Publications LLP

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