ENDLESS: International Journal of Futures Studies Vol. 6 No.

2 (2023)

Technology-Based Financial Risk Management Strategy:

Overview of Recent Developments

Budi Utami1, Wahyu Widjayanti2, Kartika Sukmawati3, Mulatsih4

1,2,3,4
Universitas Gunadarma, Indonesia
Email: budi_utami@[Link]

Abstract

Technological developments have had a significant impact on financial risk management. In this
context, the application of artificial intelligence, the use of data analytics, and the role of
blockchain technology are the main focus for increasing efficiency and accuracy in managing
financial risks. This study aims to analyze technology-based financial risk management strategies
with a focus on the application of artificial intelligence, the use of data analytics, and the role of
blockchain technology. This research was conducted using a qualitative approach with a
literature study as a research method. The data used comes from the results of previous research
and studies that are related to technology-based financial risk management. This study found
that technology-based financial risk management provides advantages in the form of operational
efficiency, cost savings, and increased accuracy in risk analysis. However, challenges such as data
security and privacy and the complexity of technology system integration must be overcome. In
developing an effective technology-based risk management strategy, companies need to increase
organizational understanding and awareness, develop a supportive regulatory framework, and
conduct human resource skills training. Collaboration, continuous evaluation, and a sustainable
approach are also keys to success in optimizing the use of technology in managing financial risks.

Keywords: Management Strategy, Financial Risk, Technology Development.

A. INTRODUCTION
The development of information and communication technology has
significantly changed the landscape of the financial industry. In this digital era,
companies and financial institutions need to develop effective strategies for
managing financial risk to ensure operational continuity and sustainable growth.
However, rapid changes in technology also bring new challenges in managing
financial risks. One of the main challenges in managing financial risk is the
complexity and diversity of risks faced by companies (Wójcik & Ioannou, 2020).
Financial risk can come from various factors, such as market fluctuations,
regulatory changes, and economic instability. Therefore, it is necessary to have a
comprehensive and adaptive strategy for managing this risk. In recent years,
technological developments such as artificial intelligence, data analytics, and
blockchain have provided new opportunities in financial risk management. The
advantage of these technologies lies in their ability to quickly and accurately
analyze data, identify trends, and provide valuable insights for better decision-
making (Irwin et al., 2022).

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Technology implementation in financial risk management can also help

reduce human errors that may occur. Humans are prone to fatigue, inaccuracy,
and bias, which can negatively impact risk management. Using technology, the
risk management process can be automated, reducing the risk of errors and
increasing efficiency. In addition, technological developments have also made it
possible to have platforms and systems that are more integrated, enabling
information and data related to financial risk to be accessed and processed in
real-time (Leesakul et al., 2022). This allows companies to have a better
understanding of their risk exposure and take prompt and appropriate action.
The use of technology in managing financial risk also provides an opportunity
for companies to implement a more proactive risk management strategy. With
more accurate and real-time data, companies can identify potential risks earlier,
design appropriate mitigation plans, and take the necessary preventive steps
before these risks occur (Haluza & Jungwirth, 2023).
However, despite the many potentials and benefits offered by technology
in managing financial risks, there are still some challenges that need to be
overcome. One of them is data security and privacy. In adopting new
technologies, companies need to ensure that their data is properly protected and
not misused by unauthorized parties (Choi et al., 2022). In addition, technology
implementation also requires significant investment, both in terms of
technological infrastructure and skilled human resources. Companies must
consider financial aspects, resources, and organizational adaptability before
adopting new technology in managing financial risks (Chowdhury et al., 2023).
Therefore, this study aims to review the latest developments in
technology-based financial risk management. Through this review, it is expected
to provide comprehensive insights into the latest strategies in technology-based
financial risk management, the challenges faced, and the benefits that can be
obtained.

B. LITERATURE REVIEW
1. Risk Management
According to Hanafi, risk is a hazard, result, or consequence that can occur
as a result of an ongoing process or future event. Risk can be interpreted as a state
of uncertainty, where if an unwanted condition occurs it can cause a loss
(Ramazani et al., 2022).
According to Hanafi, the types of risks that are commonly known include:
a. Pure risk is the uncertainty of a loss or in other words, there is only a loss
opportunity and not a profit opportunity. Pure risk is a risk that if it occurs
will result in a loss and if it does not occur it will not cause a loss but also
does not generate a profit. There are only two kinds of risks: loss or break
event, for example, theft, accident, or fire (Arikan et al., 2020).

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b. Speculative risk is the risk associated with the occurrence of two

possibilities, namely the opportunity to experience financial loss or gain.
There are three kinds of risks: loss, profit, or break event, for example,
investing in stocks on the stock exchange, buying sweepstakes, and so on
(Ilkevich et al., 2022).
According to Bramantyo, risk management is a structured and systematic
process of identifying, measuring, mapping, developing alternative risk
treatments, and monitoring and controlling risk management. The
implementation of this risk management helps companies identify risks from the
start and helps make decisions to deal with these risks (Kaikkonen et al., 2021).
Strategies that can be taken include transferring risks to other parties, avoiding
risks, reducing the negative effects of risks, and accommodating some or all of
the consequences of certain risks. Traditional risk management focuses on risks
arising from physical or legal causes (such as natural disasters or fires, deaths,
and lawsuits). Financial risk management, on the other hand, focuses on risks
that can be managed using financial instruments (Kuhlicke et al., 2020).
The objective of implementing risk management is to reduce the different
risks associated with the selected field to a level that is acceptable to society. This
can be in the form of various types of threats caused by the environment,
technology, humans, organizations, and politics. On the other hand, the
implementation of risk management involves all means available to humans, in
particular, to risk management entities (Ruangpan et al., 2020).
According to Bramantyo, risks to companies can be categorized into four
types, namely:
a. Financial Risk.
Financial risk is the fluctuation of the company's financial targets or
monetary size due to fluctuations in various macro variables. Financial
measures can be in the form of cash flow, company profits, and sales
growth. Financial risk consists of liquidity risk, credit risk, and capital risk
(Zhu et al., 2021).
b. Operational Risk.
Operational risk is the potential deviation from the expected results due
to a malfunction of a system, human resources, technology, or other
factors. Operational risk can occur at two levels, namely technical and
organizational. At a technical level, operational risk can occur if the
information system, records errors, inadequate information, and
inaccurate and inadequate risk measurement (Nimmy et al., 2022). At the
organizational level, operational risk can arise because monitoring and
reporting systems, systems and procedures, and policies do not work as
they should. Operational risk consists of productivity risk, technology
risk, innovation risk, system risk, and process risk (Araz et al., 2020).

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c. Strategic Risk.
Strategic risk is a risk that can affect corporate exposure and strategic
exposure as a result of strategic decisions that are inconsistent with the
external and internal business environment. Strategic risk consists of
strategic transaction risk, investor relations transaction, and business risk
(Huang et al., 2022).
d. Externality Risk.
Externality risk is the potential for distorted results on corporate and
strategic exposures and can have an impact on potential business closures,
due to the influence of external factors. External risk consists of reputation
risk, environmental risk, social risk, and legal risk (Gonçalves et al., 2021).

2. Technological Development
Information technology is a set of tools that help humans work with
information and perform tasks related to information processing. Information
Technology is made to make it easier for humans to exchange information. At
first, this technology was used as a substitute for conveying information
manually by word of mouth. With the development of science, this information
technology can convey information with a lot of capacity, quickly and can be
stored for a long time (Dwivedi et al., 2023).
According to Martin, information technology is not only limited to
computer technology (hardware and software) that will be used to process and
store information but also includes communication technology to send/distribute
information. This opinion is also the same as explained by Williams and Sawyer,
that information technology is a technology that combines computers with high-
speed communication lines that carry data, voice, and video (Li et al., 2022).
However, there are differences in understanding when looking in more
detail from the point of view of communication technology. If you look at the
notion of communication technology, namely everything related to the use of
assistive devices to process and transfer data from one device to another. From
this definition, it can be stated that information technology is closely related to
technology that has similarities in the delivery of information, processing,
manipulation, management, and transfer of information between media (Nadler,
2020).
Currently, information and communication technology has developed to
be able to connect several media such as television, computers, cellular phones,
and many more. As with today's computers, one computer can connect to
another computer thanks to the internet network (Lee et al., 2021).
According to the Kalakota cited by Dennis Darmawan, the internet is a
network of many networks, connecting computers around the world. The
emergence of the internet is inseparable from the need for telecommunication

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and information that can be delivered quickly. Drew Heywood explained that
the history of the Internet began in the late 60's when the United States
Department of Defense (DoD) needed a new standard for Internet working
communications. The standards are used to link universities, military
contractors, and research bodies (Kumar et al., 2022).
Knowing the importance of communication networks, in 1969 a body was
formed specializing in research on internet networks, namely the ARPANET.
Since then the internet network has grown so that it can connect several
computers in British and Norwegian universities. The development of
information technology in the West also affects Indonesia. In Indonesia, the
internet started to enter around the 90s, where previously it was only used by a
few groups (Paloque-Bergès & Schafer, 2019). However, for the last few years, the
internet has been accessible to almost every part of Indonesia. The internet has
several facilities that make it easier for humans to communicate and find
information. These facilities include browsing, email, mailing lists, inter relay
chat, teleconference, news groups, file transfer protocols, internet telephony, and
internet fax (Redjeki & Affandi, 2021).

C. METHOD
The research method that will be used in this research is a qualitative
approach using a literature study. A qualitative approach was chosen because
this study aims to analyze technology-based financial risk management
strategies by exploring an in-depth understanding of the phenomenon and
interpreting existing data. To carry out this research, the data sources to be used
are various research results and previous studies that are related to technology-
based financial risk management strategies. Sources of this data include scientific
journals, articles, books, and related publications that are relevant to this research
topic. By collecting data from various sources, it is hoped that a comprehensive
understanding of the latest developments in technology-based financial risk
management can be obtained. After the research data is collected, the next step is
to process the data. The data processing process includes the analysis and
synthesis of the information contained in the data sources that have been
collected. Through the analysis process, it is hoped that new findings and insights
that are relevant to the research objectives can be found. In this study, the
literature study method is used as an effective approach to gain an in-depth
understanding of the latest developments in technology-based financial risk
management. By collecting data from various relevant sources, careful analysis,
and synthesizing the information found, it is hoped that this research can make
a significant contribution to the understanding and development of financial risk
management strategies (Nasution, 2023).

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D. RESULT AND DISCUSSION

1. Technological Developments in Financial Risk Management
Technological developments have had a significant impact on financial
risk management. In this context, three important aspects are the main focus,
namely the application of artificial intelligence, the use of data analytics, and the
role of blockchain technology.
First, the application of artificial intelligence in financial risk analysis has
changed the way companies manage risk. Through sophisticated AI algorithms
and models, risk analysis can be carried out more efficiently and accurately. AI
can process data in real-time and provide in-depth insights into possible financial
risks. This allows companies to respond more effectively to changes in risk and
optimize their financial performance.
Second, the use of data analytics has become an important instrument in
identifying and mitigating financial risks. By leveraging advanced data analysis
techniques, such as machine learning and data mining, companies can identify
potential risks before they become serious problems. Data analytics allows
companies to leverage historical and real-time data to identify risk trends and
patterns. With a better understanding of the risks faced, companies can design
more effective and adaptive risk management strategies.
Third, blockchain technology has contributed to increasing transparency
and security in managing financial risks. With this technology, financial
information can be recorded in the blockchain which cannot be changed and
verified by all parties concerned. This reduces the risk of data manipulation and
fraud. Blockchain technology uses strong encryption to protect transaction data
from security threats. In addition, blockchain technology also enables better
collaboration between related parties in managing financial risks.
By leveraging the application of artificial intelligence, the use of data
analytics, and blockchain technology, companies can improve efficiency,
accuracy, and security in managing financial risk. The existence of AI in risk
analysis helps make better and faster decisions. Data analytics allows companies
to gain a deeper understanding of market behavior and risk patterns that can
affect financial performance. Meanwhile, blockchain technology provides
transparency and security in managing financial risks by creating a decentralized
system and an immutable audit trail.
To optimize technology-based financial risk management, companies
need to pay attention to the challenges that may arise. One of the challenges is
the need for skilled human resources in implementing this technology. Adequate
understanding and skills are required regarding the technology used, as well as
good integration with existing systems. In addition, data security and privacy are
also important things that need to be maintained in the application of technology
in risk management.

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Technological developments in financial risk management have provided

great opportunities for companies to improve efficiency, accuracy, and security
in managing risk. The application of artificial intelligence, the use of data
analytics, and blockchain technology have opened up new potentials in financial
risk management. By leveraging these technological advances, companies can
better respond to risks, optimize financial performance, and ensure sustainable
business continuity.

2. Technology-Based Financial Risk Management Strategy

The implementation of a technology-based financial risk management
strategy has become the main focus of the company to optimize risk
management. Three important points need to be considered in this strategy,
namely the implementation of a technology-based integrated risk management
system, the use of digital platforms for real-time risk monitoring and evaluation,
and the use of algorithms and predictive models in making financial risk
decisions.
First, the implementation of a technology-based integrated risk
management system is an important step in the financial risk management
strategy. This system enables companies to manage risk holistically, by
integrating the process of identifying, evaluating, mitigating, and monitoring
risks into one connected platform. With an integrated system, companies can
manage risk more efficiently and effectively, and increase risk visibility
throughout the organization. Second, the use of digital platforms is an important
means of real-time risk monitoring and evaluation. Digital platforms enable
companies to collect, store and analyze risk data in real-time. The resulting risk
information can be accessed in real-time by various related parties, such as
management, finance department, and business units. Thus, the company can
respond to risks quickly and precisely according to the current business needs.
Furthermore, the use of algorithms and predictive models in making
financial risk decisions is an important aspect of a technology-based risk
management strategy. Predictive algorithms and models are used to analyze risk
data, identify patterns, and predict possible future risks. With these algorithms
and models, companies can make more informed and accurate risk decisions,
and reduce the level of uncertainty in risk management. The implementation of
a technology-based financial risk management strategy also provides several
benefits for the company. First, efficiency in risk management can be increased
through process automation and the use of algorithms that can process data
quickly. Second, the use of digital platforms allows companies to track risks in
real-time and make more timely decisions. Third, the use of algorithms and
predictive models helps companies predict potential risks and design effective
mitigation strategies.

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However, the technology-based financial risk management strategy also

faces several challenges. First, companies need to overcome barriers to
integrating different systems and technologies in their infrastructure. This
requires careful effort in designing an integrated and compatible technology
architecture. Second, companies must ensure data security and privacy in using
digital platforms and processing risk data. Data security and protection are
important keys to maintaining integrity and trust in technology-based risk
management. To optimize the implementation of a technology-based risk
management strategy, companies need to take certain steps. First, companies
must evaluate their business needs and goals and select the appropriate
technology. Second, skilled human resources in implementing and managing
risk technology need to be developed through training and skills development.
Third, companies need to adopt a sustainable approach in technology-based risk
management by updating systems and technology according to the latest
developments.
A technology-based financial risk management strategy is an important
step in optimizing corporate risk management. Implementation of an integrated
risk management system, use of digital platforms, and utilization of predictive
algorithms and models can provide significant benefits. However, challenges in
system integration, data security, and human resource development must be
overcome for the successful implementation of this strategy.

3. Advantages and Challenges in Technology-Based Financial Risk

Management
Technology-based financial risk management provides several significant
advantages, but also challenges that need to be overcome. The main advantage
of technology-based risk management is efficiency and cost savings through the
automation of financial risk processes. However, challenges to data security and
privacy as well as difficulties in integrating different technology systems also
need attention. Efficiency and cost savings are one of the main advantages of
technology-based financial risk management. By automating risk processes,
companies can reduce dependence on manual work that takes time and human
resources. Processes such as data collection, risk analysis, and monitoring can be
carried out automatically through integrated systems and algorithms. This
reduces the risk of errors and speeds up response time in managing financial
risks.
However, the application of technology in risk management also faces
challenges that need to be overcome. The main challenge is data security and
privacy. Financial risk management involves sensitive corporate data, such as
financial information, customer information, and strategic information.
Therefore, companies need to implement strong security measures to protect

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data from security threats, cyber-attacks, and information leaks that can harm the
company and its customers. In addition, the integration of different technology
systems is also a challenge that needs to be overcome in technology-based risk
management. Companies often have different systems and technology platforms
for risk management, such as risk management systems, financial systems, and
operational systems. Integrating these systems is complex and requires
significant effort. Companies need to ensure system compatibility, smooth data
flow, and continuous system integration to support effective risk management.
Furthermore, the complexity of technology implementation in risk
management is a challenge that cannot be ignored. Implementation of new
technology requires significant time, resources, and effort. Companies need to
carry out careful analysis, and careful planning, and overcome resistance to
change from employees. Technology integration also requires constant updating
and maintenance to remain relevant and effective as technology evolves rapidly.
To overcome these challenges, companies need to take certain steps. First,
companies need to involve a team that is skilled and experienced in risk
technology implementation. This team will be responsible for the planning,
development, and management of technology systems. Second, companies need
to conduct periodic security audits and implement strict security policies to
protect sensitive risk data. Third, companies need to have clear strategies and
plans for integrating different technology systems to operate efficiently.
Technology-based financial risk management provides advantages in
terms of efficiency and cost savings through risk process automation. However,
challenges to data security and privacy as well as difficulties in integrating
different technology systems need to be overcome with appropriate measures.
With a good understanding of the challenges and advantages that exist,
companies can implement technology-based risk management strategies
successfully.

4. Recommendations for the Development of a Technology-Based

Financial Risk Management Strategy
The development of a technology-based financial risk management
strategy requires several recommendations that can support successful
implementation. This recommendation includes increasing organizational
understanding and awareness of the benefits of technology in managing financial
risk, developing a regulatory framework that supports the use of technology in
risk management, and training and developing human resource skills in the use
of technology in financial risk.
First, companies need to increase organizational understanding and
awareness about the benefits of technology in managing financial risks. This can
be done through education and outreach about the potential of technology to

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increase efficiency, accuracy, and security in risk management. Companies need

to hold training sessions, seminars, or workshops that involve various
stakeholders, including senior management, finance department, and business
units. Increased understanding will help organizations recognize the added
value of technology in risk management and design appropriate implementation
strategies.
Second, it is necessary to develop a regulatory framework that supports
the use of technology in risk management. Clear and comprehensive regulations
will provide a solid legal basis for the application of technology in financial risk
management. The government and regulators need to collaborate with industry
players and risk experts to develop a regulatory framework that takes into
account aspects such as data security, privacy, transparency, and the ethics of
using technology in risk management. A sound regulatory framework will
provide legal certainty for companies and encourage wider adoption of
technology in risk management.
Third, it is important to carry out training and development of human
resource skills in the use of financial risk technology. Implementation of
technology in risk management requires special skills, both in understanding the
technology itself and in risk analysis and decision-making. Companies need to
implement a comprehensive training program to improve employee
understanding and skills in the use of financial risk technology. This training can
cover aspects such as understanding algorithms, data analysis, risk management,
and ethics and safety in the use of technology.
Furthermore, companies need to encourage collaboration and exchange of
knowledge between various stakeholders in developing technology-based risk
management strategies. This collaboration can involve academic institutions,
technology companies, financial institutions, and regulators. The exchange of
knowledge and experience will enrich the understanding of the use of technology
in risk management and accelerate innovation. Companies can hold discussion
forums, conferences, or cross-sector meetings to facilitate collaboration and
exchange of ideas. Then, the company needs to continuously evaluate and
monitor the technology-based risk management strategy that has been
implemented. This evaluation involves measuring the performance and
effectiveness of the technology used in risk management. By monitoring and
measuring results, companies can make the necessary improvements and
adjustments to ensure the long-term success of their technology-based risk
management strategy.
In addition, companies need to adopt a sustainable approach to
developing technology-based risk management strategies. Technology continues
to develop rapidly, so companies need to keep up with the latest developments
and adapt to the changes that occur. Companies can form special teams or units

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that are responsible for overseeing technology trends, conducting experiments,

and implementing innovations in risk management. By staying focused on
innovation and adaptation, companies can continuously improve their risk
management performance. The development of a technology-based risk
management strategy requires recommendations that support successful
implementation. Increasing organizational understanding and awareness,
developing a supportive regulatory framework, training and developing human
resource skills, collaboration and knowledge exchange, evaluation and
monitoring, and a sustainable approach are key steps in developing an effective
technology-based risk management strategy. By following these
recommendations, companies can optimize the use of technology in managing
financial risks and achieve a competitive advantage in the digital era.

E. CONCLUSION
In an era of rapid technological developments, technology-based financial
risk management provides both opportunities and challenges for companies.
From the discussion above, it can be concluded that implementing a technology-
based risk management strategy provides several advantages, such as
operational efficiency, cost savings, and increased accuracy in risk analysis. The
use of technology also enables real-time risk monitoring, informed decision-
making, and increased transparency in managing financial risks. However,
technology-based risk management also faces challenges that need to be
addressed. Data security and privacy are becoming important issues in
technology implementation, and companies need to implement strong security
measures to protect sensitive risk data. In addition, the complexity of the
integration of different technology systems and the difficulty in developing
human resource skills in the use of risk technology must also be considered. To
develop an effective technology-based risk management strategy, companies
need to increase organizational understanding and awareness of the benefits of
technology in managing financial risk, develop a regulatory framework that
supports the use of technology, and carry out training and development of
human resource skills in the use of financial risk technology. Collaboration
between various stakeholders, continuous evaluation and monitoring, and a
sustainable approach are also key steps in the development of a successful
technology-based risk management strategy.

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