Financial controlling in operational risk management in banks

Sergeeva Elena
PhD (Economics), Associate Professor, Odessa National University of Economics, Odessa, E-mail:lenasergeeva2007@ukr.net

Cite this article:

Sergeeva E. (2021) Financial controlling in operational risk management in banks. Ed.: V.V. Kovalenko (ed.-in-ch.) and others [Finansovij kontroling v upravlinni operacijnim rizikom v bankah; za red.: V.V. Kovalenko (gol. red.)], Scientific Bulletin of the Odessa National Economic University (ISSN 2313-4569), Odessa National Economics University, Odessa, No. 11-12 (288-289), pp. 75-81.

Abstract

Introduction. Domestic banks have created separate technological elements of risk management in cash flow management, but today there is a need to form a system that would harmoniously combine risk management in the process. Such system is financial controlling, which allows to integrate on a system basis all key aspects of cash flow management based on the current organizational structure and information support, which effectively influences the management of operational risk in banks.Purpose. Determining the place of financial controlling in the management of operational risk in the context of digitalization, which will minimize the overall risks in banks.Results. Using digital technologies in banking will allow banks to improve the quality and profitability not only providing banking services, but also improving the efficiency of related processes such as staff management, analytical activities, information security and more. However, these changes affect the growth of operational risk and its materialization in significant losses, which is also associated with the introduction of complex innovative remote banking systems. Ensuring the formation of the digital economy in the country creates new conditions and a qualitatively new nature of interaction between banks and their customers, and the effective use of financial controlling in operational risk management in banks will result in rationality and efficiency of these business processes. Conclusions. Using financial controlling in operational risk management in combination of organizational and structural (object and subject of financial controlling) and functional (technology and methods of financial controlling) subsystems will ensure the implementation of planning, methodological, accounting and analytical, advisory, incentive and anti-crisis functions. which will help maintain the liquidity and efficiency of the bank at the target level. Banks must maintain databases of operational risk events and create operational risk management systems, which should be carried out by financial control.

Keywords

bank, digitalization, financial controlling, operational risk, bank capital.

JEL classification: B260, C440, G210

UD classification: 336.717.8:332.025.12

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