Identification of Components Influencing the Optimization of Enterprise Risk Management with Emphasis on Brand Equity and Financial Technology
Keywords:
Financial Technology, Brand Equity, Enterprise Risk ManagementAbstract
The present study aimed to identify the components influencing the optimization of enterprise risk management (ERM) with an emphasis on brand equity and financial technology. The participants in this research were selected experts with at least 15 years of executive experience in the field of risk and branding, as well as at least 10 years of experience in authoring articles and books on ERM and conducting research related to this field. The selection of participants was carried out through purposive sampling. The sample consisted of 19 subject-matter experts. The data collection instrument in the field section was a semi-structured interview, which continued with the participants until theoretical saturation was reached. For the qualitative data analysis, the thematic analysis method based on the Attride-Stirling framework was employed. To assess reliability, Holsti’s coefficient, Scott’s pi coefficient, Cohen’s kappa index, and Krippendorff’s alpha were utilized and confirmed. In the thematic analysis phase, ATLAS.ti software was used. A total of 95 initial themes were identified and classified into 19 first-level organizing themes and 4 second-level organizing themes. The main organizing themes included: brand–risk integration, technological innovation in risk management, organizational empowerment in risk response, and soft and knowledge-based infrastructure. Overall, this study, by presenting a conceptual model comprising four main axes and 19 first-level organizing themes, provided a comprehensive framework for understanding and implementing ERM optimization—one that not only perceives risk as a threat but also considers it as an opportunity for value creation and brand capital enhancement. The attention to financial technologies alongside brand equity represents a new and intelligent strategy for reducing organizational vulnerability in the digital era. The findings of this research can serve as a basis for developing operational models, designing managerial software, and providing practical training for managers at various levels in the domains of risk and branding. The future of risk management will be a data-driven, technology-based, and customer-oriented future that can be better understood and guided through such frameworks.
Downloads
References
Adewole, O. (2024). Translating brand reputation into equity from the stakeholder's theory: an approach to value creation based on consumer's perception & interactions. International Journal of Corporate Social Responsibility, 9(1). https://doi.org/10.1186/s40991-023-00085-5
Adewole, O., & Muthu, C. (2023). An Investigation the Roles of Information Media Sources on Consumers' Buying Behavior and Decisions. Journal of Harmonized Research in Management, 9(1), 01-12.
Aghamohammadi, A., Ohadi, F., Sigholi, M., & Banimahd, B. (2022). Presenting a Model for Evaluating and Optimizing Risk Related to Selecting a Bank's Currency Portfolio Combined with Digital Currencies. Research in Organizational Resource Management, 12(2), 31-57.
Alakkas, A. A., Paul, M., Nabi, M. K., & Khan, M. A. (2022). Corporate Social Responsibility and Firm-Based Brand Equity: The Moderating Effect of Marketing Communication and Brand Identity. Sustainability, 14, 6033. https://doi.org/10.3390/su14106033
Araújo, J., Pereira, I. V., & Santos, J. D. (2023). The Effect of Corporate Social Responsibility on Brand Image and Brand Equity and Its Impact on Consumer Satisfaction. Administrative Sciences, 13, 118. https://doi.org/10.3390/admsci13050118
Asgarnejad Nouri, B., Zarei, G., & Bigi Firouzi, A. (2022). The Impact of Risk Management on New Product Development in the Banking Industry. Public Management Research, 15(58), 289-316.
Azham, N. A., & Ahmad, T. (2020). Brand reputation management and brand experience towards reputation of Malaysian polytechnics. Jurnal Intelek, 15(1), 98-106. https://doi.org/10.24191/ji.v15i1.272
Baudot, L., Johnson, J. A., Roberts, A., & Roberts, R. W. (2019). Is corporate tax aggressiveness a reputation threat? corporate accountability, corporate social responsibility, and corporate tax behavior. Journal of Business Ethics, 163, 197-215. https://doi.org/10.1007/s10551-019-04227-3
Begenau, J., Farboodi, M., & Veldkamp, L. (2018). Big data in finance and the growth of large firms. Journal of Monetary Economics, 97, 71-87. https://doi.org/10.1016/j.jmoneco.2018.05.013
Camilleri, M. A. (2022). Strategic attributions of corporate social responsibility and environmental management: The business case for.
Chen, Q., & Shen, C. (2024). How FinTech Affects Bank Systemic Risk: Evidence from China. Journal of Financial Services Research, 65, 77-101. https://doi.org/10.1007/s10693-023-00421-7
Deng, L., Lv, Y., Liu, Y., & Zhao, Y. (2021). Impact of FinTech on bank risk-taking: Evidence from China. Risks, 9(5), 99. https://doi.org/10.3390/risks9050099
Du, Y., Xu, H., & Chen, Y. (2024). Digital empowerment and innovation in risk control strategies for fishery supply chain finance-a case study of Puhui agriculture and animal husbandry financing guarantee company limited. Maritime Development, 2(1). https://doi.org/10.1007/s44312-023-00013-y
Gandhi, A., & Houde, J. F. (2023). Measuring substitution patterns in differentiated products industries.
Guo, F., Wang, J., Wang, F., Kong, T., Zhang, X., & Cheng, Z. (2020). Measuring China's digital financial inclusion: Index compilation and spatial characteristics. China Economic Quarterly, 19(4), 1401-1418.
Horvey, S. S., & Ankamah, J. (2020). Enterprise risk management and firm performance: Empirical evidence from Ghana equity market. Cogent Economics & Finance, 8(1), 1840102. https://doi.org/10.1080/23322039.2020.1840102
Horvey, S. S., & Moloi, T. (2024). Digital Transformation in Enterprise Risk Management. In Digital Transformation in South Africa. https://doi.org/10.1007/978-3-031-52403-5_2
Horvey, S. S., & Odei-Mensah, J. (2023). The measurements and performance of enterprise risk management: A comprehensive literature review. Journal of Risk Research, 26(7), 778-800. https://doi.org/10.1080/13669877.2023.2208138
Lee, C. C., Li, X., Yu, C. H., & Zhao, J. (2021). Does FinTech innovation improve bank efficiency? Evidence from China's banking industry. International Review of Economics and Finance, 74, 468-483. https://doi.org/10.1016/j.iref.2021.03.009
Lee, S. Y., Jo, D. H., & Cho, H. J. (2024). The Effect of Enterprise Risk Management System on Risk Management Capability and Management Performance. In Networking and Parallel/Distributed Computing Systems. https://doi.org/10.1007/978-3-031-53274-0_14
Mashhadizadeh, R., Rahnama-ye-Roodpashti, F., Ahmadi, F., & Mohammadipour, R. (2024). Proposing a Suitable Model for Financial Resilience in Fintech Businesses with a Risk Management Approach. Investment Knowledge, 13(50), 431-454.
Moloi, T., & Marwala, T. (2023). The Concept of Enterprise Risk Management. In Enterprise Risk Management in the Fourth Industrial Revolution. https://doi.org/10.1007/978-981-99-6307-2_4
Moloi, T., & Oyedokun, G. E. (2021). Enterprise Risk Management and fraud examination processes. OGE Business School Publisher.
Monazzam, A., & Crawford, J. (2024). The role of enterprise risk management in enabling organisational resilience: a case study of the Swedish mining industry. Journal of Management Control. https://doi.org/10.1007/s00187-024-00370-9
Nouri, S. (2022). Investigating the Role of Risk Management Through Financial Engineering and Innovation in Addressing the Global Financial Crisis in Developing and Developed Countries. The 8th International Conference on Modern Studies in Management and Accounting in Iran, Tehran.
Oh, T. T., Keller, K. L., Neslin, S. A., Reibstein, D. J., & Lehmann, D. R. (2020). The past, present, and future of brand research. Marketing Letters, 31(2-3), 151-162. https://doi.org/10.1007/s11002-020-09524-w
Sándor, Z., Szőcs, A., & Wildenbeest, M. R. (2024). The impact of brand equity on profit premium in an equilibrium framework. Marketing Letters. https://doi.org/10.1007/s11002-024-09727-5
Sheng, T. (2021). The effect of FinTech on banks' credit provision to SMEs: Evidence from China. Finance Research Letters, 39, 101558. https://doi.org/10.1016/j.frl.2020.101558
Tseng, P. L., & Guo, W. C. (2022). Fintech, credit market competition, and bank asset quality. Journal of Financial Services Research, 61(3), 285-318. https://doi.org/10.1007/s10693-021-00363-y
Wang, R., Liu, J., & Luo, H. (2021). FinTech development and bank risk taking in China. European Journal of Finance, 27(4-5), 397-418. https://doi.org/10.1080/1351847X.2020.1805782
Zhang, C., Vorhies, D. W., & Zhou, W. (2023). An integrated model of retail brand equity: the role of consumer shopping experience and shopping value. Journal of Brand Management, 30, 398-413. https://doi.org/10.1057/s41262-023-00311-2
Zhang, M., Li, L., Ye, Y., Qin, K., & Zhong, J. (2020). The effect of brand anthropomorphism, brand distinctiveness, and warmth on brand attitude: A mediated moderation model. Journal of Consumer Behaviour, 19(5), 523-536. https://doi.org/10.1002/cb.1835
Downloads
Published
Submitted
Revised
Accepted
Issue
Section
License
Copyright (c) 1404 بیتا افندی زاده (نویسنده); فاطمه صراف (نویسنده مسئول); فرزانه بیک زاده, رویا دارابی (نویسنده)
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
