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RESEARCH CENTER FOR INDUSTRIAL DEVELOPMENT PROBLEMS of NAS of Ukraine (KHARKIV, UKRAINE)

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Liburkina L. M.

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Digitalization of the Enterprise Financial Risk Management System: Technological Architecture, Implementation Barriers and Strategic Directions
Zveruk L. А.

Zveruk, Liudmyla А. (2026) “Digitalization of the Enterprise Financial Risk Management System: Technological Architecture, Implementation Barriers and Strategic Directions.” Business Inform 8:401–415.
https://doi.org/10.32983/2222-4459-2026-8-401-415

Section: Finance, Money Circulation and Credit

Article is written in Ukrainian
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UDC 336.647/.648:004.9

Abstract:
The article provides a comprehensive study of the digitalization of the enterprise financial risk management system. Existing research is devoted mainly to individual digital technologies (RegTech, artificial intelligence, blockchain, Big Data) or to particular categories of financial risk, whereas digital risk management as an integral system architecture remains under-researched; there is a shortage of studies that take into account the specifics of domestic enterprises under wartime economic challenges and European integration requirements. The aim of the article is to develop a comprehensive scientific and analytical conception of the digitalization of the enterprise financial risk management system that integrates the methodological, technological and applied dimensions of the problem. The research employs the system approach, critical and comparative analysis (a comparison of traditional and digital approaches by the criteria of accuracy, timeliness, cost and scalability), a classification approach, synthesis and generalization. The article substantiates a four-dimensional model of the digital transformation of risk management (the cognitive, analytical, operational and architectural dimensions). Five instrumental groups of digital financial risk management of an enterprise are systematized – RegTech, artificial intelligence and machine learning, Big Data and predictive analytics, blockchain, and cybersecurity – on the basis of the functions, outcomes of use and application limitations of each instrument. Cyber risk is identified as a new systemic financial risk of the enterprise under digitalization. Technological, methodological, organizational and regulatory barriers to the implementation of digital technologies in the field of financial risk management are revealed. Six strategic directions for building a digital financial risk management system are determined. The study concludes that digitalization is not the automation of existing procedures but a change of the risk management paradigm: from a retrospective, human-centred and discrete approach to a forward-looking, hybrid («human + algorithm») and continuous one. The novelty lies in presenting digital risk management as an integrated and holistic system and in formulating the paradox of digitalization, whereby technologies intended to reduce financial risks themselves become a source of cyber risks, algorithmic errors and dependence on vendors. The practical value of the study lies in the systematization of the tools and the outlining of strategic directions, which may serve enterprises as a roadmap for the digitalization of risk management and for preparing to meet DORA and CSRD requirements.

Keywords: financial risk management; digital transformation of the enterprise; RegTech compliance; artificial intelligence; Big Data and predictive analytics; blockchain; cyber risk; ESG risks.

Tabl.: 2. Bibl.: 20.

Zveruk Liudmyla А. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Finance and Accounting, Kyiv Cooperative Institute of Business and Law (18 Yulii Zdanovskoi Str., Kyiv, 03022, Ukraine)
Email: [email protected]

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