Innovation and New Roles of Employees in Operational Risk Management

Antonijević, Marija and Ljumović, Isidora (2020) Innovation and New Roles of Employees in Operational Risk Management. In: International Scientific Conference FINIZ: People in the center of process automation: book of proceedings. Singidunum University, Belgrade, pp. 118-124. ISBN 978-86-7912-737-2

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Abstract

Innovations have become an everyday part of modern business, which has not bypassed the financial sector. Survival on the market depends on the way banks adapt to new circumstances and trends, such as introduction of new products, services, processes or organizational forms. The report of the Basel Committee on Banking Supervision for 2019 points out that financial technologies and innovations increase the complexity of providing financial services, as well as the level of operational risk, making it more difficult to manage and control it. Considering the above, the aim of this paper is to try to determine the impact of the introduction of innovations on the level of operational risk, especially focusing on the human factor and employment. The results for the period 2011-2019, including 26 banks, show that there was an increase in the capital requirements for operational risk and a downsize in the number of employees. However, we could not find strong evidence that this happened due to the introduction of innovative product and services in the banking sector of Serbia.

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