Evaluating Risk Management Strategies in Fintech and Blockchain An Empirical Approach

Tri  Hartono; Fitra  Putri Oganda; Jack Williams

doi:10.33050/atm.v9i2.2473

Authors

Tri Hartono University of Raharja Author
Fitra Putri Oganda University of Raharja Author
Jack Williams Pandawan Incorporation , Pandawan Incorporation Author

DOI:

https://doi.org/10.33050/atm.v9i2.2473

Keywords:

Risk Management, Fintech Blockchain, Cybersecurity, Regulatory Compliance

Abstract

The rapid growth of fintech and blockchain technologies has revolution- ized the financial sector, introducing innovative solutions but also posing unique risks. Managing these risks effectively is crucial for ensuring the stability and sustainability of these technologies. This study aims to evaluate the effective- ness of risk management strategies in fintech and blockchain sectors, focusing on identifying the most adopted strategies and assessing their impact on mitigating various risks. A quantitative research design was employed, using surveys to collect data from industry experts in fintech and blockchain companies. The data were analyzed using Structural Equation Modeling (SEM) with SmartPLS software to assess the relationships between risk management strategies and or- ganizational outcomes. The findings revealed that cybersecurity protocols, reg- ulatory compliance programs, and smart contract audits are the most commonly adopted risk management strategies. The study found that blockchain companies prioritize smart contract audits, while fintech companies focus more on cyber- security and regulatory compliance. Effective risk management strategies are crucial for the growth and stability of fintech and blockchain sectors. The study recommends that companies integrate advanced technologies and prioritize reg- ulatory compliance to mitigate risks and enhance trust.

Downloads

Download data is not yet available.

References

S. Modilim, I. Bolarinwa, M. T. Omidiora, O. Tawo, and O. Sopitan, “Assessing the role of technology- driven ip management tools in safeguarding financial services innovation. 11,” 2024.

U. N. Kayani, “Exploring prospects of blockchain and fintech: using slr approach,” Journal of Science and Technology Policy Management, vol. 16, no. 1, pp. 5–41, 2025.

G. S. Putra, I. I. Maulana, A. D. Chayo, M. I. Haekal, R. Syaharani et al., “Pengukuran efektivitas platform e-learning dalam pembelajaran teknik informatika di era digital,” Jurnal MENTARI: Manajemen, Pendidikan dan Teknologi Informasi, vol. 3, no. 1, pp. 19–29, 2024.

B. Rolando and H. Mulyono, “Managing risks in fintech: Applications and challenges of artificial intelligence-based risk management,” Economics and Business Journal (ECBIS), vol. 2, no. 3, pp. 249– 268, 2024.

L. Kalai and M. Toukabri, “Risks, regulations, and impacts of fintech adoption on commercial banks in the united states and canada: a comparative analysis,” Thunderbird International Business Review, vol. 66, no. 6, pp. 609–641, 2024.

N. Farazi, “Evaluating the impact of ai and blockchain on credit risk mitigation: A predictive analytic approach using machine learning,” International Journal of Science and Research Archive, vol. 13, no. 1,

pp. 575–582, 2024.

H. Nusantoro, P. A. Sunarya, N. P. L. Santoso, and S. Maulana, “Generation smart education learning process of blockchain-based in universities,” Blockchain Frontier Technology, vol. 1, no. 01, pp. 21–34, 2021.

V. Basdekidou and H. Papapanagos, “Blockchain technology adoption for disrupting fintech functionali- ties: A systematic literature review for corporate management, supply chain, banking industry, and stock markets,” Digital, vol. 4, no. 3, pp. 762–803, 2024.

H. Nobanee, N. O. D. Ellili, D. Chakraborty, and H. Z. Shanti, “Mapping the fintech revolution: how technology is transforming credit risk management,” Global Knowledge, Memory and Communication, 2024.

D. Robert, F. P. Oganda, A. Sutarman, W. Hidayat, and A. Fitriani, “Machine learning techniques for predicting the success of ai-enabled startups in the digital economy,” CORISINTA, vol. 1, no. 1, pp. 61– 69, 2024.

J. Yao and C. Yang, “Financial technology and climate risks in the financial market,” International Review of Financial Analysis, vol. 99, p. 103920, 2025.

D. Alassaf, T. Daim, M. Dabic, and S. Alzahrani, “Fintech and entrepreneurship: An assessment model to evaluate policy instruments for fintech adoption by small and medium enterprises (smes),” IEEE Trans- actions on Engineering Management, 2024.

A. K. Yadav and V. P. Vishwakarma, “Blockchain role in enhancing financial risk management in banking sector using correlation analysis,” Computational Intelligence Applications in Cyber Security, pp. 64–77, 2024.

Kementerian Pendidikan, Kebudayaan, Riset, dan Teknologi Republik Indone- sia. (2021) Gebyar lomba inovasi digital mahasiswa lidm tahun 2021 resmi. Accessed: 2025-05-28. [Online]. Available: https://www.kemendikdasmen.go.id/berita/ 3481-gebyar-lomba-inovasi-digital-mahasiswa-lidm-tahun-2021-resmi

T. Ayuninggati, E. P. Harahap, R. Junior et al., “Supply chain management, certificate management at the transportation layer security in charge of security,” Blockchain Frontier Technology, vol. 1, no. 01, pp. 1–12, 2021.

A. Areiza Lo´pez, M. Bravo Sepu´lveda, D. A. Bedoya London˜o, C. E. Zapata Molina, J. H. Guerrero La- torre, and P. A. Romero D´ıaz, “Taxonomy of operational risks infintech: A systematic literature review,” 2023.

L. Singh, A. Chirputkar, and P. Ashok, “Risk management in the digital age: Fintech security strate- gies,” in 2024 1st International Conference on Sustainable Computing and Integrated Communication in Changing Landscape of AI (ICSCAI). IEEE, 2024, pp. 1–7.

Kementerian Pendidikan, Kebudayaan, Riset, dan Teknologi Republik Indonesia. (2023) Penguatan paud hi melalui kebijakan keterlibatan orang tua d. Accessed: 2025-05-28. [Online]. Available: https://www. kemendikdasmen.go.id/berita/11609-penguatan-paud-hi-melalui-kebijakan-keterlibatan-orang-tua-d

S. Purnama, A. Sukmasari, and R. Bhandari, “The role of religiosity as a mediating variable in the relationship between online transactions and customer satisfaction and loyalty in islamic banking,” APTISI Transactions on Management, vol. 5, no. 2, pp. 143–151, 2021.

P. Choudhary and M. Thenmozhi, “Fintech and financial sector: Ado analysis and future research agenda,”

International Review of Financial Analysis, p. 103201, 2024.

M. F. Yani, C. Muhdiantini, and S. N. Aini, “Risk management in financial technology: A systematic literature reviewto support sustainability and security of digital financial services,” SITEKNIK: Journal of Information Systems, Engineering and Applied Technology, vol. 2, no. 1, pp. 149–158, 2025.

N. Lutfiani, A. Ivanov, N. P. L. Santoso, S. V. Sihotang, and S. Purnama, “E-commerce growth plan for msmes’ sustainable development enhancement,” CORISINTA, vol. 1, no. 1, pp. 80–86, 2024.

Kementerian Pendidikan, Kebudayaan, Riset, dan Teknologi Republik Indonesia. (2024) Inovasi digital badan bahasa berkolaborasi dengan swasta cip. Accessed: 2025-05-28. [Online]. Available: https://www. kemendikdasmen.go.id/berita/12766-inovasi-digital-badan-bahasa-berkolaborasi-dengan-swasta-cip

A. A. Karem and M. S. Azzahra, “Analyzing the impact of regulatory policies on financial stability and market dynamics in the banking industry,” Inspirasi & Strategi (INSPIRAT): Jurnal Kebijakan Publik & Bisnis, vol. 14, no. 2, pp. 83–91, 2024.

R. Wahyuni, B. Febriyanti, G. Laila, D. Sunaryo, and Y. Adiyanto, “Sustainability based financial risk management strategies for long term resilience: A systematic review,” Indo-Fintech Intellectuals: Journal of Economics and Business, vol. 4, no. 5, pp. 2625–2639, 2024.

S. A. Hasan, W. N. Al-Zahra, A. S. Auralia, D. A. Maharani, R. Hidayatullah et al., “Implementasi teknologi blockchain dalam pengamanan sistem keuangan pada perguruan tinggi,” Jurnal MENTARI: Manajemen, Pendidikan dan Teknologi Informasi, vol. 3, no. 1, pp. 11–18, 2024.

J. Shi and Y. Wang, “Academic exploration of blockchain and ai in financial services,” Journal of Elec- tronic Business & Digital Economics, 2025.

A. Ogunbajo, A. Q. Abidola, I. Taiwo, O. F. Adediran, and I. Agbo-Adediran, “How blockchain-enabled smart contracts and artificial intelligence are reshaping corporate governance frameworks in fintech and logistics industries,” 2025.

Kementerian Pendidikan, Kebudayaan, Riset, dan Teknologi Republik Indonesia. (2024) Kemendikdasmen gelar karya kptk 2024 inovasi digital dalam d. Ac- cessed: 2025-05-28. [Online]. Available: https://www.kemendikdasmen.go.id/siaran-pers/ 11595-kemendikdasmen-gelar-karya-kptk-2024-inovasi-digital-dalam-d

Q. Aini, D. Manongga, U. Rahardja, I. Sembiring, and Y.-M. Li, “Understanding behavioral intention to use of air quality monitoring solutions with emphasis on technology readiness,” International Journal of Human–Computer Interaction, pp. 1–21, 2024.

M. Paramesha, N. L. Rane, and J. Rane, “Artificial intelligence, machine learning, deep learning, and blockchain in financial and banking services: A comprehensive review,” Partners Universal Multidisci- plinary Research Journal, vol. 1, no. 2, pp. 51–67, 2024.

A. Ruangkanjanases, A. Khan, O. Sivarak, U. Rahardja, and S.-C. Chen, “Modeling the consumers’ flow experience in e-commerce: The integration of ecm and tam with the antecedents of flow experience,” SAGE Open, vol. 14, no. 2, p. 21582440241258595, 2024.

G. Garg, M. Shamshad, N. Gauhar, M. I. Tabash, B. Hamouri, and L. N. Daniel, “A bibliometric analysis of fintech trends: an empirical investigation,” International Journal of Financial Studies, vol. 11, no. 2,

p. 79, 2023.

P. Radanliev, “The rise and fall of cryptocurrencies: defining the economic and social values of blockchain technologies, assessing the opportunities, and defining the financial and cybersecurity risks of the meta- verse,” Financial Innovation, vol. 10, no. 1, p. 1, 2024.

U. Rahardja, Q. Aini, A. S. Bist, S. Maulana, and S. Millah, “Examining the interplay of technology readiness and behavioural intentions in health detection safe entry station,” JDM (Jurnal Dinamika Man- ajemen), vol. 15, no. 1, pp. 125–143, 2024.

A. Alaassar, A.-L. Mention, and T. H. Aas, “Facilitating innovation in fintech: a review and research agenda,” Review of Managerial Science, vol. 17, no. 1, pp. 33–66, 2023.

V. Jain, R. Tiwari, R. Mehrotra, N. Bohra, A. Misra, and D. Pandey, “Role of technology for credit risk management: A bibliometric review,” in 2023 IEEE International Conference on Blockchain and Distributed Systems Security (ICBDS). IEEE, 2023, pp. 1–6.

B. E. Abikoye, T. Akinwunmi, A. O. Adelaja, S. Umeorah, and Y. Ogunsuji, “Real-time financial monitoring systems: Enhancing risk management through continuous oversight,” GSC Advanced Research and Reviews, vol. 20, no. 1, pp. 465–76, 2024.

R. Sivaraman, M.-H. Lin, M. I. C. Vargas, S. I. S. Al-Hawary, U. Rahardja, F. A. H. Al-Khafaji, E. V. Golubtsova, and L. Li, “Multi-objective hybrid system development: To increase the performance of diesel/photovoltaic/wind/battery system.” Mathematical Modelling of Engineering Problems, vol. 11, no. 3, 2024.

G. Yoganandham, “Trends, challenges, and opportunities in india’s financial sector: Policy shifts, ai integration, and financial stability-an empirical assessment,” GIS Science Journal, vol. 12, no. 2, pp. 360–376, 2025.

D. Kumar, B. Phani, N. Chilamkurti, S. Saurabh, and V. Ratten, “Filling the sme credit gap: a systematic review of blockchain-based sme finance literature,” Journal of trade science, vol. 11, no. 2/3, pp. 45–72, 2023.

R. Jarvis and H. Han, “Fintech innovation: Review and future research directions,” International journal of banking, finance and insurance technologies, vol. 1, no. 1, pp. 79–102, 2021.

S. Pazouki, M. B. Jamshidi, M. Jalali, and A. Tafreshi, “Artificial intelligence and digital technologies in finance: a comprehensive review,” Journal of Economics, Finance and Accounting Studies, vol. 7, no. 2,

pp. 54–69, 2025.

S. R. Addula, K. Meduri, G. S. Nadella, and H. Gonaygunta, “Ai and blockchain in finance: Opportunities and challenges for the banking sector,” International Journal of Advanced Research in Computer and Communication Engineering, vol. 13, no. 2, pp. 184–190, 2024.

T. Pi, H. Hu, J. Lu, and X. Chen, “The analysis of fintech risks in china: Based on fuzzy models,”

Mathematics, vol. 10, no. 9, p. 1395, 2022.

M. Bhandari, G. Tiwari, and M. Dhakal, “Enhancing transparency and accountability in sustainable fi- nance through blockchain technology: A systematic review of the literature,” Journal of Intelligent Man- agement Decision, vol. 4, no. 1, pp. 23–43, 2025.

M. Doumpos, C. Zopounidis, D. Gounopoulos, E. Platanakis, and W. Zhang, “Operational research and artificial intelligence methods in banking,” European Journal of Operational Research, vol. 306, no. 1,

pp. 1–16, 2023.

P. A. Petare, R. Muthulakshmi, I. Bhattacharjee, S. Sharma, and S. M. Kumar, “The impact of financial innovation on corporate financial performance,” Journal of Survey in Fisheries Sciences, vol. 10, no. 1s,

pp. 6245–6254, 2023.

P. Kamuangu, “Digital transformation in finance: A review of current research and future directions in fintech,” World Journal of Advanced Research and Reviews, vol. 21, no. 3, pp. 1667–1675, 2024.

S. Gupta, Y. Xie, and H. Zafar, “Fintech and digital payments: Developing a domain knowledge frame- work,” Journal of Information Systems Education, vol. 35, no. 2, pp. 189–202, 2024.