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Zaryna Pirverdi

Consultant
zaryna@dmjcosec.com
020 3058 1446

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Zaryna joined DMJ in September 2021 as a researcher but has been promoted to consultant where she focuses her attention on the Fintech, fast moving consumer goods (FMCG) and insurance sectors. 

Zaryna is an active person, who enjoys all types of sports, such as boxing, horse riding, volleyball and spending a lot of time with her friends and family.

Her approach is to provide honest feedback to candidates based on their skillset and abilities, supporting them during the job search process and updating with market trends.

"Zaryna has been a welcome addition to the team. Her quick learning and open and honest communication style ensures she has all the right ingredients for a long and fruitful recruitment career."

David Press, Managing Director - DMJ Recruitment

Fintech is an emerging and rapidly growing sector that includes a wide range of innovative technology-based solutions for managing financial services and products. As this sector grows and matures, industries, investors and corporations are becoming increasingly engaged in the opportunities that this type of technology offers. However, with these opportunities come certain challenges that must be addressed in order to ensure that these financial technologies are managed responsibly and applied in a way that considers the safety and security of all stakeholders. Corporate governance is an essential part of this process, as it helps provide the framework necessary for minimizing risk, ensuring accountability and transparency, and promoting alignment between businesses and stakeholders. In this article, we will explore the challenges and opportunities associated with fintech and corporate governance.


Challenges of Corporate Governance in the Fintech Industry
The fintech industry is still relatively immature and rife with regulatory uncertainty. With such a large number of new technologies entering the market, it is difficult for regulators and governments to keep up with the pace of innovation and stay up-to-date on best practices. This lack of regulatory clarity creates a high level of risk for businesses, as they are uncertain of the implications of their decisions and the outcomes of their actions.

In addition, fintech exposes businesses to significant risks that must be managed through effective risk management processes. These include cyber security risks, compliance risks, operational risks and market risks. It is essential that firms consider all these risks when making decisions related to the use of fintech, as failure to do so can have serious financial and reputational consequences.As businesses increasingly rely on technology to store and process data, they must ensure that their data is adequately protected from unauthorized access or use. This requires not only robust internal data security systems, but also the adoption of industry best practices and strong compliance frameworks.

Finally, many fintech companies lack the necessary corporate governance structures to ensure that they are managed responsibly. This includes a lack of proper oversight and accountability, inadequate board structure, and an absence of governance policies and procedures. Without these structures in place, it is difficult for companies to ensure that their operations are compliant with the applicable regulations and that they are minimizing risk.


Opportunities for Corporate Governance in the Fintech Industry
The introduction of corporate governance structures within the fintech industry presents both challenges and opportunities. On the one hand, these structures can help businesses manage the risks associated with utilizing fintech solutions, such as cyber security and compliance risks. By implementing proper risk management procedures and strong data security systems, businesses can mitigate these risks and ensure that their operations remain secure and compliant.

Additionally, the introduction of corporate governance can lead to greater transparency and accountability within the organization. By establishing clear standards and policies, companies can ensure that their operations are properly monitored and that any breaches of these standards are addressed promptly and appropriately. This can also help to promote a culture of trust and integrity within the organization, which can be invaluable in the long run.

Increased transparency and accountability can also make it easier for businesses to stay compliant with the relevant regulations, as they have the necessary framework in place to ensure that they are following the applicable laws and regulations. This in turn can lead to improved efficiencies, as businesses are no longer burdened with the complexities of managing an unstructured environment.
Finally, the implementation of corporate governance structures can lead to improved stakeholder alignment. By allowing stakeholders to have a greater voice in the operations of the business, companies can ensure that their decisions are representative of the interests of all stakeholders, making it more likely that these decisions will lead to favourable outcomes for all parties involved.


In conclusion, corporate governance presents both challenges and opportunities for the fintech industry. On the one hand, businesses must consider the risks associated with utilizing fintech, such as regulatory uncertainty and data security, and be prepared to implement structures to manage these risks. On the other hand, businesses can benefit from corporate governance structures, such as improved risk management, increased transparency and accountability, and improved stakeholder alignment. As the fintech industry matures, it is likely that corporate governance will continue to play a critical role in ensuring that businesses are managed responsibly and equitably.

Posted 25/10/2023 By Zaryna Pirverdi

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Zaryna Pirverdi

Consultant

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