Innovative approaches to financial security in business management: case study of Azerbaijan

Abstract

Purpose: This study aims to comprehensively disclose the concept of financial security in business management, particularly regarding economic challenges faced by enterprises in Azerbaijan. 160 Innovative Approaches to Financial Security in Business Management: Case Study of Azerbaijan
Methods: The study applied expert interviews (n=12), sectoral analysis of Azerbaijani enterprises, and secondary data from Statista and Eurostat to assess financial security threats and the impact of blockchain, AI, fintech, and biometrics across industries.
Findings: The study considered the essence, directions, objects, and subjects of financial security of business management. It was established that the main objects of financial security are financial resources and assets of enterprises, and the subjects are enterprise management, investors, state regulatory authorities, and other stakeholders. The assessment of innovative technologies of financial security management, such as blockchain, artificial intelligence, financial technologies, and biometric technologies, has shown their significant potential to increase the transparency of financial transactions, reduce fraud risks, and improvethe efficiency of resource management.
Originality: The study identified the main threats to the financial security of enterprises, including oil price fluctuations, political instability, corruption, administrative barriers, dependence on imports, low levels of innovation and technology, changes in tax legislation, a low-skilled labor force, and low levels of digitalization of economic processes.

Keywords: financial security, business management, innovative technologies, Azerbaijan, risk management
JEL index: G32, L21, O31.