Intellectually-oriented consulting for financial function in the era of technology and digitalization

Abstract

The study examines the changes occurring in the financial profession in the era of technology and digitalisation. Professionals in finance must have not only technical skills, but also multiple other skills and competencies to have a competitive advantage in a changing business environment. The role of intellectually-oriented consulting as an impact driver of human capital has been determined to affect the progressive business processes of the organization in the digital age. Intellectually-oriented consulting is aimed at improving the human capital management system of specialists from various departments of the organisation as well as the financial professionals. Intellectually-oriented consulting is a unique tool that can be used to identify and solve problems, release the potential of the organization and its employees, increase human capital, and qualitatively improve the organization's activities. In the digital era, the emphasis on corporate governance and risk management is increasing. New requirements for financial professionals are emerging. Financial professionals must be competent in applying and managing new technologies, be aware of the cyber security and be experienced business analysts. This is especially important in the future to better identify, manage and minimise risks in business. Corporate governance and risk management is becoming more difficult from a technical, practical and ethical point of view. Therefore, the functions and competencies of the financial specialist should focus on the observance of procedures that are becoming more holistic and formalised than before. A financial specialist, in addition to technical and analytical skills, will need: digital skills; developed emotional intelligence; interpersonal competencies; and vision. The ethical factor will prevail over these competencies and occupy an important place in the financial profession. The results of this study can be used in addressing organizational changes aimed at improving corporate governance and risk management, developing new skills and competencies of financial specialists. Future research may be aimed at analysing barriers and obstacles that prevent change in the financial profession in the foreseeable future.