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Financial Risk Management: Building Financial Readiness and Resilience in Facing Crisis and Economic Change in East Java

Year: 2025

Type: article

Abstract: Financial risk management is a crucial foundation for the sustainability of organizations and households, particularly in East Java, which faces regional and global economic dynamics. This study aims to examine financial risk management strategies in building financial preparedness and resilience in the face of crises and economic change. Using a literature review and local case studies, the study found that financial risk mitigation strategies in East Java should focus on diversifying revenue sources, optimizing liquidity, implementing strong internal controls, and continuous risk monitoring. The study findings indicate that organizational leaders, MSMEs, and local governments play a crucial role in strengthening a culture of risk management. The study's conclusions emphasize the importance of a holistic and collaborative approach to building financial resilience, enabling East Java to be more adaptive in facing global economic challenges.

Source: Journal of Economics Finance and Management Studies

DOI: 10.47191/jefms/v8-i9-36

Authors: Sugeng Dwi Hartantyo, Aprelia Nur Kumalasari, Ahmad Ridwan

Institutions: Universitas Muhammadiyah Lamongan, Universitas Islam Lamongan

Language: English

Topic: Banking, Crisis Management, COVID-19 Impact

Subfield: General Agricultural and Biological Sciences

Field: Agricultural and Biological Sciences

Domain: Life Sciences

SDG: Decent work and economic growth

Open Access status: diamond

OpenAlex ID: W4414575152