Abstract
The study explores the issue of innovative leadership in the financial sector and opts to use a case of a bank in South Africa. The existing empirical literature delivers a detailed review of leadership pioneering with the issue of risk management. Due to the constant change in the global space and evolution in the needs of consumers, in the taste of financial service providers, innovation from human resources is now the key to sustainability. However, risk management plays a fundamental role in the operations of financial sectors, and particularly for banks as their operational risks are also frequently financial risks. Hence, to ensure that all is well balanced this study explores innovative leadership in the financial sector in South Africa. The research project was qualitative in nature, with primary data collected using email interviews and document analysis. The research found that the main problem is the operational structures that guide the financial sectors. To this end, the artifact that was produced to address the problem is a conceptual framework as a recommendation to be utilised by the bank to allow freedom to leaders and their team to be innovative within the confinements of the organisational structures.
Highlights
The issue of risk management in the financial sector has become the core of recent debates due to the recent global fluctuation of the markets
If proactive culture is not established performance cannot be improved in the department, the problem that this study explores is presented as follows: the financial sectors need to ensure that leaders in the risk management sector are establishing the innovative leadership to improve performance of the department to ensure sustainability
The purpose of this study is to explore the factors that inhibit the effective realisation of innovative leadership in the financial sector in the risk management department of Standard bank in East London, South Africa
Summary
The issue of risk management in the financial sector has become the core of recent debates due to the recent global fluctuation of the markets. A variety of efforts have been utilised to improve performance and the risk management of banks but one attribute has limited studies that focused on it. This attribute is the attribute of innovation that is potentially a recognised powerful tool that can be used to change financial sectors in the risks management departments (Ismail & Masinge, 2012; Gilwald, 2017). 217), defines innovation as “a process of searching, experimenting and learning new ways of solving problems”. This suggests that innovation can be applicable in the place of the word creativeness. In developing countries, in particular, the continent of Africa, there is an element of lagging when the implementation of innovative initiatives for growth (Wallace, 2013, p. 23)
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