Designing a Corporate Governance Qualitative Model for Enhancing Business Resilience in the Financial Sector

Abstract

Abstract: This study aims to design a corporate governance model that enhances business resilience in the financial sector. The study employs a qualitative research design, using semi-structured interviews as the primary data collection method. A total of 30 participants, including executives, board members, and governance experts from the financial sector, were interviewed. The interviews were transcribed and analyzed using NVivo software, following the coding process of open, axial, and selective coding. Thematic analysis was used to identify key themes related to governance and resilience, leading to the development of a governance model tailored to the financial sector. The findings revealed that effective leadership, proactive risk management, regulatory compliance, and stakeholder engagement are key elements of resilient governance structures. Participants emphasized the importance of leadership flexibility, succession planning, and crisis response mechanisms in ensuring organizational continuity during crises. Innovation and strategic planning were also highlighted as crucial for adapting to market changes and building long-term resilience. The results suggest that organizations with strong governance frameworks are better equipped to manage risks, engage stakeholders, and maintain operational stability in volatile environments. The study concludes that corporate governance plays a critical role in enhancing business resilience in the financial sector. Financial institutions should focus on strengthening governance practices by integrating leadership development, risk management, and stakeholder engagement into their strategies. By doing so, they can build resilience and ensure sustainability in the face of crises and economic uncertainties.