Risk management, operational efficiency and corporate governance in the banking industry: Basis for corporate resiliency framework

The study examined the risk management, operational efficiency and corporate governance among financial service industry in China that served as the basis in developing a corporate resiliency plan.Specifically, it determined the risk management as to technology risk, people risk and sustainability risk; described the operational efficiency in terms of process efficiency, resource efficiency and customer service; assessed the corporate governance as to cyber security, internal control and regulatory compliance; tested the significant relationship among risk management, operational efficiency and corporate governance and developed a resiliency plan for financial service industry.Results showed that effective strategies in handling Technology Risk, People Risk, and Sustainability Risk were prevalent, with composite mean scores of 3.00 to 3.01, emphasizing robust practices in technology security, human resource management, and sustainability initiatives.Operational efficiency highlighted strong agreement on the effectiveness of Process Efficiency, Resource Efficiency, and Customer Service, with composite mean scores of 2.78 to 2.95.Resource Efficiency was the highest priority, while Customer Service showed room for improvement.Corporate governance practices related to Cyber Security, Internal Control, and Regulatory Compliance received agreement scores, indicating effective frameworks for mitigating risks and ensuring compliance.However, weak relationships between these dimensions suggested minimal direct impact of operational efficiency and risk management on corporate governance.Effective risk management, operational efficiency, and robust corporate governance are crucial for strengthening organizational resilience in the banking industry, requiring proactive risk management, advanced technology, and enhanced governance standards.Banking industry prioritizes risk management frameworks, regulatory policies, transparency, resiliency plans, and further research.