FINIZ – International Scientific Conference

Conclusions of Session A:  Internal Audit and Control

Title: Internal Audit in an Era of Change: Adaptation, Innovation, and Agility

The internal audit session entitled “Internal Audit in an Era of Change: Adaptation, Innovation, and Agility” fully illuminated the role of internal audit in the contemporary business environment. The very title of the session guided participants toward the direction in which the speakers’ presentations would unfold. The speakers—members of the Institute of Internal Auditors of Serbia (UIRS)—presented, in a highly practical manner, what agility in internal audit essentially means in business practice and confirmed that internal audit, as a profession, plays a significant role in anticipating and shaping change. We were able to observe what the expectations are of internal auditors in the private sector and what they are in the public sector. The session addressed the fundamental challenges facing the internal audit profession, as well as the prerequisites that need to be met in order for the internal audit function and internal auditors, through their agility and knowledge, to add value to their organizations by improving business operations and preventing undesirable effects and consequences, to the extent to which such outcomes can be influenced. This session provided answers as to the ways in which agile approaches encourage innovative thinking, accelerate decision-making processes, and enable faster implementation of ideas.

Conclusions of Session B:  Financial Reporting

Title: Benefits, Challenges, and Costs of Reporting Using European Sustainability Reporting Standards

Within the session, it was noted that the Republic of Serbia is currently in the process of preparing for the introduction of mandatory sustainability reporting in accordance with the ESRS standards. Entities in Serbia lack sufficient human resources with both theoretical knowledge and practical experience in this field. There is a certain, relatively small number of entities in the Republic of Serbia that voluntarily report on sustainability. However, these reports are not fully aligned with the ESRS standards. It is necessary to implement broader education, both for entities subject to this reporting obligation and for potential users of sustainability reports, regarding the benefits and importance of such reporting. In this context, addressing this topic at the FINIZ Conference represents a step forward in the implementation of the European Sustainability Reporting Standards.

Conclusions of Session C:  Business, Asset, and Intangible Asset Valuation

Title: Balancing Efficiency and Moral Responsibility in the Era of Digital Transformation of Valuation Process

Within this year’s session dedicated to the valuation of real estate, machinery, and equipment, discussions focused on the use of artificial intelligence and the digitalization of the valuation process. The speakers introduced participants to the specific characteristics of advanced technologies, potential ways of integrating them into the valuation process, as well as the possible challenges of their practical application. The main conclusion of the session was that the use of artificial intelligence represents the direction of further development for all professions, including valuation professionals, while emphasizing that this process must strike a balance between the speed of execution on the one hand and integrity and legal permissibility on the other.

Conclusions of Session D:  Environmental Economics

Title: Business agility and green economy – education, innovation and emerging professions

The panel discussion focused on business agility as a key driver for a successful transition toward a green economy and economic sustainability, with particular emphasis on the need for companies—especially small and medium-sized enterprises—to adapt to new economic models. Participants from the academic community examined key challenges, including the financing of innovation, industrial transformation, and the need for new green occupations and skills. A comparative analysis of the situation in Serbia and the European Union was conducted, covering topics ranging from energy efficiency and carbon footprint to ESG reporting. The main conclusion of the panel, also affirmed by the audience, was the necessity of a strong link between science and industry, accompanied by continuous education of companies and citizens in order to enable and support the green transition.

Conclusions of Session E:  Forensic Accounting and Fraud Audit

Title: Business Integrity, Risk Management, and Ethical Resilience in the Era of Digital Transformation

The evolving experience has demonstrated that the path toward business integrity is a shared responsibility of the state and the private sector, together with civil society and the academic community. This represents a key contemporary model for the promotion of business integrity. Initiatives aimed at collective action, namely a top-down approach (from the state toward the private sector, which is considered necessary), are being pursued, while at the same time a collaborative approach based on joint activities in the field of anti-corruption mechanisms is being fostered. Sanja Ugrčić Pavlović from the ACFE Serbia Chapter provided insight into how business integrity can be implemented in an AI-driven environment, where business integrity is understood as a mode of behavior rather than merely a document consisting of procedures. Dragana Stojadinović from the Prosecutor’s Office for Organized Crime (JTOC), as a representative of the public sector, pointed out that the prosecution does not apply AI software primarily due to the confidentiality of investigative data, although similar tools are used in other countries. She also emphasized that the use of cryptocurrencies in the activities of organized crime exists, but that the state, through strengthening institutional capacities and the legislative framework, is able to control such activities and prosecute those responsible for criminal offenses. Gordana Mrdak, Associate Professor of Corporate Security and a court-appointed expert in the field of economic and financial expertise, contributed to the discussion by addressing the application and use of artificial intelligence as both necessary and inevitable, while also emphasizing the need for additional training of court experts, as well as amendments to the legislative framework governing expert witnessing in the Republic of Serbia.

Conclusions of Session F:  Human Resource Management

Title: An agile approach to Human Resources

The guest presentations at the HR session of the international FINIZ 2025 conference introduced the concept, key principles, and best practices of the agile approach to contemporary human resource management. A wide range of topics was addressed, ranging from individual and organizational agility, illustrated through examples of key methods and the role of HRM, to agile organizational culture as a symbiosis of employee values and behaviors, supported by research findings and sound HRM practices. The expertise and direct engagement of the speakers, reflected in the strong interest of the audience during and after their presentations, serve as clear evidence of the success of this professional session at this year’s FINIZ conference.

Conclusions of Session G: Marketing

Title: Social Impact Marketing: How Brands and Media Build Value in a Changing Environment

At the panel discussion entitled “Social Impact Marketing: How Brands and Media Build Value in a Changing Environment,” participants discussed the growing role of marketing in creating social value, rather than focusing solely on business outcomes. Panelists from the media, the non-profit sector, and the event industry shared their experiences on how trust, authenticity, and long-term relationships with audiences are built. It was emphasized that audiences increasingly expect responsibility, transparency, and a clearly defined purpose behind the communications of brands and organizations. The discussion also addressed the challenges of balancing commercial objectives with genuine social impact. The conclusion of the panel was that marketing, when driven by values, can become a powerful platform for positive change within the community.

Conclusions of Session H: Scientific Papers

The following papers have been presented:

1.      Milica Radojković, Milena Rikalović

Topic: GREEN INVESTMENTS IN WASTEWATER MANAGEMENT: DRIVING SUSTAINABLE BUSINESS AND CIRCULAR ECONOMY IN SERBIA

2.      Zoran Kaljević, Željko Radovanović, Sanja Radovanović

Topic: BUSINESS ENTITIES EXPOSURE TO MONEY LAUNDERING AND TERRORISM FINANCING (ML/TF) RISKS

3.      Katarina Kovač

Topic: UNDERGROUND BANKING AS INSTRUMENT FOR THE LEGALIZATION OF „DIRTY MONEY“

4.      Daliborka Đukić, Vesna Midić

Topic: REAL-TIME CAPACITY PLANNING OF KYC WORKFLOW USING PETRI-DES FOR AGILE BANKING

5.      Marko Mihajlović, Angelina Njeguš

Topic: MULTI-AGENT AI FOR ADAPTIVE TREASURY AND CAPITAL OPTIMIZATION

6.      Dražen Cvijanović

Topic: INTEREST RATE PASS-THROUGH IN THE BANKING SECTOR OF SERBIA

7.      Olusola Shedrack Agbebiyi

Topic: THE SOCIAL MEDIA INTELLIGENCE FRAMEWORK: EARLY SIGNALING OF ALGORITHMIC COORDINATION

8.      Aleksandra Minić, Arwa Al Hinai

Topic: DEVELOPMENT WITHOUT GROWTH: CIRCULAR ECONOMY, DOUGHNUT ECONOMICS AND RELATED MODELS

9.      Anđela Ristović

Topic: CULTURAL DIMENSIONS IN SALES AND SUPPORT: SERBIA VS. SWITZERLAND COMPARISON

10.  Katarina Pavlović

Topic: THE IMPORTANCE OF BUSINESS AGILITY IN THE MODERN BUSINESS ENVIRONMENT

11.  Milica Balaban, Slavko Alčaković

Topic: AGILE AND ETHICAL IMPLEMENTATION OF AI FOR SUSTAINABLE MARKETING STRATEGIES

12.  Tijana Dedić

Topic: SYNERGIES BETWEEN AGILITY AND AUTHENTICITY IN BRAND STRATEGY