The aim of this work is to study the theoretical and practical aspects of financial globalization, its impact on financial and investment processes in the BRICS countries and the development of the recommendations for improving regional financial and investment policies. The relevance of this study is determined by the need to understand the causes and consequences of financial globalization and examine its impact on the development of national economies of BRICS countries as an objective process of evolution of modern economy. The paper examines the problems of financial globalization and develops on their basis a holistic concept of the development of the national financial market of BRICS countries in the direction of their integration into the global financial system. With regard to the transformations, caused by financial globalization, both in economic growth and in financial stability, made financial risk management more important than in the past, because it was proven that financial innovations can also expose institutions to unexpected risks, creating more problems for the risk function. However, in the last decade, BRICS countries experienced significant improvements with respect to the quality of the regulatory framework but still present a lower degree of financial institutions’ transparency comparing to advanced economies.