Abstract

DHLAMINI, Jabulani. Strategic risk management: A systematic review from 2001 to 2020. JCMAN [online]. 2022, vol.19, n.2, pp.212-237. ISSN 1815-7440.  http://dx.doi.org/10.35683/jcm22008.165.

PURPOSE OF THE STUDY: The review aims to provide an understanding of strategic risk management (SRM) research in the past two decades, and to propose a framework on how the practice of SRM can be further improved DESIGN/METHODOLOGY/APPROACH: A systematic review of the existing literature on SRM was conducted, and relevant publications were selected from a Scopus search for the period 2001 to 2020. The selected publications contained 'strategic risk management' in their title, abstract, and/or keywords. The initial search produced 141 publications; this was filtered further by refining the search criteria and, after further manual filtering, 54 publications were finally identified for this study FINDINGS: The review established that there was a very slow but steady increase in the number of publications on the subject of SRM during the two decades, with the exception of a higher number of publications (ten) that were recorded in 2015. Most of the publications during this period were in business, management, and accounting publications, which firmly places SRM within this subject field. Keywords associated with SRM over this review period were also identified and these also highlighted other management oversight functions influenced by SRM RECOMMENDATIONS/VALUE: The review contributes to the body of knowledge by providing (i) a review of SRM research over the past two decades; (ii) a theoretical framework that can be used to guide the identification and categorisation of risks; and (iii) a positioning of strategic risk with the other risk categories MANAGERIAL IMPLICATIONS: The review has presented guidance on the six proposed strategic risk categories: (i) regulatory and compliance risks, (ii) competitor risks, (iii) economic risks, (iv) political risks, (v) technology risks, and (vi) partnership and/or collaboration risks. It also proposes a theoretical framework that positions the management of strategic risks as part of the greater enterprise-wide risk management (ERM) process, and highlights the need for risk appetite determination and assessment JEL CLASSIFICATION: M0

Keywords : Enterprise-wide risk management; Operational risk; Project risk; Strategic risk; Strategic risk management.

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