A Literature review of systemic risk management and the role of stakeholders
DOI:
https://doi.org/10.7433/s128.2025.04Keywords:
Systemic view of risk, stakeholder engagement, literature review, fsQCA analysisAbstract
Purpose of the paper: This paper explores the relationship between non-financial risk governance (Miller et al., 2008; Tryhuba et al., 2022), the role of stakeholders (Ndlela, 2018; Xia et al., 2018), and management control objects (Merchant & Van der Stede, 2012).
Methodology: This research conducts a literature review combined with an fsQCA analysis to examine management controls and identify those that should be adopted to address various aspects of systemic risk management. The analysis also examines the stakeholder’s engagement in risk management processes.
Findings: The findings indicate that certain risk components are more frequently addressed in the literature than others. Additionally, management controls are highlighted as essential tools for intervening in and mitigating risks. Stakeholders are shown to play a critical role in all stages of risk management.
Research limitations: This study is based on a theoretical framework, suggesting that future research should include empirical investigations to explore the role of stakeholders in non-financial risk management.
Practical implications: This research identifies the relationships between management controls and risk management phases, emphasizing the critical role of stakeholders in non-financial risk management. The proposed framework can help companies identify the necessary actions to manage all stages of risk management effectively and pinpoint the most strategically important stakeholders who need greater involvement in this process.
Originality of the paper: This paper is original in its approach, as it synthesizes literature on non-financial risk governance and stakeholder engagement and subsequently applies an fsQCA analysis to determine the necessary and sufficient elements that shape systemic risk management configurations.
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