A systemic view of risk management and the role of stakeholders. Literature review and fsQCA analysis

Risks impact companies and lead to problems in terms of business interruption and administrative sanctions, conflicts with stakeholders, negative effects on competitiveness and the reduction of the ability to create value (Bundy et al., 2017). This highlights the need to go beyond traditional narrow financial perspectives in risk management to embrace a systemic view of risk and the need to consider the role of stakeholders (Xia et al., 2018). To understand if and how the literature describes risk management from a systemic view while also considering the role of stakeholders, we conduct a literature review and a fsQCA. To do so, we consider the four components of the risk management process—visibility, communication, management and control and measurability (IRM, 2002)—the four objects of control—action control, result control, personnel control and cultural control (Merchant & Van der Stede, 2012)—and the role of stakeholders. The results show that the components of risk visibility and risk management and control have greater relevance in the literature than the other components. They also show that the literature considers stakeholders in a residual and unstructured way. This makes us understand that there is still a long way to go in order to manage risk with "systemic thinking" (Flood & Jackson, 1993), also considering the role of stakeholders.