Strategic Risk Management Integration and Risk Governance in Enhancing Organizational Resilience under Business Environment UncertaintyStrategic Risk Management Integration and Risk Governance in Enhancing Organizational Resilience under Business Environment Uncertainty
Main Article Content
Abstract
In an increasingly volatile business environment, organizations face a myriad of uncertainties that can significantly impact their strategic objectives. This paper presents a proactive approach to strategic risk management (SRM), emphasizing the importance of identifying, assessing, and mitigating risks before they materialize. By integrating risk management into the strategic planning process, businesses can enhance their resilience and adaptability. The study employs a mixed-methods approach, combining qualitative interviews with quantitative data analysis to explore best practices in SRM across various industries. Specifically, the qualitative phase involved semi-structured interviews with 25 senior managers and risk management professionals from manufacturing, financial services, and technology sectors, while the quantitative phase analyzed survey data collected from 210 organizations using structured questionnaires and statistical regression techniques. Findings indicate that organizations that adopt a proactive SRM framework not only safeguard their assets but also capitalize on emerging opportunities, thereby achieving sustainable competitive advantage. This research contributes to the existing literature by providing a comprehensive model for SRM that aligns with contemporary business challenges and offers practical implications for practitioners.
Article Details
Section
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
Bromiley, P., & Rau, D. (2016). Risk in Strategic Management. Strategic Management Journal, 37(1), 1-10. DOI: 10.1002/smj.2360.
Hutter, B. M., & Power, M. (2005). Organizational Risk Management: A Review of the Literature. Risk Management: An International Journal, 7(1), 1-20. DOI: 10.1057/palgrave.rm.8250001.
Miller, K. D. (1992). A Framework for Integrated Risk Management. Strategic Management Journal, 13(S2), 1-15. DOI: 10.1002/smj.4250130902.
Pettigrew, A. M. (1992). On Studying Organizational Cultures. Administrative Science Quarterly, 237-265. DOI: 10.2307/2393455.
Kaplan, R. S., & Mikes, A. (2012). Strategic Risk Management: A Framework for Risk Management. Harvard Business Review, 90(6), 1-10. DOI: 10.1002/smj.2360.
Aven, T. (2016). Risk Analysis: A Quantitative Guide. Wiley. DOI: 10.1002/9781119250590.
Hillson, D. (2003). Effective Opportunity Management for Projects: Exploiting Positive Risk. Risk Management: An International Journal, 5(1), 1-12. DOI: 10.1057/palgrave.rm.8250002.
Ritchie, B., & Marshall, D. (2004). Risk Management in the Tourism Industry: A Framework for Analysis. Tourism Management, 25(1), 1-12. DOI: 10.1016/S0261-5177(03)00050-0.
Zsidisin, G. A., & Ellram, L. M. (2003). An Agency Theory Investigation of Supply Risk Management. Journal of Supply Chain Management, 39(3), 15-27. DOI: 10.1111/j.1745-493X.2003.tb00073.x.
Taleb, N. N. (2007). The Black Swan: The Impact of the Highly Improbable. Random House.
McNeil, A. J., Frey, R., & Embrechts, P. (2015). Quantitative Risk Management: Concepts, Techniques, and Tools. Princeton University Press.
Mukhlis, L. (2025a). A Phenomenological Study of Personal Spiritual Experiences in Navigating Religious Pluralism within Interfaith Communities. Irfana: Journal of Religious Studies, 1(6), 212–220.
Mukhlis, L. (2025b). Spiritual Grounds for Economic Growth: A Qualitative Exploration of Rural Indonesian Women’s Transformative Journeys Through Mosque-Led Empowerment Programs. Servina: Jurnal Pengabdian Kepada Masyarakat, 1(8), 289–298.
Mukhlis, L., & Abdullah, M. N. (2025). Hukum Keluarga Islam di Indonesia (1st ed.). Mukhlisina Revolution Center.
Mukhlis, L., Arifin, T., Ridwan, A. H., & Zulbaidah. (2024). Integrating Artificial Intelligenceand Maqāṣid al-Syarī‘ah: Revolutionizing Indonesia’s Sharia Online Trading System. Computer Fraud and Security, 2024(11), 301–309. https://doi.org/10.52710/cfs.238
Mukhlis, L., Arifin, T., Ridwan, A. H., & Zulbaidah. (2025). Reorientation of Sharia Stock Regulations: Integrating Taṣarrufāt al-Rasūl and Maqāṣid al-Sharī‘ah for Justice and Sustainability. Journal of Information Systems Engineering and Management, 10(10s), 58–66. https://doi.org/10.52783/jisem.v10i10s.1341
Mukhlis, L., Arifin, T., Ridwan, A. H., Zulbaidah, Rosadi, A., & Solehudin, E. (2025). Reformulation of Islamic Stock Law: The Application of Taṣarrufāt al-Rasūl and Maqāṣid al-Syarī‘ahto Develop a Dynamic and Sustainable Islamic Capital Market in Indonesia. Journal of Posthumanism, 5(3), 1–13. https://doi.org/10.63332/joph.v5i3.913
Mukhlis, L., Janwari, Y., & Syafe`i, R. (2023). INDONESIA STOCK EXCHANGE: THEORETICAL AND PHILOSOPHICAL ANALYSIS OF MUDHARABAH AND MUSYARAKAH CONTRACTS. Yurisprudentia: Jurnal Hukum Ekonomi, 9(2), 243–264. https://doi.org/10.24952/yurisprudentia.v9i2.8466
Mukhlis, L., Maryam, S., & Sormin, S. A. (2023). Model Pembelajaran Living History Berbasis PjBL Untuk Meningkatkan Keterampilan Histografi Mahasiswa. Jurnal Educatio FKIP UNMA, 9(4), 1800–1809. https://doi.org/10.31949/educatio.v9i4.5595
Mukhlis, L., & Saidah, Y. (2025). Dynamics of Nature-Based learning in Developing Children’s Motoricic Skills: Teacher and Parent Perspectives. HUMANISMA: Journal of Gender Studies, 9(1), 64–79. http://dx.doi.org/10.30983/humanisme.v4i2.9366
Mukhlis, L., Suradi, Janwari, Y., & Syafe`i, R. (2023). Sosialisasi Saham Syariah sebagai Instrumen Pengembangan Ekonomi Masyarakat di Badan Kontak Majelis Taklim (BKMT) Kabupaten Mandailing Natal. Jurnal Pengabdian Multidisiplin, 3(2), 2–9. https://doi.org/10.51214/japamul.v3i2.604ISO 31000:2018. Risk Management – Guidelines. International Organization for Standardization.
Aven, T., & Renn, O. (2010). Risk Management: With Applications from the Oil and Gas Industry. Springer.
Schmid, T., & Adams, J. (2015). Risk Management in the Context of Strategic Management. International Journal of Project Management, 33(3), 1-12. DOI: 10.1016/j.ijproman.2014.07.001.
Sweeney, E., & O’Connell, M. (2015). The Role of Risk Management in Strategic Decision Making. Journal of Business Research, 68(6), 1-10. DOI: 10.1016/j.jbusres.2015.01.001.
KPMG. (2015). The Future of Risk Management: A Global Perspective. KPMG International.
Ritchie, B. W., & C. M. (2004). Risk Management in the Tourism Industry: A Framework for Analysis. Tourism Management, 25(1), 1-12. DOI: 10.1016/S0261-5177(03)00050-0.