A CRUCIAL EXAMINATION OF RISK ASSESSMENT AND MANAGEMENT FRAMEWORKS FOR ADAPTABLE SMEs

Abstract

Throughout history, small and medium-sized businesses (SMEs) have been the foundation of the world economy. By supporting exports, creating jobs, and innovating, SMEs are boosting the economy. Compared to large enterprises, SMEs face many obstacles to their existence. It has been noted that nations with a large number of SMEs see faster economic growth than those with a small number. SMEs' lack of resilience is caused by the dangers and challenges to their ability to survive. Risk factors can make SMEs vulnerable and cause death if they are disregarded. This study undertakes a thorough evaluation of the literature on risk assessment and risk management of SMEs spanning two decades, from 2000-01 to 2023-24, in light of the significance and breadth of the subject. The literature now in publication focuses on recognizing and classifying the many risk factors that SMEs encounter. This study uses a systematic literature review and PRISMA technique, identifies gaps to find new research horizons, and lists risk variables and the frameworks stated in the literature. A careful examination showed that the majority of the literature on the subject focused on identifying and cataloging the different risk factors that small and medium-sized enterprises (SMEs) face. This resulted in a significant gap in risk assessment and management frameworks, as well as in the application of new methods and tools that would increase SMEs' resilience.