Risk management tools for strategic administration: a systematic review
DOI:
https://doi.org/10.51247/st.v9i2.765Keywords:
strategic management, environment, risk, sensitivity, anthropism, ecosystem, health, environmental impactsAbstract
The objective of the study was to analyze the available literature on risk management tools for strategic management. The PRISMA systematic review method was employed, reviewing articles from the SCOPUS database from the past three years. The inclusion criteria focused on articles published in English and Spanish that demonstrated the application of a risk management tool and showed its implications. The analysis revealed that there is a variety of risk analysis tools that can be employed for strategic management. The relevance of basic tools such as SWOT, external factors, and basic strategic management considerations is highlighted for the generation of risk maps, flowcharts with risks by prevalence and severity, combined with quantitative, probabilistic, and statistical techniques to generate predictive risk models and develop better response capabilities, generally in industrial environments. It is concluded that risk is inherent in all business functions and activities; it is important to know how to identify risks, assign them a value and a priority scale, design actions and mechanisms to minimize them, and continuously monitor them. This is essential to ensure the survival of companies and create value.
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