Corporate Governance and Enterprise Risk Management Integration: A Systematic Literature Review of Mechanisms, Challenges, and Future Research Directions
Keywords:
Corporate Governance, Enterprise Risk Management, Risk Governance, Internal Control, Organizational Resilience.
Abstract
This study examines the integration of Corporate Governance and Enterprise Risk Management (ERM) in strengthening corporate risk governance using a Systematic Literature Review (SLR) approach. A total of 50 peer-reviewed articles published between 2021 and 2026 were systematically analyzed following the PRISMA guidelines. The review focuses on key themes related to governance mechanisms, ERM implementation effectiveness, organizational challenges, ESG integration, digital risk management, and future research directions. The synthesis indicates that the integration of Corporate Governance and ERM plays an important role in improving risk oversight, enhancing strategic decision-making, strengthening internal control, and increasing organizational resilience. However, the literature also identifies several challenges, including weak risk culture, limited organizational resources, complexity of implementation, and difficulties in integrating emerging risks such as ESG and digital risks. This study contributes to the literature by providing a structured synthesis of previous research and offering insights for organizations in developing adaptive and integrated risk governance frameworks.
References
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Biggeri, M., Borsacchi, L., Braito, L., & Ferrannini, A. (2023). Measuring the compliance of management system in manufacturing SMEs: An integrated model. Journal of Cleaner Production, 382(97), 1–14. https://doi.org/10.10 16/j.jclepro.2022.135297
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Carolina, M., & Marques, M. (2025). Subcontracting Risk Management in the Portuguese Moulds and Plastics Industry Plastics Industry. Procedia Computer Science, 253(35), 3108–3114. https://doi.org/10.1016/j.procs.2025.02.035
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Farshadmanesh, P., Beal, J., Sakurahara, T., Reihani, S., Kee, E., Rowell, A., Yilmaz, F., & Mohaghegh, Z. (2024). Modeling interconnections of safety and financial performance of nuclear power plants part 1 : Categorical review and theoretical bases. Progress in Nuclear Energy, 171(23), 1–16. https://doi.org/ 10.1016/j.pnucene.2024.105123
Fraser, J., Quail, R., & Simkins, B. (2024). What's Wrong with Enterprise Risk Management ? Journal of Risk and Financial Management, 17(274), 1–11. https://doi.org/10. 3390/jrfm17070274
Fraser, J. R. S., Quail, R., & Simkins, B. J. (2022). Questions asked about enterprise risk management by risk practitioners. Business Horizons, 65(3), 251–260. https://doi.org/10.1016/j.bushor.2021.02.046
Fung, D. W. H., Yan, W., & Yang, C. C. (2025). Surviving the storm: Evaluating the role of enterprise risk management in property and liability insurers' performance during the COVID-19 pandemic. Journal of Corporate Finance, 91(51), 1–19. https://doi.org/10.10 16/j.jcorpfin.2025.102751
Gao, C., & Zhang, S. (2025). ESG performance and corporate financialization: A dual perspective of risk management and value creation. Finance Research Letters, 71(42), 1–9. https://doi.org/10.1016/j.frl.2024.106442
Ghozali, I., Roro, R., Aprilia, K., & Hersugondo, H. (2026). Enterprise Risk Management and Cyber Fraud Mitigation: Evidence from Indonesian State-Owned Enterprises. Journal of Risk and Financial Management, 19(280), 1–17.
Gleißner, W., & Berger, T. B. (2024). Enterprise Risk Management: Improving Embedded Risk Management and Risk Governance. Risks, 12(196), 1–15. https://doi.org/10.3390/risks 12120196
Group, S., Liu, S., Roy, D., & Group, S. (2021). Multi-Agents Mechanism and Blockchains Enterprise Platform of Logistics Services Based Multi-Agents and Enterpri. IFAC PapersOnLine, 54(1), 825–830. https://doi.org/10.10 16/j.ifacol.2021.08.097
Guo, Y., Ge, H., Liao, Z., Hu, Y., & Huang, B. (2024). The influence of financial innovation on enterprise risk management. Finance Research Letters, 62(98), 1–8. https://doi.org/10.1016/j.frl.2024.105098
Gupta, C., & Gevaers, R. (2025). Literature Review on the interconnectedness of risk. Transportation Research Procedia, 82(31), 2976–2983. https://doi.org/ 10.1016/j.trpro. 2024.12.231
He, J., Gao, H., Li, S., Guo, L., Lei, Y., & Cao, A. (2024). An intelligent maintenance decision-making based on economic life cutters. International Journal of Production Economics, 267(75), 1–21. https://doi.org/10.1016 /j.ijpe.2023.109075
He, Y., & Lin, C. (2025). Dynamic impact of media coverage on corporate risk management: Moderating effect of environmental policies and heterogeneity analysis. International Review of Economics and Finance, 100(09), 1–10. https://doi.org/10.1016/j.iref.20 25.104109
Huang, J., Kombate, B., Li, Y., Kouadio, K. R., & Xie, P. (2023). Effective risk management in the shadow of COVID-19 pandemic: The evidence of Indonesian listed corporations. Heliyon, 9(5), 1–21. https://doi.org/10.10 16/j.heliyon.2023.e15744
Huber, C., Kraus, K., & Meidell, A. (2025). Integrating the balanced scorecard and enterprise risk management: Exploring the dynamics between management control anchor practices and subsidiary practices. Management Accounting Research, 66(24), 1–16. https://doi.org/10.1016/j.mar.2024.100924
Hudáková, M., & Kuricová, A. (2026). Dynamics of the Approach to Enterprise Risk Management in the Context of Economic Growth and Global Crises. Administrative Sciences, 16(141), 1–25. https://doi.org/10.3390/admsci1603 0141
Hugo, V., Jr., K., & Reilley, J. T. (2024). The temporal dynamics of enterprise risk management. Critical Perspectives on Accounting, 99(63), 1–18. https://doi.org/10.1016/j.cpa.2021. 102363
Jagri, T., Malnar, A., & Galun, M. (2026). From ESG Risk Governance to Firm Performance: Measuring the Quality of Corporate Risk Management. Sustainability, 18(51), 1–19. https://doi.org/10.3390/su18105131
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Published
2026-08-31
How to Cite
Pratama, B., Mizvi, A., Fadilah Hanifah, N., Sari, R., Saftiana, Y., & Isnurhadi. (2026). Corporate Governance and Enterprise Risk Management Integration: A Systematic Literature Review of Mechanisms, Challenges, and Future Research Directions. International Journal of Education, Vocational and Social Science , 5(03), 9300-9331. https://doi.org/10.63922/ijevss.v5i03.6365
Contact Person +6282139474255
Email : ijevss@citakonsultindo.or.id / editor.ijevss@gmail.com
