Beyond Compliance: A Systematic Literature Review of International Risk Governance Transformation Through ISO 31000 and Regulatory Frameworks
Keywords:
Risk Governance; Enterprise Risk Management; ISO 31000; Regulatory Frameworks; Systematic Literature Review.
Abstract
This study examines the transformation of international risk governance beyond compliance through the integration of ISO 31000, Enterprise Risk Management (ERM), and regulatory frameworks. This research employs a Systematic Literature Review (SLR) approach based on the PRISMA guidelines by analyzing 50 peer-reviewed international articles published between 2021 and 2026. The findings indicate that modern risk governance has shifted from a compliance-oriented approach toward a strategic and value-creation-based system. ERM plays an important role in integrating risk identification, assessment, mitigation, and strategic decision-making processes. Furthermore, ISO 31000 strengthens organizational risk management through systematic, integrated, and proactive approaches. The review also highlights the increasing influence of digital transformation, artificial intelligence, cybersecurity risks, and ESG factors in developing adaptive risk governance. However, challenges remain regarding regulatory differences, technology governance, and stakeholder alignment. This study contributes to the literature by providing insights into the development of resilient, transparent, and sustainable risk governance frameworks.
References
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Dong, H., & Shen, Y. (2026). The monitoring effect of CSI 300 inclusion: Evidence from enterprise risk management adoption. Finance Research Letters, 93, 109634. https://doi.org/10.1016/j.frl.2026.109634
Dong, Q., Wang, K., & Lian, L. (2026). The impact of artificial intelligence on corporate debt default risk: From the perspective of resource orchestration and risk response. Research in International Business and Finance, 91, 103575. https://doi.org/10.1016/j.ribaf. 2026.103575
Erkan-Barlow, A., & Nguyen, T. (2024). Cybersecurity and executive compensation: Can inside debt-induced risk aversion improve cyber risk management effectiveness? International Review of Financial Analysis, 93, 103173. https://doi.org/10.1016/j.irfa.2024.103173
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Fuchs, D., & Bauer, A. (2026). Anticipatory practices in risk governance: Affordances and politics of computational models. Futures, 175, 103721. https://doi.org/10.1016/j. futures.2025.103721
Fung, D. W. H., Lee, W. Y., & 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, 102751. https://doi.org/10.1016/ 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, 106442. https://doi.org/10.1016/j.frl.2024.106442
Gao, L., & Calderon, T. G. (2025). Cybersecurity risk governance and companies' cybersecurity risk disclosures in their 10-K filings. Journal of Accounting and Public Policy, 54, 107376. https://doi.org/10.1016/j.jaccpubpol.2025.107376
Guo, Y., Ge, H., Liao, Z., Hu, Y., & Huang, B. (2024). The influence of financial innovation on enterprise risk management. Finance Research Letters, 62, 105098. https://doi.org/10.10 16/j.frl.2024.105098
Han, X., & Laing, E. (2025). Enterprise risk management and foreign currency derivatives usage. International Review of Economics and Finance, 103, 104518. https://doi.org/10.1016/j.iref.2025.104518
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, 104109. https://doi.org/10.1016/j.iref. 2025.104109
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, 100924. https://doi.org/10.1016/j.mar.2024.100924
Hudáková, M., Kuricová, A., & Masár, M. (2026). Dynamics of the approach to enterprise risk management in the context of economic growth and global crises. Administrative Sciences, 16(3), 141. https://doi.org/10.3390/adm SCI16030141
Ispas, L., Mironeasa, C., & Silvestri, A. (2023). Risk-based approach in the implementation of integrated management systems: A systematic literature review. Sustainability, 15(13), 10251. https://doi.org/10.3390/su151310251
Kelíšek, A., Studená, J., Buganová, K., & Hudáková, M. (2025). The degree of risk management implementation in enterprises in the Slovak Republic. Systems, 13(6), 427. https://doi.org/10.3390/systems13060427
Kuo, Y. F., Lin, Y. M., & Chien, H. F. (2021). Corporate social responsibility, enterprise risk management, and real earnings management: Evidence from managerial confidence. Finance Research Letters, 41, 101805. https://doi.org/10.1016/j.frl.2020.101805
Lee, I. (2021). Cybersecurity: Risk management framework and investment cost analysis. Business Horizons, 64, 659–671. https://doi.org/10.1016/j.bushor. 2021.02.022
Liu, L., & Shao, M. (2025). ESG-oriented boards of directors and fintech risk management. Finance Research Letters, 86, 108369. https://doi.org/10.10 16/j.frl.2025.108369
Liu, Z., Li, R., Zhou, J., & Liu, Y. (2025). The risk management effect of bank fintech: Evidence from stock price crash risk. International Review of Financial Analysis, 99, 103939. https://doi.org/10.1016/j.irfa.2025.103939
Mohamed, M. A. H., Al-Mhdawi, M. K. S., Ojiako, U., Qazi, A., Mahammedi, C., & Dacre, N. (2026). A GenAI-driven risk management framework for sustainable development projects. Project Leadership and Society, 7, 100217. https://doi.org/10.1016/j.plas. 2026.100217
Nguyen, Q. K. (2022). Determinants of bank risk governance structure: A cross-country analysis. Research in International Business and Finance, 60, 101575. https://doi.org/10.1016/j. ribaf.2021.101575
Peng, Y., & Jin, H. (2025). Effects of information and technology application in audits and digital economy on enterprise risk management level. Finance Research Letters, 73, 106593. https://doi.org/10.1016/j.frl.2024.106593
Raouf, H., & Ahmed, H. (2022). Risk governance and financial stability: A comparative study of conventional and Islamic banks in the GCC. Global Finance Journal, 52, 100599. https://doi.org/10.1016/j.gfj.2020.100599
Reilley, J. T., & Klein Jr., V. H. (2026). Pathways to accounting mediation: A case study on the role of checklists in risk management. Management Accounting Research, 68, 100964. https://doi.org/10.1016/j.mar.2026.100964
Ringgaard, A., Bukh, P. N., & Sandalgaard, N. (2026). Accounting for the future: A case study of how Probability of Default mediates between calculative practices in risk management. Management Accounting Research, 69, 100965. https://doi.org/10.1016/j.mar.2026. 100965
Rong, B., Mirza, S. S., Karoui, L., & Saeed, A. (2026). Strategic climate risk management and innovation outcomes: Insights from China's industrial and policy landscape. Journal of Economics and Business, 140, 106316. https://doi.org/10.1016/j.jeconbus.2026.106316
Sheng, X., & Shao, J. (2026). Learning from climate risk: Supplier shocks and the adjustment toward firms' optimal capital structure. International Review of Economics and Finance, 110, 105604. https://doi.org/10.1016/j.iref.2026. 105604
Sufi, F., & Islam, S. (2026). From risk to resilience: Empirical validation of a multidimensional entrepreneurial risk management model in developing markets. Strategic Business Research, 2, 100206. https://doi.org/10.1016/j. SBR.2026.100206
Thaler, T., & Kaufmann, M. (2024). Implementing catchment-wide flood risk management plans: Futures and justice conflicts. Futures, 164, 103480. https://doi.org/10.1016/j.fut ures.2024.103480
Wang, L., & Yang, Y. (2026). Digital intelligence transformation, financial innovation, and the effectiveness of enterprise risk management. International Review of Financial Analysis, 110, 104865. https://doi.org/10. 1016/j.irfa.2025.104865
Yazo-Cabuya, E. J., Ibeas, A., & Rey-Caballero, R. (2025). Multi-criteria decision making for risk management in quality management systems. Sustainability, 17(3), 1092. https://doi.org/10.3390/su17031092
Yun, J. (2023). The effect of enterprise risk management on corporate risk management. Finance Research Letters, 55, 103950. https://doi.org/10.10 16/j.frl.2023.103950.
Zhang, X., Li, F., & Ortiz, J. (2021). Internal risk governance and external capital regulation affecting bank risk-taking and performance: Evidence from P.R. China. International Review of Economics and Finance, 74, 276–292. https://doi.org/10.1016/j.iref.20 21.03.008
Zheng, K., Low, R., & Wang, R. (2026). Regime labels are not representation-invariant: Implications for model risk governance. Finance Research Letters, 108, 110383. https://doi.org/10.1016/j.frl.2026.110383
Zhu, F., & Shneor, R. (2026). Credit risk management in peer-to-peer lending platforms: A systematic literature review. Technological Forecasting & Social Change, 232, 124831. https://doi.org/10.1016/j.techfore.2026.124831
Adam, M., Soliman, A. M., & Mahtab, N. (2023). Measuring enterprise risk management implementation: A multifaceted approach for the banking sector. The Quarterly Review of Economics and Finance, 87, 244–256. https://doi.org/10.1016/j.qref.2021.01.002
Aigner, P. (2025). Identifying scenarios for the own risk and Solvency assessment of insurance companies. Insurance: Mathematics and Economics, 122, 30–43. https://doi.org/10.1016/ j.insmatheco.2025.01.009
Akter, R. (2026). Evolution and emerging frontiers of explainable artificial intelligence (XAI) in financial risk management: A bibliometric analysis. Strategic Business Research, 2, 100118. https://doi.org/10.1016/j.sbr. 2026.100118
Andersen, T. J., Sax, J., & Giannozzi, A. (2022). Conjoint effects of interacting strategy-making processes and lines of defense practices in strategic risk management: An empirical study. Long Range Planning, 55(1), 102164. https://doi.org/10.1016/j.lrp.2021.102164
Barbosa, M. W., Martinez Carrasco, S. I., & Rodriguez Abarca, P. C. (2022). The effect of enterprise risk management competencies on students' perceptions of their work readiness. The International Journal of Management Education, 20(2), 100638. https://doi.org/10.1016/j.ijme.2022.100638
Barraza de la Paz, J. V., Rodríguez-Picón, L. A., Morales-Rocha, V., & Torres-Argüelles, S. V. (2023). A systematic review of risk management methodologies for complex organizations in Industry 4.0 and 5.0. Systems, 11(5), 218. https://doi.org/10.3390/systems11050218
Beasley, M., Branson, B., Pagach, D., & Panfilo, S. (2021). Are required SEC proxy disclosures about the board's role in risk oversight substantive? Journal of Accounting and Public Policy, 40(1), 106816. https://doi.org/10.1016/j. JACCPUBPOL.2020.106816
Cole, C. R., & Eastman, E. M. (2026). Risk management and corporate lifecycles: Evidence from reinsurance purchases. Journal of Corporate Finance, 98, 102961. https://doi.org/10.1016 /j.jcorpfin.2026.102961
Cornwell, N., Bilson, C., Gepp, A., Stern, S., & Vanstone, B. J. (2023). Modernizing operational risk management in financial institutions via data-driven causal factors analysis: A pre-registered study. Pacific-Basin Finance Journal, 79, 102011. https://doi.org/10.1016/ j.pacfin.2023.102011
Diaz-Aldret, A., & Becerril, H. (2026). More-than-human governance: Beyond top-down and bottom-up logics in disaster risk management. Cities, 178, 107313. https://doi.org/10.1016/j.cities.2026.107313
Dionne, G., El Hraiki, R., & Mnasri, M. (2023). Determinants and real effects of joint hedging: An empirical analysis of US oil and gas producers. Energy Economics, 124, 106801. https://doi.org/10.1016/j.eneco.2023.106801
Dong, H., Zhong, X., & Zou, S. (2026). Ex-ante defense: Enterprise risk management and supply chain integration. Finance Research Letters, 101, 109963. https://doi.org/10.10 16/j.frl.2026.109963
Dong, H., & Shen, Y. (2026). The monitoring effect of CSI 300 inclusion: Evidence from enterprise risk management adoption. Finance Research Letters, 93, 109634. https://doi.org/10.1016/j.frl.2026.109634
Dong, Q., Wang, K., & Lian, L. (2026). The impact of artificial intelligence on corporate debt default risk: From the perspective of resource orchestration and risk response. Research in International Business and Finance, 91, 103575. https://doi.org/10.1016/j.ribaf. 2026.103575
Erkan-Barlow, A., & Nguyen, T. (2024). Cybersecurity and executive compensation: Can inside debt-induced risk aversion improve cyber risk management effectiveness? International Review of Financial Analysis, 93, 103173. https://doi.org/10.1016/j.irfa.2024.103173
Fraser, J. R. S., Quail, R., & Simkins, B. J. (2022). Questions asked about enterprise risk management by risk practitioners. Business Horizons, 65, 251–260. https://doi.org/10.1016/j.bushor.2021.02.046
Fuchs, D., & Bauer, A. (2026). Anticipatory practices in risk governance: Affordances and politics of computational models. Futures, 175, 103721. https://doi.org/10.1016/j. futures.2025.103721
Fung, D. W. H., Lee, W. Y., & 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, 102751. https://doi.org/10.1016/ 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, 106442. https://doi.org/10.1016/j.frl.2024.106442
Gao, L., & Calderon, T. G. (2025). Cybersecurity risk governance and companies' cybersecurity risk disclosures in their 10-K filings. Journal of Accounting and Public Policy, 54, 107376. https://doi.org/10.1016/j.jaccpubpol.2025.107376
Guo, Y., Ge, H., Liao, Z., Hu, Y., & Huang, B. (2024). The influence of financial innovation on enterprise risk management. Finance Research Letters, 62, 105098. https://doi.org/10.10 16/j.frl.2024.105098
Han, X., & Laing, E. (2025). Enterprise risk management and foreign currency derivatives usage. International Review of Economics and Finance, 103, 104518. https://doi.org/10.1016/j.iref.2025.104518
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, 104109. https://doi.org/10.1016/j.iref. 2025.104109
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, 100924. https://doi.org/10.1016/j.mar.2024.100924
Hudáková, M., Kuricová, A., & Masár, M. (2026). Dynamics of the approach to enterprise risk management in the context of economic growth and global crises. Administrative Sciences, 16(3), 141. https://doi.org/10.3390/adm SCI16030141
Ispas, L., Mironeasa, C., & Silvestri, A. (2023). Risk-based approach in the implementation of integrated management systems: A systematic literature review. Sustainability, 15(13), 10251. https://doi.org/10.3390/su151310251
Kelíšek, A., Studená, J., Buganová, K., & Hudáková, M. (2025). The degree of risk management implementation in enterprises in the Slovak Republic. Systems, 13(6), 427. https://doi.org/10.3390/systems13060427
Kuo, Y. F., Lin, Y. M., & Chien, H. F. (2021). Corporate social responsibility, enterprise risk management, and real earnings management: Evidence from managerial confidence. Finance Research Letters, 41, 101805. https://doi.org/10.1016/j.frl.2020.101805
Lee, I. (2021). Cybersecurity: Risk management framework and investment cost analysis. Business Horizons, 64, 659–671. https://doi.org/10.1016/j.bushor. 2021.02.022
Liu, L., & Shao, M. (2025). ESG-oriented boards of directors and fintech risk management. Finance Research Letters, 86, 108369. https://doi.org/10.10 16/j.frl.2025.108369
Liu, Z., Li, R., Zhou, J., & Liu, Y. (2025). The risk management effect of bank fintech: Evidence from stock price crash risk. International Review of Financial Analysis, 99, 103939. https://doi.org/10.1016/j.irfa.2025.103939
Mohamed, M. A. H., Al-Mhdawi, M. K. S., Ojiako, U., Qazi, A., Mahammedi, C., & Dacre, N. (2026). A GenAI-driven risk management framework for sustainable development projects. Project Leadership and Society, 7, 100217. https://doi.org/10.1016/j.plas. 2026.100217
Nguyen, Q. K. (2022). Determinants of bank risk governance structure: A cross-country analysis. Research in International Business and Finance, 60, 101575. https://doi.org/10.1016/j. ribaf.2021.101575
Peng, Y., & Jin, H. (2025). Effects of information and technology application in audits and digital economy on enterprise risk management level. Finance Research Letters, 73, 106593. https://doi.org/10.1016/j.frl.2024.106593
Raouf, H., & Ahmed, H. (2022). Risk governance and financial stability: A comparative study of conventional and Islamic banks in the GCC. Global Finance Journal, 52, 100599. https://doi.org/10.1016/j.gfj.2020.100599
Reilley, J. T., & Klein Jr., V. H. (2026). Pathways to accounting mediation: A case study on the role of checklists in risk management. Management Accounting Research, 68, 100964. https://doi.org/10.1016/j.mar.2026.100964
Ringgaard, A., Bukh, P. N., & Sandalgaard, N. (2026). Accounting for the future: A case study of how Probability of Default mediates between calculative practices in risk management. Management Accounting Research, 69, 100965. https://doi.org/10.1016/j.mar.2026. 100965
Rong, B., Mirza, S. S., Karoui, L., & Saeed, A. (2026). Strategic climate risk management and innovation outcomes: Insights from China's industrial and policy landscape. Journal of Economics and Business, 140, 106316. https://doi.org/10.1016/j.jeconbus.2026.106316
Sheng, X., & Shao, J. (2026). Learning from climate risk: Supplier shocks and the adjustment toward firms' optimal capital structure. International Review of Economics and Finance, 110, 105604. https://doi.org/10.1016/j.iref.2026. 105604
Sufi, F., & Islam, S. (2026). From risk to resilience: Empirical validation of a multidimensional entrepreneurial risk management model in developing markets. Strategic Business Research, 2, 100206. https://doi.org/10.1016/j. SBR.2026.100206
Thaler, T., & Kaufmann, M. (2024). Implementing catchment-wide flood risk management plans: Futures and justice conflicts. Futures, 164, 103480. https://doi.org/10.1016/j.fut ures.2024.103480
Wang, L., & Yang, Y. (2026). Digital intelligence transformation, financial innovation, and the effectiveness of enterprise risk management. International Review of Financial Analysis, 110, 104865. https://doi.org/10. 1016/j.irfa.2025.104865
Yazo-Cabuya, E. J., Ibeas, A., & Rey-Caballero, R. (2025). Multi-criteria decision making for risk management in quality management systems. Sustainability, 17(3), 1092. https://doi.org/10.3390/su17031092
Yun, J. (2023). The effect of enterprise risk management on corporate risk management. Finance Research Letters, 55, 103950. https://doi.org/10.10 16/j.frl.2023.103950.
Zhang, X., Li, F., & Ortiz, J. (2021). Internal risk governance and external capital regulation affecting bank risk-taking and performance: Evidence from P.R. China. International Review of Economics and Finance, 74, 276–292. https://doi.org/10.1016/j.iref.20 21.03.008
Zheng, K., Low, R., & Wang, R. (2026). Regime labels are not representation-invariant: Implications for model risk governance. Finance Research Letters, 108, 110383. https://doi.org/10.1016/j.frl.2026.110383
Zhu, F., & Shneor, R. (2026). Credit risk management in peer-to-peer lending platforms: A systematic literature review. Technological Forecasting & Social Change, 232, 124831. https://doi.org/10.1016/j.techfore.2026.124831
Published
2026-09-04
How to Cite
Tri Florencia, E., Hidayat, R., Sari, R., Saftiana, Y., & Isnurhadi. (2026). Beyond Compliance: A Systematic Literature Review of International Risk Governance Transformation Through ISO 31000 and Regulatory Frameworks. International Journal of Education, Vocational and Social Science , 5(04), 207-230. https://doi.org/10.63922/ijevss.v5i04.6403
Contact Person +6282139474255
Email : ijevss@citakonsultindo.or.id / editor.ijevss@gmail.com
