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Generally, a systematic literature review cannot guarantee but it can provide assurance on the quality
of our literature review. Organizations have created warehouse facilities, production plants, and
fulfillment centers across countries to achieve cost benefits, access to cheaper raw material sources,
or specialist skills and capabilities ( Choi et al. 2012 ). The distribution centers in the modern era of
global supply chains are also known as fulfillment centers. You can download the paper by clicking
the button above. Typically, all literature searches yield many articles. Ackoff ( 1994 ) defined a
system as “a whole that cannot be divided into independent parts or subgroups of parts”. However,
inappropriate exhaustive criteria can result in irrelevant articles not inadequately omitted. So proper
learning about risk is needed in various fields, both by implementers and decision makers. Reduction
of inventory levels and production cost and Return On Investment is a major advantage but it has
disadvantage of less security and loss of bargaining power with change management. The authors
show that firms that have implemented ERM practices show superior performance. Next Article in
Journal Did the Islamic Stock Index Provide Shelter for Investors during the COVID-19 Crisis. Note
that from the first issue of 2016, this journal uses article numbers instead of page numbers. Editor’s
Choice articles are based on recommendations by the scientific editors of MDPI journals from
around the world. We decided on the exclusion criteria from the perspective of research quality. Risk
happens in all business functions and in every kind of activity. Organizations such as Container
Security Initiative, Customs Trade Partnership Against Terrorism (CTPAT), and Operation Safe
Commerce (OSC) act as instruments for global supply chain security ( Mortimer 2004 ). Also, it can
be noticed that, despite the greater number of articles published on ERM, the number of papers per
journal is quite low. Risk comes from uncertainty, which has a few possibilities ( Hubbard 2007,
2020 ). However, this stream of research is new, and more research is welcomed, for example, on the
impact of culture on different components of ERM. Ray, had made several passes at her, made
suggestive remarks to her and asked her to go out with him repeatedly. Toyota have applied these
principles in their supply chains ( Dyer and Nobeoka 2000 ) and minimized the disruptions due to
product recalls ( Bates et al. 2007 ). Strategies to control risk may be divided into seven categories:
prevention, rescheduling, conjecture, numerical and economic, vertical integration, risk-sharing, and
technology and security ( Juttner et al. 2010; Miller 1992 ). The first strand offers information about
risk management practices ( Altuntas et al. 2011; Almeida et al. 2019; Bensaada and Taghezout
2019; Beck da Silva Etges et al. 2019; Mishra et al. 2019 ). It can be inferred that there is a growing
interest of researchers regarding ERM in SMEs. This paper also examined the different techniques
adopted by banking industry for risk management. A queueing system was incorporated into the
model under the assumption that the complaints will not be investigated before the trigger event. In
order to be human-readable, please install an RSS reader. However, they also stressed quantitative
assessments for a better understanding of SCRM. Literature Review On Credit Risk Management In
Banks Free Essays 2019-02-16. So, it will be necessary, to develop some frameworks for assessing
risks with considering the perspectives of the whole range of strategy stage, and avoid confusing
objective assessment during strategy implementation. Lewis, and Ran Wei. 2006. The market value
impact of operational loss events for US banks and insurers. Some authors have categorized risks in
supply chains under operational risk, network risk, and external risks ( Handfield and McCormack
2008 ). According to the Average Number of Citations from Web of Science Core Collection, the
Accounting Organizations and Society has received the highest citations per paper (86 citations)
followed by the International Journal of Production Research (85 citations).
To browse Academia.edu and the wider internet faster and more securely, please take a few seconds
to upgrade your browser. Especially for investment banks, risk is an essential factor for daily
operating activities. Journal of Pharmaceutical and BioTech Industry (JPBI). It does not take place at
the functional level, or the business unit level, but throughout the organization. Furthermore, the
non-ABDC list of publications was considered to understand risk factors of SCM. Performance
failures of a supply chain can be monitored through audits in an organization ( Giunipero and Aly
Eltantawy 2004 ). According to Khan et al. ( 2016 ), several factors motivate firms to engage in the
ERM process, as follows: the probability of financial distress and associated costs, the low earnings
performance, the growth opportunities, and the independence of the board. Most of the research and
writings on library management have focused on academic libraries and only recently has there been
more interest in the administration of public libraries. Williams et al. ( 2008 ) Literature review The
authors built theories by working on the different categories of literature in SCM. This literature
survey is classified into five categories: empirical, conceptual, case study, descriptive, and
exploratory. Because the keywords are systematically developed, biases from subjective selection can
be reduced. Market demand, customization of products or services, input costs, product life cycle,
and product modularity affects rescheduling ( Chiou et al. 2002 ). The conjecture is the opposite of
rescheduling ( Bucklin 1965 ), and decisions are influenced by projected demand. Third, unlike
Bromiley et al. ( 2015 ), this review does not aim to look for the conceptual roots of ERM and how
management scholars can contribute to ERM research. International Journal of Turbomachinery,
Propulsion and Power (IJTPP). We searched articles from Scopus in all fields (the title, abstract, and
keywords) by using keywords relevant to the scope of the study. The number of research publications
showed several research papers published on SCRM and the importance of risk management in the
competitive and unpredictable business environment. There is a pilot work of Liu ( 2019 ) who
analyzed this aspect in a cross-cultural context of China and the US, acknowledging the importance
of cultural factors. Also, Shad et al. ( 2019 ) propose an integrated approach of ERM implementation
with sustainability reporting to analyze the impact on business performance. According to Snyder (
2019 ), this activity helps researchers assess the number of articles and clearly define the research
purpose, scope, and questions. Examples of these studies are those that mentioned system dynamics
either in their references or in the author’s bibliographic note. For example, natural disasters or fires,
accidents, death. The findings show that ERM literature can be divided into four general lines of
research: ERM adoption, determinants of ERM implementation, the effects of ERM adoption, and
other aspects. Source: Adapted from Snyder ( 2019 ) and Prasad et al. ( 2018 ). These three
keywords were: (1) operational risk, (2) system dynamics, and (3) bank. Past studies use mainly a
dummy variable as a proxy for ERM implementation or surveys (i.e., Pagach and Warr 2011; Eckles
et al. 2014; Ojeka et al. 2019 ). The value of ERM in supporting government management. The
concept of credit risk or default risk has got significant attention in the literature of risk and
corporate financial management. Geographical dimension Include all studies that provide new
evidence on ERM adoption and implementation for firms active in specific geographical regions or
countries. Such regional transitions were envisaged due to various risks in global supply chains (
Gurtu et al. 2015, 2016 ). The estimation of risk can lead to better risk management, reduce the
extent of damage, and improve supply chain resilience. International Journal of Environmental
Research and Public Health (IJERPH). We described how keywords for a potential interdisciplinary
approach are systematically developed.
Although the risk is a probability science that may occur and may not occur, the uncertainty must
still go through an appropriate assessment so that it can be a preparation for all parties involved in the
activity. Fantazzini, Dean, Luciana Dalla Valle, and Paolo Giudici. 2008. Copulae and operational
risks. Jabbour and Abdel-Kader ( 2016 ) investigate the impact of institutional context on ERM
adoption for the insurance sector and found divergent results in time: companies that decided
towards ERM early were motivated by internal drivers, while the recent adoption decision was
motivated by regulatory imperative. Systematic Literature Review—steps and guideline questions.
Jorion, Philippe. 2007. Value-at-Risk: The New Benchmark for Managing Financial Risk, 3rd ed.
Past studies use mainly a dummy variable as a proxy for ERM implementation or surveys (i.e.,
Pagach and Warr 2011; Eckles et al. 2014; Ojeka et al. 2019 ). The value of ERM in supporting
government management. We use cookies on our website to ensure you get the best experience.
Disruption events are described as when “the tornado hits, the bomb explodes, a supplier goes out of
business or the union begins a wildcat strike” ( Sheffi and Rice 2005 ). The second step is to conduct
a review of literature review articles to assess, identify, and form an understanding of key findings
that can help answer research questions. Banking ORM is a complex and uncertain system resulting
from interactions between multiple stakeholders, spillover effects, and technological advancements.
The implementation of ERM programs has gained importance in different domains: banks, insurance,
and non-financial firms, especially SMEs. Studies that only mentioned the term “system dynamics”
but neither used it in their studies nor meant the SD approach were excluded. Multiple requests from
the same IP address are counted as one view. Even though a Systematic Literature Review (SLR)
aims to improve the review quality by its strict protocol or standardized method, it presumes that a
complete set of relevant articles depends on a good keyword search ( Boell and Cecez-Kecmanovic
2015 ). Participants will be able to develop skills, which are important for mitigating loss and
managing operational risk. 5.2. Limitations Like other literature review articles, our study depends
on the reliability and accuracy of other studies. We observed that among the five ST approaches,
only SD was used in the banking ORM study. We use cookies on our website to ensure you get the
best experience. Basel: Bank for International Settlements, Available online: (accessed on 16 May
2022). Technological advancements, including financial technology, also create a new complex
environment for ORM. Journal of Otorhinolaryngology, Hearing and Balance Medicine (JOHBM).
There are different payment processes in the imports and exports of goods. The standardized
protocol of systematic literature review, in the third step, helps ensure the quality of the review.
Funding This research received no external funding. Because SD is well advocated and supported by
scholars, its strengths are strengthened over time, thereby providing researchers with confidence in
the quality of SD toolsets. Looking at the impact of the COVID-19 pandemic on the international
business context, the response of the ERM process to challenges faced by firms could represent a
promising avenue for future research. Nevertheless, using this paper’s categorization and summary
results, further research can be conducted into specific underexplored or unexplored areas. Basel:
Bank for International Settlements, Available online: (accessed on 16 May 2022). Table 2
summarizes the findings and contributions of past literature reviews on SCRM. The number of
research publications showed several research papers published on SCRM and the importance of risk
management in the competitive and unpredictable business environment.