Country risk mapping in a changing world—comparative survey on academic research and industrial practices

Abstract In an era marked by rapid geopolitical shifts, persistent pandemics, and escalating climate threats, the imperative to transcend traditional country risk mapping methodologies has never been more critical. This study embarks on a comprehensive examination of the efficiency of current academic and industrial approaches to mapping the multifaceted country risks. By proposing a structured risk mapping framework that incorporates seven pivotal risk categories as Political Risk, Institutional Risk, War and Armed Conflict Risk, Public Security Risk, Socioeconomic Risk, Ecological Threat Risk, and Infrastructure Risk, the research seeks to foster a more nuanced understanding of how different organizations assess and prioritize these risk factors. Employing a dual approach that includes a thorough literature review and an extensive industry survey, and a detailed analysis of each of the seven risk category by juxtaposing relevant academic insights with industry practices, this study examines the discrepancies between academic theories and practical applications in country risk mapping. It reveals underestimate country risk factors, inadequate risk categorization granularity, inconsistencies in risk prioritization, terminological mismatches, and a need for a more integrated and holistic approach to country risk mapping. The paper concludes by proposing future research directions that aim to refine country risk mapping methodologies. It advocates a forward-looking perspective that adequately addresses the complexity and inter-connectivity of global operational risks.