SME risk management – an island of their own?

Purpose This study aims to investigate the risk management processes of SMEs and how the ecosystem is currently leveraged to support SMEs identifying gaps for future research and practice to address. Design/methodology/approach Using a systematic literature review, the authors synthesize typical SME risk management responses focusing on the in-crisis mode responses, which are typical for SMEs’ crisis management. Findings The authors identify that typical risk management approaches tend to focus on operational, employee and financial areas. Responses tend to be ad hoc with reduced emphasis on planning and post-crisis learning. Furthermore, important enabling factors appear to be those providing support aligning with these focus areas, e.g. governments, industry/sector support and communities. Research limitations/implications This study contributes novel insight to SME risk management process and how the broader ecosystem can be used to improve risk management. Practical implications This study identifies existing ecosystem stakeholders that are important for SMEs that can be leveraged by policymakers to improve SME risk management. Originality/value Studies on SME risk management response are minimal at the time of writing and insight into their links with their ecosystem are similarly lacking.