Risk Management Towards the Recovery and Sustainability of the SMEs Business in the Post COVID-19 Era

Abstract

Purpose: The objective of this study was to identify risk management supporting the recovery and sustainability of SME businesses in Indonesia after the COVID-19 pandemic crisis. Theoretical Framework: Recent literature, Lima et al (2020) researched risk management in SMEs, using a literature review approach, create a concept of risk management in SMEs, which so far have not been widely studied. The result state that financial risk management and enterprise risk management, are among the most studied in the literature. Design/Methodology/Approach: This research method uses a literature review approach to systematically analyze risk management that has and has not been carried out by SMEs in Indonesia. In addition, it also provides insight and understanding related to risk management needed by SMEs in the recovery period, as well as strategies for adapting sustainable business concepts. Findings: The results of this study explain that SMEs in Indonesia experience many risks in running their business and are too vulnerable to face economic shocks. To adopt the concept of a sustainable business and business recovery after the COVID-19 pandemic, SMEs in Indonesia must carry out comprehensive risk management. Research, Practical & Social Implications: We suggest a future research agenda and highlight the contributions made to executive and management education. Originality/Value: The results indicate that the number of publications is growing, and the management and business area is the one that contributes the most, with the countries that produce in co-authorship also providing the most publications.