International Journal of Business Continuity and Risk Management (8 papers in press)

Regular Issues

• Environmental, Social, and Governance Ratings: Exploring Domain Knowledge and Its Association with Financial Performance  
  by Gurmeet Singh, Surinder Kaur 
  Abstract: Environmental, Social, and Governance (ESG) ratings have become major metrics of corporate sustainability and ethical behaviour, heavily impacting financial performance and governance measures. This research performs bibliometric and content analysis on 89 Scopus-indexed papers published during 2010-2024 to map changing research trends connecting ESG ratings with financial performance. Empirical evidence indicates a high increase in publications post-2017, manifesting an increased focus on ESG in investment and decision-making. European nations dominate academic contributions, focusing on governance and sustainability standards. Four clusters of themes manifest: the relationship between ESG and financial performance, sustainable investment, standardising ratings, and the role of CSR in affecting firm value. From the governance point of view, ESG indicators improve transparency, risk management, and stakeholder trust. The research synthesizes current knowledge while identifying future research directions in rating consistency, emerging markets, and strategic governance integration.
  Keywords: Corporate Governance; Environmental Sustainability; ESG Ratings; Financial Performance.
  DOI: 10.1504/IJBCRM.2026.10078599
   
  
• Bankruptcy Risk Prediction Models: A Systematic Literature Review and Bibliometric Analysis  
  by Payal Kedia, Lokanath Mishra 
  Abstract: Predicting bankruptcy risk is crucial for a variety of stakeholders, including investors, creditors, financial experts, and corporate executives. By identifying businesses that could be financially unstable, the ability to effectively estimate bankruptcy risk helps investors make well-informed decisions and perhaps avoid suffering large losses. Therefore, it is important to investigate the research trend in bankruptcy risk prediction models. Using a comprehensive search of the Scopus database, this study analysed 402 research papers published between 1994 and 2025 in seven prediction models including the Altman Z score, the Ohlson, the Springate, the Zmijewski, the Taffler, the Grover and the Feltham model. We use a range of approaches, such as publication trends, the citation network, methodological analysis, content analysis, and keyword analysis, to identify significant work in the bankruptcy risk prediction area. Bibliometric analysis was performed using R software. In addition to identifying relevant areas that need more investigation, this study will help managers, creditors, regulators, investors, policymakers, and academic researchers comprehend various risk prediction models to monitor the financial health of the organisation and identify relevant areas that need more investigation.
  Keywords: Bibliometric Analysis; Systematic Literature Review; Content Analysis; Bankruptcy; Risk Models.
  DOI: 10.1504/IJBCRM.2026.10078638
   
  
• The Connection Between Strategic Objectives Achievement and Risk Management Awareness: Division-Level Perceptions of Human Resources  
  by Seraphine M. Gamma, Chaerul Djakman 
  Abstract: The findings show that higher risk management awareness is associated with stronger alignment between employees decisions and their strategic objectives, supporting COSOs view that risks and opportunities form an integrated behavioural process rather than separate constructs. Drawing on the theory of planned behaviour and agency theory, the results indicate that awareness functions as a cognitive mechanism that encourages proactive, accountable behaviour, thereby reducing agency issues at the operational level. The study highlights the need to strengthen risk culture across divisions and ensure that employees understand how their actions contribute to strategic objectives. Practical implications suggest that organisations, particularly those not formally required to implement ERM can enhance performance by embedding risk-aware decision making at the employee level.
  Keywords: Risk Management Awareness; Strategic Objectives; COSO ERM 2017; PLS-SEM; Risk-Aware Culture.
  DOI: 10.1504/IJBCRM.2026.10079001
   
  
• Managerial Tactics to Tackle Corruption: a Literature Review and a Conceptual Model of Corrupt Behaviour in Business Organisations  
  by Anton Studenkov, Nuno Baptista, Fernando Mata 
  Abstract: In management and economic studies, research mostly approaches the phenomenon of corruption from the perspectives of cultural traditions, social norms, and principal-agent interactions, or adopts an institutional perspective to research organizational dynamics. This paper takes a different perspective, focusing on the micro?level, more specifically the behaviour of corporate managers. The main purpose of the paper is to provide a conceptual model of how managers can deal with corruption in their organizations. To achieve this objective, we first conduct a literature review on the reasons that lead managers to tackle corruption, and which solutions are available to deal with this problem. Based on the results of the literature review, and drawing from behavioural ethics literature, we propose a stepwise model that explains the process of corruption at an individual level across four stages: moral awareness, moral judgment, moral motivation, and behaviour. The model also identifies managerial interventions that can be applied.
  Keywords: Corruption; literature review; conceptual model; prevention; strategy; anti-corruption; business ethics; risk; international business; micro-level analysis.
  DOI: 10.1504/IJBCRM.2026.10079137
   
  
• Exploring factors that affect internal audit effectiveness with the mediating role of Risk Management in Ethiopian Commercial Banks  
  by Teshome Mengstu Mekonen, Gurudutta Pradeep Japee 
  Abstract: This study examines how audit competency, internal audit independence, management support, and the quality of audit work indirectly influence internal audit effectiveness, with risk management serving as a mediating factor in Ethiopian commercial banks (ECB). A sample of 237 respondents was drawn from a total population of 582, and structural equation modeling (SEM) using SPSS AMOS was applied. The findings indicate that internal audit independence has the strongest positive indirect effect on internal audit effectiveness through enhanced risk management in ECBs. In contrast, audit competency shows a weak and negative indirect effect on internal audit effectiveness. The quality of audit work and management support demonstrates only modest impacts on risk management practices and internal audit functions. Overall, the study underscores the crucial mediating role of risk management and offers insightful recommendations for banking regulators, legislators, and practitioners in Ethiopia seeking to improve audit quality, effectiveness, and institutional accountability.
  Keywords: IAE; Risk management; SEM; and Ethiopian Commercial Banks.
  DOI: 10.1504/IJBCRM.2026.10079756
   
  
• AI-enabled enterprise risk management in cooperative banks - Successful paths to go  
  by Susanne Durst, Samuel Foli 
  Abstract: In this article, we apply various organisational characteristics to find out how they can support the journey to AI-supported enterprise risk management (ERM) in cooperative banks in different constellations. For this purpose, we used Fuzzy Set Qualitative Comparative Analysis (fsQCA) with data from employees of Italian cooperative banks. This method helped us to identify different paths of cooperative banks that provide valuable insights for achieving the goal of AI-powered ERM. Our results suggest that there are three overarching paths, i.e., strategy path, strategy-knowledge path and strategy-knowledge-resource path. The results not only underline the central importance of the strategy for AI-supported ERM in cooperative banks across all paths, but also show different paths that take the organisational context into account.
  Keywords: Enterprise risk management (ERM); Artificial intelligence (AI); AI-supported ERM.
  DOI: 10.1504/IJBCRM.2026.10079795
   
  
• Satellite Infrastructure Risk and Resilience: Socio-economic Risks, Continuity Planning, and Policy Responses  
  by Saquib Hyat-Khan 
  Abstract: This paper evaluates socio-economic risks stemming from satellite infrastructure disruptions, assessing impacts across critical sectors using structured scenario analysis informed by documented historical cases from sources including NASA, Lloyds of London, and the US Government Accountability Office (GAO). Methodological robustness stems from scenario selection criteria involving prominent satellite disruption mechanisms such as Kessler syndrome and extreme solar storms, validated via data triangulation from institutional reports. Analysis identifies immediate sectoral disruptions such as GPS-dependent aviation grounding and financial transaction suspensions, citing explicit economic losses of approximately $1 billion daily from US GPS outages (RTI International). The study highlights significant continuity planning gaps within ISO 22301 and NFPA 1600 standards, specifically noting their absence of satellite-focused disruption scenarios. Theoretical frameworks, including Perrows normal accidents theory and Talebs black swan concept, inform resilience recommendations by emphasising the necessity of redundancy and proactive planning. International disparities, exemplified by satellite-dependency exceeding 50% in regions such as Sub-Saharan Africa (ITU), underscore urgent infrastructural and policy cooperation.
  Keywords: satellite infrastructure; socio-economic risks; GPS outage; Kessler Syndrome; solar storms; ISO 22301; NFPA 1600; business continuity; Normal Accidents theory; Black Swan events; risk management.
  DOI: 10.1504/IJBCRM.2026.10079797
   
  
• A Hybrid Framework for Hazard-Based Risk Analysis and Resource-Constrained Action Planning  
  by Murat Oturakçi, Seçkin Çeliker, Esra Ekinci 
  Abstract: The primary objective of this study is to systematically identify and assess risks arising from uncertainties in industrial environments and developing optimal action plans considering organizations? existing resource constraints. Hence, a model was developed that integrates fuzzy logic and multi-criteria decision-making (MCDM) techniques. This model quantifies the uncertainties arising from decision-makers? judgments during the risk assessment process and attempts to provide an organization-specific prioritization mechanism by considering the criticality of risk-affected departments. The methodological process begins with determining risk severity levels and then constructs a binary programming model to generate the most appropriate action plans under constraints such as cost, time, and labour. To test the model?s flexibility, the effects of different resource scenarios on the action plan were examined through sensitivity analysis. This study provides an application-oriented and flexible methodological framework that can be integrated into existing risk analysis processes, in addition to its contribution to the academic literature.
  Keywords: Risk Analysis; Fuzzy Logic; MCDM; Resource Constrained Optimization.
  DOI: 10.1504/IJBCRM.2026.10080112