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Risk management in SMEs: a systematic review of available evidence

Purpose - – The purpose of this paper is to provide a systematic literature review of available research evidence on risk management in small and medium-sized enterprises (SMEs). The authors aim to reveal ambiguities, gaps and contradictions in the literature, and to sketch avenues for further research. Design/methodology/approach - – The authors follow the tenets of Tranfield Findings - – The review identified various types of risks that may occur in SMEs. In addition, the publication analysis demonstrates the importance of a risk management process in SMEs and that the characteristics of SME owners have a significant impact on their business strategies. Research limitations/implications - – Additional empirical research on risk identification, risk analysis, strategy implementation and control in the SME risk management process is needed. Originality/value - – This paper is the first comprehensive review of the body of literature on risk management in SMEs.