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 SMEs. We aim to reveal ambiguities, gaps and contradictions in the literature, and to sketch avenues for further research. Design/methodology/approach: We follow the tenets of Tranfield et al. (2003) for conducting a systematic literature review. Following a keyword search and an assessment of fit for this review, 27 papers were analyzed with respect to bibliographical information, research design and findings. Design/methodology/approach: We follow the tenets of Tranfield et al. (2003) for conducting a systematic literature review. Following a keyword search and an assessment of fit for this review, 27 papers were analyzed with respect to bibliographical information, research design and findings. Findings: Our 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 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 literature on risk management in SMEs.