Identification of the Components of a Conceptual Model for Effective Risk Management Based on the Grounded Theory Method
Keywords:
Risk management, grounded theory, causal conditions, strategies, value creation, resilience, organizational governanceAbstract
This study aims to identify and conceptualize the components of an effective risk management model through a grounded theory approach, providing a comprehensive framework that integrates causal, contextual, and strategic dimensions of organizational risk management. The research employed a qualitative design using the grounded theory methodology of Strauss and Corbin. The study population consisted of university professors, risk managers, members of risk committees, and board members of listed companies. Due to the broad scope of the population, purposeful and snowball sampling methods were applied, resulting in 14 participants, with theoretical saturation achieved at the fourteenth interview. Data were collected through semi-structured interviews and analyzed using NVivo and MAXQDA software. The analysis followed a systematic coding process including open, axial, and selective coding, enabling the development of categories and integration into a conceptual model. The results indicated that effective risk management is shaped by a combination of causal, contextual, and intervening factors. Causal conditions included economic, financial, political, technological, and intra-organizational factors. Contextual conditions were identified at both company and country levels, while intervening conditions encompassed macro-environmental factors, leadership styles, and stakeholder expectations. Strategies were divided into internal (e.g., governance reforms, proactive identification, knowledge sharing) and external (e.g., collaboration, regulatory adaptation) categories. The consequences of these strategies highlighted value creation for both organizations, through resilience and financial performance, and society, through trust and stability. The central phenomenon identified was risk management as a structured and adaptive process. The study contributes a conceptual model of effective risk management that integrates multiple dimensions, emphasizing its role not only in reducing vulnerabilities but also in creating long-term organizational and societal value.
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Copyright (c) 2025 Amir Mirzaee (Author); Ali Lalbar; Azar Moslemi, Mohammad Reza Ghorbanian (Author)
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