Transparency, ESG Governance, and Emerging Risk Disclosure in Financial Institutions: A Systematic Literature Review and Future Research Agenda

Abstract

This study systematically reviews recent evidence on transparency, ESG governance, and emerging risk disclosure in financial institutions, with particular attention to how governance mechanisms shape disclosure quality and institutional resilience. Guided by the PRISMA 2020 framework, the review synthesises peer-reviewed literature published from 2013 to 2025 and complements the evidence with recent regulatory and standard-setting developments. The findings show that board effectiveness, audit committee oversight, enterprise risk management, and internal controls are associated with more credible and decision-useful disclosures. The review also finds that disclosure expectations have expanded from traditional financial risks to ESG, climate-related risks, cybersecurity, operational resilience, and artificial intelligence. Recent developments in global sustainability standards reinforce the need for comparable, material, and decision-useful information. However, evidence remains concentrated in developed markets, while empirical work on African financial institutions is comparatively limited. The review therefore identifies contextual, theoretical, and methodological gaps, particularly in Ghana and other emerging economies. It proposes an integrated governance–disclosure–resilience framework and a future research agenda focused on regulatory reform, digital governance, climate-risk management, ESG assurance, and mixed-method research. The study contributes by connecting previously fragmented strands of governance and disclosure research across increasingly complex financial and technological environments.