STRATEGIC PLANNING, RISK MANAGEMENT, AND FINANCIAL HEALTH: A SYSTEMATIC REVIEW OF THE LITERATURE

Abstract

Objective: To analyze scientific evidence on the integration of strategic planning, enterprise risk management, and organizational financial health, emphasizing the mechanisms linking these capabilities to resilience and value creation. Method: A PRISMA 2020-guided systematic review was conducted using a bibliographic corpus previously retrieved from Scopus. The original search identified 431 records published between 1983 and 2026; 45 duplicates were removed, 386 records were screened, and 249 were excluded for not meeting the eligibility criteria. The qualitative synthesis comprised 137 studies. Results: The evidence indicates that integrating risk management with strategy formulation and implementation strengthens threat anticipation, resource allocation, business continuity, and financial flexibility. However, effects on profitability, firm value, and cost of capital vary by sector, governance quality, information-system maturity, and time horizon. Conclusions: Risk management creates greater value when embedded in strategic decision-making rather than treated solely as a compliance function. Important gaps remain in research on small firms, emerging economies, ESG metric comparability, and longitudinal validation of financial effects.