Development and Validation of an Effective Risk Management Model Based on the Grounded Theory Approach
Keywords:
Risk management, grounded theory, axial coding, organizational effectiveness, localized modelAbstract
This study aims to develop and validate a localized and effective model for risk management in Iranian organizations using the grounded theory approach. This qualitative research employed the grounded theory methodology based on the Corbin and Strauss model. The study population consisted of experts, risk managers, board members of listed companies, and academics familiar with risk management, selected through purposive and snowball sampling. Data were collected via semi-structured interviews and analyzed in three coding phases—open, axial, and selective—using MAXQDA software. Content validity of the extracted indicators was assessed using the CVR index, confirmed by expert judgment. The findings revealed that effective risk management is influenced by five main dimensions: causal conditions (e.g., economic and political factors), intervening conditions (e.g., IT infrastructure and systemic weaknesses), contextual conditions (e.g., organizational and national characteristics), internal and external strategies (e.g., internal controls and market stabilization), and outcomes (e.g., improved transparency, reduced agency costs, and increased public trust). All identified categories were validated statistically through CVR analysis. The model developed in this study offers a context-sensitive, multidimensional framework that serves as a decision-making tool for managers, policymakers, and researchers to improve risk management processes and enhance organizational resilience in unstable environments.
Downloads
References
Abu Afifa, M., Nguyen, N. M., & Bui, D. V. (2024). Management accounting practices going sustainable: the move toward sustainable risk management in ASEAN developing economies. Competitiveness Review: An International Business Journal, ahead-of-print. https://doi.org/10.1108/CR-03-2024-0056
Ahmadi-Farsani, F., Abroud, A., & Derakhshan, A. (2024). The impact of business risk management on reducing financial distress conditions, considering the role of corporate oversight mechanisms. Journal of Applied Research in Financial Reporting, 13(24), 123-150. https://www.arfr.ir/article_205753.html?lang=en
Al Qudah, S. M. A., Fuentes Bargues, J. L., & Gisbert, P. (2024). Bibliometric analysis of the literature on risk management in the construction sector: Exploring current and future trends. Ain Shams Engineering Journal, 102843.
Amin, H. E. (2024). An Integrated Approach to Cyber Risk Management With Cyber Threat Intelligence Framework to Secure Critical Infrastructure. Journal of Cybersecurity and Privacy, 4(2), 357-381. https://doi.org/10.3390/jcp4020018
Bazaluk, O., Pavlychenko, A., Yavorska, O., Nesterova, O., Tsopa, V., Cheberiachko, S., Deryugin, O., & Lozynskyi, V. (2024). Improving the risk management process in quality management systems of higher education. Scientific reports, 14(1), 3977. https://doi.org/10.1038/s41598-024-53455-9
Braicov, A. (2024). Transformational Risk Management in Mathematics and IT Education in the Republic of Moldova. Acta Et Commentationes Științe Ale Educației, 37(3), 29-37. https://doi.org/10.36120/2587-3636.v37i3.29-37
Cai, Y. (2024). Electronic Commerce Security and Risk Management: An Important Part of College Curriculum. Journal of Educational Theory and Management, 8(1), 18. https://doi.org/10.26549/jetm.v8i1.15646
Castelblanco, G., Fenoaltea, E. M., De Marco, A., Demagistris, P., Petruzzi, S., & Zeppegno, D. (2024). Combining stakeholder and risk management: Multilayer network analysis for complex megaprojects. Journal of Construction Engineering and Management, 150(2), 04023161. https://doi.org/10.1061/JCEMD4.COENG-13807
Djakman, C. D., & Siregar, S. V. (2024). The Effect of Maturity Learn Element in Enterprise Risk Management and Corporate Social Responsibility on the Level of Digital Transformation. Business Strategy & Development, 7(1). https://doi.org/10.1002/bsd2.346
Faqih Nasiri, A., Yarahmadi, M., & Tamjid Yamchalu, A. (2024). Providing a risk management model for imports in the Islamic Republic of Iran Customs with a focus on the role of transformative senior managers. In Proceedings of the 11th International and National Conference on Management, Accounting, and Law,
Gapurbaeva, S. (2024). International River and Sea Transportation: Specifics of Risk Management in Cryptocurrency Transactions. Bio Web of Conferences, 107, 04006. https://doi.org/10.1051/bioconf/202410704006
Hasanzadeh Talooki, M. (2024). Educational risk management in the use of educational technologies. Journal of Clinical Excellence, 14(1). https://ce.mazums.ac.ir/article-1-826-fa.html
Horvey, S. S., & Odei-Mensah, J. (2025). Enterprise risk management, corporate governance and insurers risk-taking behaviour in South Africa: evidence from a linear and threshold analysis. Journal of Accounting in Emerging Economies, 15(1), 53-83. https://doi.org/10.1108/JAEE-08-2023-0242
Hristov, I., Camilli, R., Chirico, A., & Mechelli, A. (2024). The integration between enterprise risk management and performance management system: Managerial analysis and conceptual model to support strategic decision-making process. Production Planning & Control, 35(8), 842-855. https://doi.org/10.1080/09537287.2022.2140086
Kayouh, N., & Dkhiss, B. (2024). The Impact of Proactive Risk Management, Collaboration, and Digital Tools on Supply Chain Performance in the Moroccan Automotive Industr. Uncertain Supply Chain Management, 13(4), 763-772. https://doi.org/10.5267/j.uscm.2024.12.100
Lee, S. N. (2024). Examining the Impact of Organizational Culture and Risk Management and Internal Control on Performance in Healthcare Organizations. Advances in Management and Applied Economics, 14(1), 1-4.
Mara, G. C., Kumar, Y., K, V. P., Madan, S., & Chandana, R. A. M. (2025). Advance AI and Machine Learning Approaches for Financial Market Prediction and Risk Management: A Comprehensive Review. Journal of Computer Science and Technology Studies, 7(4), 727-749. https://doi.org/10.32996/jcsts.2025.7.4.86
Mirza, H. H., Hussain, H., Hussain, R. Y., Ahmed, M., & Adil, M. (2024). Corporate Disclosure and Transparency as a Tool of Socially Responsible Risk Management. 91-104. https://doi.org/10.4018/979-8-3693-5733-0.ch004
Munyao, D. K., Deya, J., & Odollo, L. (2025). Strategic Risk Management and Performance of Commercial State Corporations in Kenya. International Journal of Social Science and Humanities Research (Ijsshr) Issn 2959-7056 (O) 2959-7048 (P), 3(1), 97-111. https://doi.org/10.61108/ijsshr.v3i1.157
Olawale, O., Ajayi, F. A., Udeh, C. A., & Odejide, O. A. (2024). Risk management and HR practices in supply chains: Preparing for the Future. Magna Scientia Advanced Research and Reviews, 10(2), 238-255. https://doi.org/10.30574/msarr.2024.10.2.0065
Petare, P. A., Bdair, M., Singh, M. N., Ateeq, K., & Akila, R. (2024). Big data analytics in fintech: Revolutionizing risk management and decision-making. Acta Scientiae, 7(1), 605-617.
Pourahmadi, M. H., Farsad Amanollahi, G., & Lashgari, Z. (2024). Factors Affecting Enterprise Risk Management in Companies Listed on Tehran Stock Exchange. Investment Knowledge, 13(50), 95-109.
Qian, C., & Arkadievna, A. (2024). Stability and risk management of global supply chains in foreign trade economy. American Journal of Economics and Business Innovation. https://doi.org/10.54536/ajebi.v3i1.2362
Rachid, B., Roland, D., Sebastien, D., & Ivana, R. (2024). Risk Management Approach for Lean, Agile, Resilient and Green Supply Chain. World Academy of Science, Engineering and Technology, International Journal of Social, Behavioral, Educational, Economic, Business and Industrial Engineering, 11(4), 742-750. https://publications.waset.org/10006688/risk-management-approach-for-lean-agile-resilient-and-green-supply-chain
Safaeian, M., Moses, R., Ozguven, E. E., & Dulebenets, M. A. (2024). An optimization- based risk management framework with risk interdependence for effective disaster risk reduction. Progress in Disaster Science, 21, 100313. https://doi.org/10.1016/j.pdisas.2024.100313
Temba, G. I., Kasoga, P. S., & Keregero, C. M. (2024). Impact of the quality of credit risk management practices on financial performance of commercial banks in Tanzania. SN Business & Economics, 4(3), 38. https://doi.org/10.1007/s43546-024-00636-3
Testorelli, R., Tiso, A., & Verbano, C. (2024). Value Creation with Project Risk Management: A Holistic Framework. Sustainability, 16(2), 753. https://doi.org/10.3390/su16020753
Wong, L. W., Tan, G. W. H., Ooi, K. B., Lin, B., & Dwivedi, Y. K. (2024). Artificial intelligence-driven risk management for enhancing supply chain agility: A deep-learning-based dual-stage PLS-SEM-ANN analysis. International Journal of Production Research, 62(15), 5535-5555. https://doi.org/10.1080/00207543.2022.2063089
Yazdi, M., Zarei, E., Adumene, S., & Beheshti, A. (2024). Navigating the Power of Artificial Intelligence in Risk Management: A Comparative Analysis. Safety, 10(2), 42. https://doi.org/10.3390/safety10020042
Zhu, D., Li, Z., & Mishra, A. R. (2023). Evaluation of the critical success factors of dynamic enterprise risk management in manufacturing SMEs using an integrated fuzzy decision-making model. Technological Forecasting and Social Change, 186, 122137. https://doi.org/10.1016/j.techfore.2022.122137
Downloads
Published
Submitted
Revised
Accepted
Issue
Section
License
Copyright (c) 2025 Amir Mirzaee (Author); Ali Lalbar (Corresponding author); Azar Moslemi, Mohammad Reza Ghorbanian (Author)
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
