A systematic literature review on Risk Disclosure Process: insights, gaps and evidence from Italian listed companies.

Companies are aware that they face an evolving scenery of emerging risks that can impact a company’s profitability, success and even survival (COSO, 2018). Following, risk and risk management disclosure provided by companies has received more attention by regulators and academia in the last decade. For these reasons, this study aims to review prior literature on risk management disclosure to highlight the main trends and the emerging gaps. Results show that risk disclosure process can be clustered according to three main paper topics: determinants, implementation and outcomes of risk disclosure. Despite that just one paper out of 58 investigate risk management disclosure process as a whole. Thus, through 15 telephonic interviews with manager of Italian listed companies the study also makes emerge how the disclosure process works. Specifically findings point out how the nature and extent of the content about risk management is included into the corporate reports in compliance to Italian stock exchange Corporate Governance code.