Enhancing Risk Management through Resilience Strategies

Abstract

The ever-changing world of technology-based SMEs requires strong organisational resilience and risk management. This research examines how adaptive leadership and business continuity planning, two tailored resilience strategies, might enhance risk management in this technology-based SMEs. Study aims include examining best practices, incorporating them, and quantifying risk reduction. The questionnaire-based study, which employed Google Statistics, found that SMEs know resilience methods but have gaps in their application. The findings emphasise the need of thorough risk assessments, verifiable resilience measurements, and stakeholder engagement. Research restrictions include limited sample size, specific geographic focus, and complex methodology may limit generalisability. The research proposes standardised risk assessment, resilience evaluation metrics, and stakeholder engagement in strategy design to address these issues. Develop resilience frameworks for several sectors, analyse how organisational culture affects resilience, and examine how new technology affects resilience.