Risk Management Committee Attributes: A Review of the Literature and Future Directions

Abstract

The aim of this paper is to review existing literature related to the risk management committee attributes (RMC) that can facilitate transactions between board committees and add value to corporations. The emphasis of this study is on RMC as it has become a crucial element, especially after the collapse of large corporations. RMCs have attracted the attention of academics and become one of the important factors that enhance the companies' performance as well as the quality of financial reporting (FRQ), and its demographic attributes are expected to play an important role in corporations. However, prior studies on the area have found inconclusive results and provide several gaps in the literature due to the mixed findings. In addition, prior studies highlight the RMCs attributes that affect corporate's performance and also the reporting quality and provide an urge to conduct more researches in related fields. Taking the period from 2003 to 2021, this paper reviews previous studies and gives a better understanding of RMC's role and future research directions. In addition, this study provides recommendations to the policymakers, regarding the demographic attributes of RMCs that can influence corporate performance and its FRQ. Finally, this review demonstrates that businesses should concentrate on these mechanisms to strengthen their performance and their reporting quality.

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