GASPRO International Journal of Eminent Scholars

ABSTRACT

With the emergence of a new digital world in the context of the contemporary era of digital transformation and systemic volatility, traditional concepts of strategic risk management have come under increasing challenge due to the inherent complexities of the modern business world. To address these challenges in a volatile world, a new framework has been developed based on concepts from artificial intelligence. The framework has been developed based on a systematic review of the contemporary literature in accordance with the PRISMA 2020 guidelines. A systematic review has been undertaken to examine the contemporary literature on artificial intelligence-based risk management in response to these challenges in a volatile world. The framework has been developed by integrating concepts of artificial intelligence-based analytics, modelling, and adaptive governance in accordance with the organisation's strategic objectives. The framework is grounded in the theoretical foundations of dynamic capabilities and decision support systems. The framework has the potential to address the challenges faced by small and medium-sized enterprises and can be applicable in different sectors of the economy. However, the effectiveness of the framework depends on the availability of high-quality data and the implementation of responsible artificial intelligence principles in a digital world. The framework has addressed the gap between theory and practice, developing a robust approach to responding to these challenges in a volatile world. The framework has the potential to benefit technology and governance leaders in developing artificial intelligence-based organisational resilience capabilities in a digital world and to offer sustainable strategic benefits across developed and emerging economies.