Abstract

This study examines risk management practices in international business expansion, focusing on the identification, assessment, and mitigation of risks encountered by multinational enterprises (MNEs) in diverse global markets. The primary objectives are to classify key risk dimensions, evaluate existing risk management frameworks, and analyze the influence of cultural, political, and economic factors on risk governance. Employing a systematic literature review methodology, this research synthesizes recent empirical and theoretical studies published between 2020 and 2025. Content analysis was used to identify emerging themes and patterns related to risk assessment models, mitigation strategies, challenges, and innovations. Key findings reveal that integrated enterprise risk management frameworks, supported by technological innovations such as artificial intelligence and blockchain, enhance the effectiveness of risk mitigation. However, challenges remain due to institutional heterogeneity, cultural variability, and evolving geopolitical and economic uncertainties. The study highlights the growing importance of incorporating Environmental, Social, and Governance (ESG) considerations into risk frameworks to address sustainability risks. Strategic recommendations emphasize the need for adaptive governance, digital transformation, supply chain resilience, and cultural competence to strengthen risk resilience. The findings provide valuable insights for business leaders and policymakers to foster robust, context-sensitive risk management approaches in international business. The study concludes with suggestions for future research on digital risk technologies, cultural adaptation, and ESG integration in multinational risk practices.