Frameworks, Approaches, and Tools for Risk Identification in Microfinance Institutions: A Systematic Literature Review
Keywords:
Frameworks, Approaches, Tools for Risk Identification, Microfinance Institutions.Abstract
The increasing complexity of financial risks and the acceleration of digital transformation have changed risk identification practices in Microfinance Institutions. Although the literature on risk management in this sector continues to grow, the existing studies remain fragmented across governance, technology, and social value and sustainability, lacking a comprehensive framework. Therefore, this systematic literature review aims to synthesize and critically evaluate the development of risk identification frameworks, approaches, and tools in Microfinance Institutions. Using the PRISMA procedure, 29 articles from five internationally reputable scientific databases were analyzed using thematic synthesis, yielding six main themes and 16 subthemes. The results of the study show a shift from the traditional credit risk assessment model to a multidimensional framework that integrates multi-criteria methods, artificial intelligence, fintech, blockchain, governance mechanisms, risk culture, and sustainability principles such as ESG and Sharia values. However, there are still research gaps in the dimensions of non-credit risk, including reputational risk and technology risk, as well as in aspects of socio-institutional dynamics, particularly in the context of developing countries. This study emphasizes the need to develop a more adaptive, contextual, and integrated risk identification model to strengthen risk management practices in Microfinance Institutions.
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