Governance, Risk and Compliance in a Cutting-edge Perspective: Empirical Synthesis, Theoretical Gaps and Research Agendas
DOI:
https://doi.org/10.24256/kharaj.v7i4.8734Keywords:
GRC Maturity Index, Digital GRC Capability Model, GRC–ESG conceptual integrationAbstract
This study aims to comprehensively examine the development of Governance, Risk, and Compliance (GRC) studies during the period 2013–2025 and identify inconsistencies in empirical findings, methodological fragmentation, and future research opportunities in the context of modern governance. Using a Systematic Literature Review (SLR) approach and thematic analysis, the study examined dozens of reputable articles from various international databases, including Scopus, ScienceDirect, Emerald Insight, Taylor & Francis, and Google Scholar. Literature selection was carried out through the PRISMA procedure, followed by the process of open coding, thematic synthesis, and mapping of the evolution trends of GRC research. The results show that the GRC literature is still fragmented and has not produced consistent conclusions about the influence of GRC on company performance and value. Empirical evidence shows that the results vary due to differences in GRC measurement instruments, unequal industry contexts, and inequality in the maturity level of GRC implementation across different organizations. Another important finding suggests that the integration of Governance, Risk, and Compliance (GRC) is still very limited, although these themes are increasingly relevant in modern corporate governance. This research contributes to formulating seven main research gaps and offers a future research agenda, including the development of the GRC Maturity Index, the Digital GRC Capability Model, conceptual integration of GRC–ESG, as well as the need for qualitative and mixed-methods approaches to understand the dynamics of GRC implementation in a more contextual and in-depth manner. These findings make an important theoretical contribution to strengthening the conceptual foundations of GRC as well as practical contributions for organizations looking to improve governance capabilities in the digital and sustainability-oriented era.
References
Afriyani, N. (2024). The Effect of Integrated Governance, Risk and Compliance (GRC) on Firm Value Through Financial Performance. Proceeding of the International Conference on Economics, Accounting, and Taxation, 1(2), 351–368. Retrieved from https://prosiding.areai.or.id/index.php/ICEAT/article/view/97/121
Afriyani, N., Kamaliah, K., & Indrawati, N. (2025). The Effect of Governance, Risk, Compliance (GRC) And Intellectual Capital On Company Value Through Financial Performance. Golden Ratio of Data in Summary, 5(2), 282–299. https://doi.org/10.52970/grdis.v5i2.954
Azhar, M., & Rahadian, Y. (2022). The Evaluation of PT X readiness in Implementing Governance, Risk and Compliance. Contemporary Accounting Case Studies Vol, 1(1), 356–375.
Carolina, S. J., Stephanus, D. S., & Pratama, B. (2025). The Influence of Governance, Risk, Compliance and Intellectual Capital on the Company's Financial Performance with Leverage as Moderation. PARSIMONIA: Journal of Accounting, Management and Business, 12(2), 59–76.
Erin, O., Bamigboye, O., & Arumona, J. (2020). Risk governance and financial performance: An empirical analysis. Business: Theory and Practice, 21(2), 758–768. https://doi.org/10.3846/btp.2020.10850
Judijanto, L., Hairuddin, S. H., Subhan, S., & Sipayung, B. (2024). Analysis of the Effect of Risk Management and Compliance Practices on Financial Performance and Corporate Reputation in the Financial Industry in Indonesia. The Accounting And Finance, 2(03), 177–191. https://doi.org/10.58812/esaf.v2i03.293
Kembaren, S. Y. S., Endro, G., & Pendrian, O. (2022). Effect of governance, risk management and compliance on a firm's value (healthcare industry). Enrichment: Journal of Management, 12(5), 4076–4086.
Marpaung, R. H. M., & Fathonah, A. N. (2025). Governance, Risk and Compliance (GRC) and Intellectual Capital's Impact on the Financial Performance of Indonesian Stock Exchange-Listed Companies That Win Top GRC Awards in 2020–2023. Economics: Journal of Economics and Business, 9(1), 440. https://doi.org/10.33087/ekonomis.v9i1.2045
Miao, M., Khan, M. I., Ghauri, S. P., & Zaman, S. I. (2023). The effect of corporate governance on firm performance: perspectives from an emerging market. Economic Research-Ekonomska Istrazivanja , 36(3). https://doi.org/10.1080/1331677X.2023.2277275
Muslih, M., & Nurlina. (2024). Firm's Value : Governance , Risk Management , Compliance ( GRC ) and Profitability. Indonesian Accounting and Finance Research, 9(2), 191–199.
Muziardy, E., & Yuniarti, R. (2025). Analysis of Governance, Risk, and Compliance (GRC) Implementation in Rural Bank Management: A Case Study at PT BPR Panjawan Mitra Usaha. Journal of Economics and Business ..., 14(4), 901–906. Retrieved from http://jurnal.ubs-usg.ac.id/index.php/joeb/article/view/2781%0Ahttp://jurnal.ubs-usg.ac.id/index.php/joeb/article/download/2781/1328
Naibaho, E. A. B., & Mayayogini, N. M. C. (2023). The Impact of Risk Management on Firm Performance: Corporate Governance as Moderating Variable. Media Economics and Management, 38(1), 129. https://doi.org/10.56444/mem.v38i1.3432
Natto, D., & Mokoaleli-Mokoteli, T. (2025). Short- and long-term impact of governance on firm performance in emerging and developed economies: a comparative analysis. International Journal of Disclosure and Governance, 22(3), 831–848. https://doi.org/10.1057/s41310-024-00271-2
Tasya, D. S., & Gandakusuma, I. (2022). Analysis of the Influence of Corporate Governance and Risk Management Committee on Financial Performance in Manufacturing Companies Listed on the Indonesia Stock Exchange in 2016-2020. Journal of Management and Entrepreneurs Indonesia, 45(1). https://doi.org/10.7454/jmui.v45i1.1030
Taufiq, M. (2023). Literacy Study on Governance, Risk and Compliance (GCR) and Performance. International Journal of Management, Economic and Accounting, 1 (2 December 2023), 248–262. Retrieved from https://doi.org/10.61306/ijmea
Tursina, N. (2025). The Influence of Information Technology on Governance, Risk and Compliance (GRC) Moderated By Financial Performance. COSTING: Journal of Economics, Business and Accounting, 8(3), 901–918.
Whittleliang Hakki, T., Sofianty, D., Simanungkalit, J., & Alvionita, D. (2025). Internal Control, Governance, Risk Management, Compliance and Fraud Prevention: The Moderating Role of Good Corporate Governance. Journal of Accounting and Finance Management, 6(4), 2057–2067. https://doi.org/10.38035/jafm.v6i4.2357
Wu, C. H. (2021). On the Moderating Effects of Country Governance on the Relationships between Corporate Governance and Firm Performance. Journal of Risk and Financial Management, 14(3). https://doi.org/10.3390/jrfm14030140
Zulfikar, R., Lukviarman, N., Suhardjanto, D., Ismail, T., Astuti, K. D., & Meutia, M. (2020). Corporate governance compliance in banking industry: The role of the board. Journal of Open Innovation: Technology, Market, and Complexity, 6(4), 1–18. https://doi.org/10.3390/joitmc6040137
.
Downloads
Published
How to Cite
Issue
Section
Citation Check
License
Copyright (c) 2025 Ridwan, Muh. Risnandar, Muryani Arsal
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 International License. In line with the license, authors are allowed to share and adapt the material. In addition, the material must be given appropriate credit, provided with a link to the license, and indicated if changes were made. If authors remix, transform or build upon the material, authors must distribute their contributions under the same license as the original.
