What is the impact of Risk management on Small and Medium-sized Enterprises ? An exploratory study of the Benelux Sector

Small and Medium-sized Enterprises are the backbone of the economy. Representing more than 99% of the European companies, this importance raises an issue regarding the risks that SMEs are facing in their activity. The purpose of this thesis is to understand how the managers manage the risk, if it is well implemented in the top management of companies and to figure out the inadequacy of risk management related to SMEs. The methodology used for this purpose is a qualitative analysis resulting of interviews with managers from the south Benelux, which enables to understand the process of risk management for SMEs managers as well as the problems related to it. The implementation of a risk culture within a company may help managers to overcome these difficulties with an affordable solution. This analysis and the literature review shed light on the low impact of risk management on the daily management of Small and Medium-sized Enterprises due to several factors that are inherent to the nature of SMEs, but also due to a general lack of risk and proactivity culture in the analyzed area. Nevertheless, the interest of academists regarding this topic is growing for two decades, and this increase might provides a greater understanding of the possibilities brought by an effective risk management for SMEs managers. This thesis sets up the basis of an entire explanatory study of the Benelux sector, with an emphasize on the Dutch and German-speaking areas of Benelux in order to provide a global opinion of the subject.