Finance as a Resilience Integrator: Linking PSPK 1, ISO 22301 and Integrated GRC from Strategic Uncertainty to Decision Superiority - A Review
Downloads
Organizations increasingly operate under conditions in which uncertainty, sustainability pressures, operational disruption, regulatory change, technological interdependence, and financial volatility interact rather than occur independently. This qualitative literature review examines how finance can become an integrating mechanism for organizational resilience by connecting sustainability-related financial disclosure, business continuity management, enterprise risk management, governance, compliance, and strategic decision-making. Particular attention is given to Indonesia’s PSPK 1, its conceptual relationship with IFRS S1, ISO 22301 business continuity management, and integrated Governance, Risk and Compliance (GRC). Drawing on peer-reviewed literature published predominantly from 2020 to 2026 and authoritative standard-setting documents, the review identifies six interconnected themes: uncertainty requires organizational sensemaking; sustainability risks require financial translation; business continuity converts risk knowledge into executable capability; integrated GRC establishes ownership and assurance; finance connects risks to liquidity, capital allocation, and performance; and organizational resilience depends on continuous learning rather than static compliance. The article proposes a Finance-Led Resilience Integration Loop (FLRIL) comprising six recurring stages: Sense and Frame, Govern and Prioritize, Stress and Continue, Allocate and Execute, Disclose and Assure, and Learn and Adapt. The synthesis suggests that decision superiority arises not from possessing more information, but from integrating sufficiently reliable information with governance, continuity capability, financial resources, and timely action. Practical recommendations are provided for organizations preparing for PSPK 1 implementation and seeking to move from disclosure readiness toward enterprise-wide resilience readiness.
Abeysekera, I. (2022) ‘A framework for sustainability reporting’, Sustainability Accounting, Management and Policy Journal, 13(6), pp. 1386–1409. https://doi.org/10.1108/SAMPJ-08-2021-0316.
Abhayawansa, S. (2022) ‘Swimming against the tide: back to single materiality for sustainability reporting’, Sustainability Accounting, Management and Policy Journal, 13(6), pp. 1361–1385. https://doi.org/10.1108/SAMPJ-07-2022-0378.
Abu Afifa, M., Nguyen, N.M. and Bui, D.V. (2024) ‘Management accounting practices going sustainable: the move toward sustainable risk management in ASEAN developing economies’, Competitiveness Review, 35(5), pp. 858–882. https://doi.org/10.1108/CR-03-2024-0056.
Albuquerque, R., Koskinen, Y., Yang, S. and Zhang, C. (2020) ‘Resiliency of environmental and social stocks: an analysis of the exogenous COVID-19 market crash’, Review of Corporate Finance Studies, 9(3), pp. 593–621. https://doi.org/10.1093/rcfs/cfaa011.
Andreassen, R.I. (2020) ‘Digital technology and changing roles: a management accountant’s dream or nightmare?’, Journal of Management Control, 31, pp. 209–238. https://doi.org/10.1007/s00187-020-00303-2.
Anton, S.G. and Afloarei Nucu, A.E. (2020) ‘Enterprise risk management: a literature review and agenda for future research’, Journal of Risk and Financial Management, 13(11), 281. https://doi.org/10.3390/jrfm13110281.
Bae, K.H., El Ghoul, S., Gong, Z. and Guedhami, O. (2021) ‘Does CSR matter in times of crisis? Evidence from the COVID-19 pandemic’, Journal of Corporate Finance, 67, 101876. https://doi.org/10.1016/j.jcorpfin.2020.101876.
Barker, R. (2025) ‘Corporate sustainability reporting’, Journal of Accounting and Public Policy, 49, 107280. https://doi.org/10.1016/j.jaccpubpol.2024.107280.
Barker, R. and Mayer, C. (2025) ‘Seeing double corporate reporting through the materiality lenses of both investors and nature’, Accounting Forum, 49(2), pp. 259–289. https://doi.org/10.1080/01559982.2023.2277982.
Baumüller, J. and Sopp, K. (2022) ‘Double materiality and the shift from non-financial to European sustainability reporting: review, outlook and implications’, Journal of Applied Accounting Research, 23(1), pp. 8–28. https://doi.org/10.1108/JAAR-04-2021-0114.
Belhadi, A., Kamble, S., Jabbour, C.J.C., Gunasekaran, A., Ndubisi, N.O. and Venkatesh, M. (2021) ‘Manufacturing and service supply chain resilience to the COVID-19 outbreak: lessons learned from the automobile and airline industries’, Technological Forecasting and Social Change, 163, 120447. https://doi.org/10.1016/j.techfore.2020.120447.
Ben-Amar, W., Herrera, D.C. and Martinez, I. (2024) ‘Do climate risk disclosures matter to financial analysts?’, Journal of Business Finance & Accounting, 51(7–8), pp. 2153–2180. https://doi.org/10.1111/jbfa.12778.
Bentley-Goode, K.A., Simnett, R., Thompson, A. and Trotman, A.J. (2025) ‘Choice of assurance provider and impact on quality of sustainability reporting: Evidence from sustainability reporting restatements’, Accounting & Finance, 65, pp. 2135–2172. https://doi.org/10.1111/acfi.13367.
Bhimani, A. (2020) ‘Digital data and management accounting: why we need to rethink research methods’, Journal of Management Control, 31, pp. 9–23. https://doi.org/10.1007/s00187-020-00295-z.
Bouhalleb, A. and Smida, A. (2020) ‘Exploring the relationship between scenario planning and strategic flexibility and complexity’, European Journal of International Management, 14(3), pp. 476–493. https://doi.org/10.1504/EJIM.2020.107033.
Broadstock, D.C., Chan, K., Cheng, L.T.W. and Wang, X. (2021) ‘The role of ESG performance during times of financial crisis: evidence from COVID-19 in China’, Finance Research Letters, 38, 101716. https://doi.org/10.1016/j.frl.2020.101716.
Cheema-Fox, A., LaPerla, B.R., Wang, H. and Serafeim, G. (2021) ‘Corporate resilience and response to COVID-19’, Journal of Applied Corporate Finance, 33(2), pp. 24–40. https://doi.org/10.1111/jacf.12457.
Chowdhury, P., Paul, S.K., Kaisar, S. and Moktadir, M.A. (2021) ‘COVID-19 pandemic related supply chain studies: a systematic review’, Transportation Research Part E: Logistics and Transportation Review, 148, 102271. https://doi.org/10.1016/j.tre.2021.102271.
Christensen, H.B., Hail, L. and Leuz, C. (2021) ‘Mandatory CSR and sustainability reporting: economic analysis and literature review’, Review of Accounting Studies, 26, pp. 1176–1248. https://doi.org/10.1007/s11142-021-09609-5.
Craighead, C.W., Ketchen, D.J. Jr and Darby, J.L. (2020) ‘Pandemics and supply chain management research: toward a theoretical toolbox’, Decision Sciences, 51(4), pp. 838–866. https://doi.org/10.1111/deci.12468.
Dahmen, P. (2023) ‘Organizational resilience as a key property of enterprise risk management in response to novel and severe crisis events’, Risk Management and Insurance Review, 26(2), pp. 203–245. https://doi.org/10.1111/rmir.12245.
De Matteis, J., Elia, G. and Del Vecchio, P. (2023) ‘Business continuity management and organizational resilience: a small and medium enterprises (SMEs) perspective’, Journal of Contingencies and Crisis Management, 31, pp. 670–682. https://doi.org/10.1111/1468-5973.12470.
de Villiers, C., La Torre, M. and Molinari, M. (2022) ‘The Global Reporting Initiative’s (GRI) past, present and future: critical reflections and a research agenda on sustainability reporting (standard-setting)’, Pacific Accounting Review, 34(5), pp. 728–747. https://doi.org/10.1108/PAR-02-2022-0034.
Ding, W., Levine, R., Lin, C. and Xie, W. (2021) ‘Corporate immunity to the COVID-19 pandemic’, Journal of Financial Economics, 141(2), pp. 802–830. https://doi.org/10.1016/j.jfineco.2021.03.005.
Duchek, S. (2020) ‘Organizational resilience: a capability-based conceptualization’, Business Research, 13, pp. 215–246. https://doi.org/10.1007/s40685-019-0085-7.
El Baz, J. and Ruel, S. (2021) ‘Can supply chain risk management practices mitigate the disruption impacts on supply chains’ resilience and robustness? Evidence from an empirical survey in a COVID-19 outbreak era’, International Journal of Production Economics, 233, 107972. https://doi.org/10.1016/j.ijpe.2020.107972.
Elsbach, K.D. and van Knippenberg, D. (2020) ‘Creating high-impact literature reviews: an argument for “integrative reviews”’, Journal of Management Studies, 57(6), pp. 1277–1289. https://doi.org/10.1111/joms.12581.
Galaitsi, S.E., Pinigina, E., Keisler, J.M., Pescaroli, G., Keenan, J.M. and Linkov, I. (2023) ‘Business continuity management, operational resilience, and organizational resilience: commonalities, distinctions, and synthesis’, International Journal of Disaster Risk Science, 14, pp. 713–721. https://doi.org/10.1007/s13753-023-00494-x.
Gillan, S.L., Koch, A. and Starks, L.T. (2021) ‘Firms and social responsibility: a review of ESG and CSR research in corporate finance’, Journal of Corporate Finance, 66, 101889. https://doi.org/10.1016/j.jcorpfin.2021.101889.
Haley, S., Shaffer, M. and Sloan, R. (2026) ‘Do sustainability reports contain financially material information?’, Review of Accounting Studies, 31, pp. 1–36. https://doi.org/10.1007/s11142-025-09912-5.
Hillmann, J. (2021) ‘Disciplines of organizational resilience: contributions, critiques, and future research avenues’, Review of Managerial Science, 15, pp. 879–936. https://doi.org/10.1007/s11846-020-00384-2.
Hillmann, J. and Guenther, E. (2021) ‘Organizational resilience: a valuable construct for management research?’, International Journal of Management Reviews, 23(1), pp. 7–44. https://doi.org/10.1111/ijmr.12239.
Ivanov, D. (2020) ‘Predicting the impacts of epidemic outbreaks on global supply chains: a simulation-based analysis on the coronavirus outbreak case’, Transportation Research Part E: Logistics and Transportation Review, 136, 101922. https://doi.org/10.1016/j.tre.2020.101922.
Ivanov, D. and Dolgui, A. (2020) ‘Viability of intertwined supply networks: extending the supply chain resilience angles towards survivability’, International Journal of Production Research, 58(10), pp. 2904–2915. https://doi.org/10.1080/00207543.2020.1750727.
Ivanov, D. and Dolgui, A. (2021) ‘A digital supply chain twin for managing the disruption risks and resilience in the era of Industry 4.0’, Production Planning & Control, 32(9), pp. 775–788. https://doi.org/10.1080/09537287.2020.1768450.
Kilskar, S.S., Danielsen, B.E. and Johnsen, S.O. (2020) ‘Sensemaking in critical situations and in relation to resilience—a review’, ASCE-ASME Journal of Risk and Uncertainty in Engineering Systems, Part B: Mechanical Engineering, 6(1). https://doi.org/10.1115/1.4044789.
Knauer, T., Nikiforow, N. and Wagener, S. (2020) ‘Determinants of information system quality and data quality in management accounting’, Journal of Management Control, 31, pp. 97–121. https://doi.org/10.1007/s00187-020-00296-y.
Krasodomska, J., Zarzycka, E., Street, D.L. and Grabowski, W. (2025) ‘The impact of companies’ trust-building efforts on sustainability reporting assurance quality: insights from Europe’, Meditari Accountancy Research, 33(7), pp. 246–279. https://doi.org/10.1108/MEDAR-05-2024-2496.
Kulik, A. and Dobler, M. (2023) ‘Stakeholder participation in the ISSB’s standard-setting process: the consultations on the first exposure drafts on sustainability reporting’, Sustainability Accounting, Management and Policy Journal, 14(7), pp. 349–380. https://doi.org/10.1108/SAMPJ-05-2023-0314.
Larrinaga, C. and Bebbington, J. (2021) ‘The pre-history of sustainability reporting: a constructivist reading’, Accounting, Auditing & Accountability Journal, 34(9), pp. 162–181. https://doi.org/10.1108/AAAJ-03-2017-2872.
Lubbe, W., ten Ham-Baloyi, W. and Smit, K. (2020) ‘The integrative literature review as a research method: a demonstration review of research on neurodevelopmental supportive care in preterm infants’, Journal of Neonatal Nursing, 26(6), pp. 308–315. https://doi.org/10.1016/j.jnn.2020.04.006.
Malik, M.F., Zaman, M. and Buckby, S. (2020) ‘Enterprise risk management and firm performance: role of the risk committee’, Journal of Contemporary Accounting & Economics, 16(1), 100178. https://doi.org/10.1016/j.jcae.2019.100178.
Margherita, A. and Heikkilä, M. (2021) ‘Business continuity in the COVID-19 emergency: a framework of actions undertaken by world-leading companies’, Business Horizons, 64(5), pp. 683–695. https://doi.org/10.1016/j.bushor.2021.02.020.
Mohammad, W.M.W., Osman, M. and Rani, M.S.A. (2023) ‘Corporate governance and environmental, social, and governance (ESG) disclosure and its effect on the cost of capital in emerging market’, Asian Journal of Business Ethics, 12, pp. 175–191. https://doi.org/10.1007/s13520-023-00169-2.
Möller, K., Schäffer, U. and Verbeeten, F. (2020) ‘Digitalization in management accounting and control: an editorial’, Journal of Management Control, 31, pp. 1–8. https://doi.org/10.1007/s00187-020-00300-5.
Monazzam, A. and Crawford, J. (2024) ‘The role of enterprise risk management in enabling organisational resilience: a case study of the Swedish mining industry’, Journal of Management Control, 35, pp. 59–108. https://doi.org/10.1007/s00187-024-00370-9.
Ning, Y., Li, L., Xu, S.X. and Yang, S. (2023) ‘How do digital technologies improve supply chain resilience in the COVID-19 pandemic? Evidence from Chinese manufacturing firms’, Frontiers of Engineering Management, 10(1), pp. 39–50. https://doi.org/10.1007/s42524-022-0230-4.
Nowling, W.D. and Seeger, M.W. (2020) ‘Sensemaking and crisis revisited: the failure of sensemaking during the Flint water crisis’, Journal of Applied Communication Research, 48(2), pp. 270–289. https://doi.org/10.1080/00909882.2020.1734224.
Packard, M.D. and Clark, B.B. (2020) ‘On the mitigability of uncertainty and the choice between predictive and nonpredictive strategy’, Academy of Management Review, 45(4), pp. 766–786. https://doi.org/10.5465/amr.2018.0198.
Padilla-Garrido, N., Aguado-Correa, F., Rabadán-Martín, I., López-Jiménez, J.M., de la Vega-Jiménez, J.J. and Peletier-Ribera, I. (2024) ‘Materiality analysis in sustainability reporting: Insights from large Spanish companies’, Corporate Social Responsibility and Environmental Management, 31(6), pp. 5391–5412. https://doi.org/10.1002/csr.2866.
Passetti, E., Battaglia, M., Bianchi, L. and Annesi, N. (2021) ‘Coping with the COVID-19 pandemic: the technical, moral and facilitating role of management control’, Accounting, Auditing & Accountability Journal, 34(6), pp. 1430–1444. https://doi.org/10.1108/AAAJ-08-2020-4839.
Post, C., Sarala, R., Gatrell, C. and Prescott, J.E. (2020) ‘Advancing theory with review articles’, Journal of Management Studies, 57(2), pp. 351–376. https://doi.org/10.1111/joms.12549.
Queiroz, M.M., Ivanov, D., Dolgui, A. and Fosso Wamba, S. (2022) ‘Impacts of epidemic outbreaks on supply chains: mapping a research agenda amid the COVID-19 pandemic through a structured literature review’, Annals of Operations Research, 319, pp. 1159–1196. https://doi.org/10.1007/s10479-020-03685-7.
Sánchez, M.A. and De Batista, M. (2023) ‘Business continuity for times of vulnerability: Empirical evidence’, Journal of Contingencies and Crisis Management, 31(3), pp. 431–440. https://doi.org/10.1111/1468-5973.12449.
Siahaan, M., Suharman, H., Fitrijanti, T. and Umar, H. (2023) ‘Will the integrated GRC implementation be effective against corruption?’, Journal of Financial Crime, 30(1), pp. 24–34. https://doi.org/10.1108/JFC-12-2021-0275.
Spieske, A. and Birkel, H. (2021) ‘Improving supply chain resilience through Industry 4.0: a systematic literature review under the impressions of the COVID-19 pandemic’, Computers & Industrial Engineering, 158, 107452. https://doi.org/10.1016/j.cie.2021.107452.
Stanton, M.C.B. and Roelich, K. (2021) ‘Decision making under deep uncertainties: a review of the applicability of methods in practice’, Technological Forecasting and Social Change, 171, 120939. https://doi.org/10.1016/j.techfore.2021.120939.
Steen, R., Haug, O.J. and Patriarca, R. (2024) ‘Business continuity and resilience management: a conceptual framework’, Journal of Contingencies and Crisis Management, 32(1), e12501. https://doi.org/10.1111/1468-5973.12501.
Stephens, K.K., Jahn, J.L.S., Fox, S., Charoensap-Kelly, P., Mitra, R., Sutton, J., Waters, E.D., Xie, B. and Meisenbach, R.J. (2020) ‘Collective sensemaking around COVID-19: experiences, concerns, and agendas for our rapidly changing organizational lives’, Management Communication Quarterly, 34(3). https://doi.org/10.1177/0893318920934890.
Stolowy, H. and Paugam, L. (2023) ‘Sustainability reporting: is convergence possible?’, Accounting in Europe, 20(2), pp. 139–165. https://doi.org/10.1080/17449480.2023.2189016.
Suhardjo, I., Akroyd, C., Rudyanto, A. and Suparman, M. (2026) ‘Double materiality and sustainability reporting: a qualitative study in a developing country’, Meditari Accountancy Research, 34(1), pp. 90–114. https://doi.org/10.1108/MEDAR-11-2024-2738.
Wagenhofer, A. (2024) ‘Sustainability reporting: a financial reporting perspective’, Accounting in Europe, 21(1), pp. 1–13. https://doi.org/10.1080/17449480.2023.2218398.
Weber, M.M., Pedell, B. and Rötzel, P.G. (2024) ‘Resilience-oriented management control systems: a systematic review of the relationships between organizational resilience and management control systems’, Journal of Management Control, 35, pp. 563–620. https://doi.org/10.1007/s00187-024-00385-2.
Wibowo, S., Achsani, N.A., Suroso, A.I. and Sasongko, H. (2022) ‘Integrated Governance, Risk, and Compliance (GRC) and combined assurance: a comparative institutional study’, Indonesian Journal of Business and Entrepreneurship, 8(2), p. 289. https://doi.org/10.17358/ijbe.8.2.289.
Wulandhari, N.B.I., Budhwar, P., Mishra, N., Akbar, S., Do, Q. and Milligan, G. (2023) ‘Organizational resilience to supply chain risks during the COVID-19 pandemic’, British Journal of Management, 34, pp. 1282–1315. https://doi.org/10.1111/1467-8551.12648.
Xie, J., Tanaka, Y., Keeley, A.R., Fujii, H. and Managi, S. (2023) ‘Do investors incorporate financial materiality? Remapping the environmental information in corporate sustainability reporting’, Corporate Social Responsibility and Environmental Management, 30(6), pp. 2924–2952. https://doi.org/10.1002/csr.2524.
Xu, H., Hay, D. and Harrison, J. (2026) ‘Sustainability assurance quality: Indicators and consequences’, Accounting & Finance, 66(1), pp. 849–886. https://doi.org/10.1111/acfi.70196.
Normative and Institutional Sources
IFRS Foundation (2023) IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information. International Sustainability Standards Board. Available at: https://www.ifrs.org/issued-standards/ifrs-sustainability-standards-navigator/ifrs-s1-general-requirements/ (Accessed: 27 August 2026).
Ikatan Akuntan Indonesia (IAI) (2025) Standar Pengungkapan Keberlanjutan Efektif Per 1 Januari 2027. 26 June. Available at: https://web.iaiglobal.or.id/Berita-IAI/detail/standar_pengungkapan_keberlanjutan_efektif_per_1_januari_2027 (Accessed: 27 August 2026).
International Organization for Standardization (ISO) (2019) ISO 22301:2019 Security and resilience - Business continuity management systems - Requirements. Available at: https://www.iso.org/standard/75106.html (Accessed: 27 August 2026).
International Organization for Standardization (ISO) (2024) ISO 22301:2019/Amd 1:2024 Security and resilience - Business continuity management systems - Requirements - Amendment 1: Climate action changes. Available at: https://www.iso.org/standard/88412.html (Accessed: 27 August 2026).
International Organization for Standardization (ISO) (2026) ISO/CD 22301 Security and resilience - Business continuity management systems - Requirements (Edition 3, under development). Available at: https://www.iso.org/standard/93606.html (Accessed: 27 August 2026).
Copyright (c) 2026 Loso Judijanto
This work is licensed under a Creative Commons Attribution 4.0 International License.
