Examination of Sustainable Risk Management Practices in the Food Sector Through Document Analysis

Abstract

Purpose – The aim of this study is to examine risk management practices in sustainability reports of companies operating in the food sector and to reveal sector-specific sustainability-focused risk management approaches. Within this scope, the study analyzed which risks companies prioritize, how they define risks, and which management strategies they adopt.
Design/methodology/approach – Document analysis, a qualitative research method, was used for data collection, while content analysis was employed for data analysis. The data set of the study consists of sustainability reports from 2023 of 12 companies operating in the food, beverage, and tobacco sector traded on BIST. The data were coded through the Maxqda program, and the risk management process was analyzed under five main themes.
Results – The analysis revealed that the most emphasized risk management objective in the food sector is operational effectiveness and efficiency; the risk factor that companies focus on most is the climate crisis; a multidimensional and stakeholder-focused process is conducted in risk assessment that addresses both financial and environmental, social, and governance (ESG) based risks; the highest sustainability priority is food safety and quality; human resources management practices hold an important place among risk management strategies; and internal audit and internal control functions are significantly utilized in monitoring risks.
Discussion – The findings indicate that risk management in the food sector is not only used to reduce risks but also as a strategic management tool that supports sustainability goals. Particularly, the prioritization of environmentally-based risks demonstrates that the sector integrates risk management with a corporate sustainability perspective.