In this article, we show the complementary roles that internal and external collaboration play in enhancing the performance of risk management processes in business firms. We also specify the importance of internal and external collaboration for each of the four dimensions of risk management: identification, assessment, mitigation and monitoring, on the basis of the results of an empirical study testing hypothesis on a worldwide sample of 242 firms of different sizes through regression analyses. Finally, we discuss these results, indicate a series of managerial implications and propose future research orientations.
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Duhamel et al. (2016) studied this question.