The risks of sustainable business strategies: Do sustainable business approaches change company risks?

PURPOSE: The aim of this research is to link sustainability strategies with risk management. DESIGN/METHOD: 33 unique cases were used for the data analysis. Using the cases, the researchers built a database to operationalise the theoretical framework. This database contains data on general characteristics of an organisation, strategic characteristics (mission, vision, value proposition, core values from the Balanced Score Card categories, strategic goals), strategy characteristics of the sustainability strategies, the 17 sustainability goals of the UN, risks (strategic, financial, operational) and control measures appropriate to the risks. RESULTS/FINDINGS: The first sub-question: Which risks at a strategic, financial, and operational level differ in organisations that pursue SDG 3 Good health and wellbeing, SDG 8 Decent work and economic growth and/or SDG 12 Responsible consumption and production, or do not pursue sustainability goals? It can be answered that sustainable values lead to different risks at strategic and financial levels, but not on an operational level. The second sub-question: Which risks on a strategic, financial, and operational level differ in organisations that pursue the sustainability strategy (Retain product ownership, Product life extension and/or Design for recycling) or do not pursue a sustainability strategy? It can be answered in a similar way as the first research question: that apparently sustainable strategies lead to different risks at strategic and financial levels, but not on an operational level. Operational risks were found but did not change in case of the sustainable strategy. ORIGINALITY/VALUE: Researchers have investigated whether pursuing the sustainability strategy (part 1) or contributing to the achievement of SDGs (part 2) by an organisation causes a change in strategic, financial and/or operational risks. Patterns were sought, not the magnitude of a change, because of the number of cases examined.