<![CDATA[Raw material price volatility has become one of the major challenges that increases financial risk and threatens the sustainability of micro, small, and medium enterprises (MSMEs). Numerous studies have examined financial risk management strategies; however, their findings remain dispersed across different aspects and have yet to provide a comprehensive synthesis of financial risk management strategies and mechanisms relevant to MSMEs. This study aims to synthesize the concepts, approaches, strategies, and mechanisms of financial risk management in responding to raw material price volatility and to develop a conceptual framework based on a systematic synthesis of the literature. The study employed a Systematic Literature Review (SLR) following the PRISMA 2020 guidelines. A literature search was conducted in the Scopus database using five primary keywords, resulting in 739 articles. Following the identification, screening, and eligibility processes, 35 Scopus Q1 journal articles published between 2020 and 2025 were selected and analyzed using thematic analysis and narrative synthesis. The synthesis indicates that the literature on financial risk management has evolved toward more adaptive, integrated, and resilience-oriented approaches. Five dominant strategic themes were identified: cost control, technology-based price volatility prediction, financing enhancement, organizational capacity development, and collaboration within the business ecosystem. Based on these findings, this study develops a conceptual framework integrating strategic elements, implementation mechanisms, and supporting components as a conceptual foundation for the future development and empirical validation of financial risk management models for MSMEs.]]>
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