A study of the role of risk management in ensuring business continuity in the Maltese igaming sector

Abstract

Purpose: This study offers insights into the importance of risk management for business continuity in the context of the iGaming sector in Malta, which plays a vital role in Malta’s GDP. Tied to increasing digital exposure and regulatory scrutiny, the iGaming sector is susceptible to special forms of risk, from cyber threats to service interruptions to changing compliance parameters. This study seeks to explore present risk management practices, share best practice learnings, and recommend a specialized risk management framework that can be used to boost resilience and prepare for crises in this dynamic sector. Methodology: This qualitative and quantitative research study follows a mixed-methods approach. They also conducted primary data collection through in-depth interviews, focus groups and surveys with key stakeholders such as iGaming operators, insurers, and government personnel. Secondary data from scholarly publications, industry reports, and regulatory documents supplemented the analysis. Quantitative data analysis employed descriptive statistics and correlation analysis to explore the relationship between risk management practices and business continuity outcomes. Thematic analysis was used for qualitative data to uncover insights into organisational practices and stakeholder perceptions. Findings: The findings reveal that proactive risk management significantly contributes to organizational resilience and operational stability during crises. Key elements include robust business continuity planning, effective crisis communication, and regular testing of risk mitigation strategies. The study identified gaps in employee training, cross-functional collaboration, and resource allocation, which hinder the full implementation of risk management frameworks. The COVID-19 pandemic catalysed organisations to expand their risk management scope, incorporating health risks, supply chain vulnerabilities, and advanced technological solutions. Implications of the Study: For practitioners, the study underscores the importance of integrating risk management into strategic decision-making to ensure business continuity and stakeholder confidence. Policymakers can leverage the findings to develop regulatory frameworks that balance innovation, consumer protection, and industry resilience. It emphasizes the need for constant improvements through trainings, stakeholder engagements, and investments in new technologies such as AI and block chain to meet emerging risks. Innovation and original contribution: To the best of our knowledge, this study is one of the very few to provide a thorough analysis of the intersection between risk management and business continuity. The research also aims to offer practical guidance for industry stakeholders, regulators, and policymakers by customizing a risk management framework to the operational and regulatory landscape of the sector. Inclusion of new-age technologies, along with the emphasis on the role of employees and stakeholders in mitigation of risks, also add to the novelty of the study. Moreover, these results add to the ongoing conversation about risk management in the context of digital dependent industries and can serve as a model for other sectors facing the same challenges.