This review aims to summarize the risk, management of risk and risk reporting related researches around the world. Through the systematic review, the research papers written from 2004 to 2021 have been reviewed. In this review, it has appeared that the degree of revealing risk contents is still poor. The quantity of risk reporting varies among the nations. In some countries, risk reporting is satisfactory but in others it is very poor. The types of disclosures whether it is voluntary, or mandatory depend on the country’s perspective. Mainly, the elements of governance of company (size of board, independent directors, pattern of ownership, role duality and audit quality), size of company, the degree of risk and the profitability are the key determinants. Moreover, industry type, competition and environmental sensitivity are found as the determinants of risk reporting in some previous research works. This paper is useful to identify the gap for new research in this area.