“The C-suite needs this outstanding book. Well written, with numerous apt examples, it provides a reliable guide to closing the gap between strategy and execution that bedevils so many company leaders.”
Thomas H. Stanton, Author, Why Some Firms Thrive While Others Fail: Governance and Management Lessons from the Crisis (Oxford, 2012)
“A fine book…the critical component of SRM success is 100% about the collaboration between the risk team and the rest of the organization.”
Hans Læssøe, Former Risk Officer, LEGO Corporation
“This book is a ‘must read’ for anyone working in the area of strategic risk management (SRM). The authors present innovative new ideas and tools for SRM, together with many insightful examples of companies that have successfully and unsuccessfully faced strategic risks. These real-world examples bring the book to life and it was a pleasure to read!”
Betty J. Simkins, Regents Professor, Williams Chair, and Department Head of Finance, Spears School of Business, Oklahoma State University
Strategic Risk Management provides a comprehensive set of tools to help executives to plan systematically and practically not only to survive but to truly thrive in a competitive world that is increasing VUCA (Volatile, Uncertain, Complex, Ambiguous) world.
Strategic Risk Management (SRM) is a forward-looking approach that helps teams see both threats and opportunities to their strategic position. SRM gives organizations a competitive advantage over those stuck in outdated risk management practices. All organizations manage risks through traditional tools such as insurance and risk mitigation; some employ Enterprise Risk Management, which looks at risk holistically throughout the organization. These tools tend to focus organizational attention on past actions and compliance or looking in the rear-view mirror. SRM provides a set of tools to help organizations look squarely out the front windshield.
The authors define strategic risks, and show how they differ from operational risks, and why new tools are needed. The book provides a roadmap that describes architectural elements of SRM (knowledge, principles, structures, and tools) to show how leaders can integrate them to effectively design and implement a future facing SRM program. This book aims to provide executives with a clear understanding of how to think about strategy in ways that account for events or exposures that fundamentally threaten or enhance a firm’s competitive advantage.