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Strategic Risk Management: New Tools for Competitive Advantage in an Uncertain Age
This book presents a new approach to risk management that enables executives to think systematically and strategically about future risks and deal proactively with threats to their competitive advantages in an ever more volatile, uncertain, complex, and ambiguous world.
Organizations typically manage risks through traditional tools such as insurance and risk mitigation; some employ enterprise risk management, which looks at risk holistically throughout the organization. But these tools tend to focus organizational attention on past actions and compliance. Executives need to tackle risk head-on as an integral part of their strategic planning process, not by looking in the rearview mirror.
Strategic Risk Management (SRM) is a forward-looking approach that helps teams anticipate events or exposures that fundamentally threaten or enhance a firm's position. The authors, experts in both business strategy and risk management, define strategic risks and show how they differ from operational risks. They offer a road map 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. SRM gives organizations a competitive advantage over those stuck in outdated risk management practices. For the first time, it enables them to look squarely out the front windshield.
Organizations typically manage risks through traditional tools such as insurance and risk mitigation; some employ enterprise risk management, which looks at risk holistically throughout the organization. But these tools tend to focus organizational attention on past actions and compliance. Executives need to tackle risk head-on as an integral part of their strategic planning process, not by looking in the rearview mirror.
Strategic Risk Management (SRM) is a forward-looking approach that helps teams anticipate events or exposures that fundamentally threaten or enhance a firm's position. The authors, experts in both business strategy and risk management, define strategic risks and show how they differ from operational risks. They offer a road map 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. SRM gives organizations a competitive advantage over those stuck in outdated risk management practices. For the first time, it enables them to look squarely out the front windshield.
256 pages, Hardcover
Published January 21, 2020
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February 18, 2020
In short, I believe this is a substantial contribution to the field of strategy and risk management — and a highly worthwhile read to anyone who works in corporate strategy. I would venture to guess that this book becomes popular among the Bain and McKinsey crowd.
SRM is centered on risks and opportunities that concern course guidance — those that fall outside traditional and enterprise risks. In addition to some great case studies, they offer the reader a framework to communicate with and establish a strategic risk management operation in a company.
I appreciated the well-constructed and logical presentation that the authors made. But the true joy of this book lies in the meticulously researched stories-as-case-studies that illustrate ideas on which they build convincingly. Truly great stuff.
5/5 for those with a serious interest in strategy or learning about the current state of related thought.
SRM is centered on risks and opportunities that concern course guidance — those that fall outside traditional and enterprise risks. In addition to some great case studies, they offer the reader a framework to communicate with and establish a strategic risk management operation in a company.
I appreciated the well-constructed and logical presentation that the authors made. But the true joy of this book lies in the meticulously researched stories-as-case-studies that illustrate ideas on which they build convincingly. Truly great stuff.
5/5 for those with a serious interest in strategy or learning about the current state of related thought.
Displaying 1 of 1 review