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This guide suggests ways in which senior executives can transform the management of strategic risk in their organizations—as well as actionable steps to power performance—including: How to identify risks that can give rise to a strategic risk opportunity.
- Exploring Strategic Risk | Deloitte | Risk Management, ERM Services
Strategic risks – those that affect or are created by...
- Exploring Strategic Risk | Deloitte | Risk Management, ERM Services
The definition of strategic risk focuses on more than an analysis of the written strategic plan. Its focus is on how plans, systems and implementation affect the franchise value. It also incorporates how management analyzes external factors that impact the strategic direction of the company.
Strategic risks – those that affect or are created by business strategy decisions – are critical to the growth and performance of your business.
Before we move on to discuss potential ways for insurers to better anticipate and manage strategic risks, let’s first review a few such challenges that are unfolding right now in the insurance industry.
Establish an SRM capability. Identify a leader. Map the implications of strategic risks with the company's risk appetite. Leverage risk sensing tools to generate early warning signals for emerging strategic risks. Integrate SRM into risk-sensing.
‘Strategic risk management in insurance’, by Deloitte suggests carriers face a variety of strategic risks, defined as ‘emerging threats that could undermine assumptions at the core of a company’s value proposition and foundational business model.’
This researcher addresses strategic risk from a strategic perspective and draws upon the areas of strategic management, financial management, psychology, social science, and public policy for its construct. For all organizations, risks vary.
