A strategic imperative is a business goal or objective that has the highest priority. For some companies, it could be building their brand; for others it could be expanding internationally. Or it could be a concerted move to digitise the business and leverage on online platforms within a certain timeframe.
At its core, strategic risk management is about examining the organisation’s strategy for any risks that may affect it, how to mitigate them and to identify and manipulate opportunities arising. In the process, strategic risk management has to look at a multitude of issues, including the firm’s current business strategy,
When coming to grips with strategic risk, it’s helpful to consider why you need to manage it in the first place. After all, you already have a strategy – but what if it doesn’t work? Risk and strategy have a symbiotic relationship. You can’t have one without the other; one drives
Risk and strategy have a symbiotic relationship. There can be no strategy if there was no risk to begin with, and the existence of risk makes strategy necessary. But what exactly is strategic risk? Strategic risk can be broadly defined as a risk that has a direct impact on an
Sometimes everyone is preoccupied with what they see as the “big stuff” to the extent that the ideas behind it are unclear. But every organisation needs a vision, and a direction to take, which is the underlying philosophy of having a strategy: you know what you want, and you have
Enterprise Risk Management (ERM) encompasses many components, one of which is Corporate Strategic Risk Management (CSRM) but CSRM often does not show up as anything more than a blip on the radar because some organisations may confuse it with operational risk. One strategy expert explained it thus: “Good operations means