The Risk and Insurance Management Society (RIMS) has released for pre-order its new “Strategic Risk Management Implementation Guide,” written for organizations seeking to integrate their corporate risk and strategic business operations.
The 68-page book, developed by members of the RIMS Strategic Risk Management Development Council, guides readers through the components of a strategic risk management framework while giving concrete examples of how several global businesses have successfully implemented SRM.
“There is no single best way to do strategic risk management, but, taking the first step and thinking about risk in a predictive and strategic way will not only protect the value of an organization, it will proactively help create and capture value – all in alignment with [the organization’s objectives,” says Carol Fox, RIMS director of strategic and enterprise risk practice. “Our goal was to provide all executives with a comprehensive but easy-to-understand resource to develop a framework for implementing a strategic risk management program, enabling them to navigate around potentially dangerous obstacles on the path to success.”
The 10-chapter guide includes identifying the role of an SRM practitioner, building the foundation of an organization-wide risk strategy, executing and refining the risk control framework, and learning how to feed untapped opportunities into the risk strategy.
“We noted in our research that in companies experiencing profitability declines, 65 percent of the time this is caused by factors attributed to strategic risk,” says Fox in an interview with PC360. “If you are only focused on compliance, legal and hazard risks, you are missing out on a big piece of why organizations lose value.”
The full guide can be purchased at www.RIMS.org/RIMStore.