An emerging discipline—strategic risk management (SRM)—was defined and recognized by the Risk and Insurance Management Society at its annual conference here.
RIMS released a definition for the growing discipline within risk management. RIMS defines SRM as a business discipline that drives deliberation and action regarding uncertainties and untapped opportunities affecting an organization's strategy and strategy execution.
Several years ago, the RIMS board identified SRM as an emerging practice, viewing it as the next step in the evolution of enterprise risk management (ERM).
In 2009 the board commissioned an external study that found that organizations are seeking direction from a global leading authority that can provide services in these evolving practices.
Mike Liebowitz, director of risk management and insurance, New York University, tells NU he is pleased that RIMS has taken this important step for risk managers.
Recognizing that SRM is an evolving practice, RIMS says it has formed a Strategic Risk Management Development Council to complement the strong work of its ERM Committee in this area. This advisory council is comprised of SRM and ERM practitioners as well as a published academic on the topic. In creating the council, RIMS emphasizes that SRM is not meant to supplant ERM.
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