Strategic Risk
A guide for directors
1st Edition
Published on 5. May 2006
Book
Paperback/Softback
32 pages
978-0-7277-3467-9 (ISBN)
Description
The success of enterprises can often be attributed to their successful management of strategic risk. Conversely, failure to manage strategic risk can lead to often catastrophic consequences - Enron, Arthur Anderson, Kvaerner and Equitable Life were all seriously affected by a failure to think sufficiently about strategic risk.
Most organisations have well embedded procedures for assessing and mitigating project and operational risks. Strategic risks are an order of magnitude greater and, by their very nature, involve a wider range of uncertainty and the interaction between a large number of factors, with major benefits accruing from managing them well and often dire consequences from the failure to manage them effectively.
This major new printed guide and CD, compiled by a group of industry experts working under the auspices of the DTI, the Institution of Civil Engineers and the Actuarial Profession, presents in a succinct and cogent way a recommended approach to the management of strategic risk, STRATrisk, and an explanation of how to apply the approach.
Among the practical steps recommended are:
examination of the key processes already embedded in the organisation to see whether they contain hidden strategic risks
adequate follow-through from risk identification
the use of tools such as horizon scanning, concept mapping, pattern recognition and risk grouping
The CD amplifies the information contained in the printed guide and provides video clips and a number of case studies.i
Most organisations have well embedded procedures for assessing and mitigating project and operational risks. Strategic risks are an order of magnitude greater and, by their very nature, involve a wider range of uncertainty and the interaction between a large number of factors, with major benefits accruing from managing them well and often dire consequences from the failure to manage them effectively.
This major new printed guide and CD, compiled by a group of industry experts working under the auspices of the DTI, the Institution of Civil Engineers and the Actuarial Profession, presents in a succinct and cogent way a recommended approach to the management of strategic risk, STRATrisk, and an explanation of how to apply the approach.
Among the practical steps recommended are:
examination of the key processes already embedded in the organisation to see whether they contain hidden strategic risks
adequate follow-through from risk identification
the use of tools such as horizon scanning, concept mapping, pattern recognition and risk grouping
The CD amplifies the information contained in the printed guide and provides video clips and a number of case studies.i
Reviews / Votes
Reading this report will make company directors think hard - and few will decide to ignore its cogent and direct advice -- Dr Martin Barnes, Executive Director, The Major Projects Association and President, The Association for Project Management I thoroughly recommend it -- Lord Broers, President of the Royal Academy of EngineeringMore details
Language
English
Place of publication
United Kingdom
Publishing group
Emerald Publishing Limited
Target group
Professional and scholarly
Product notice
Paperback (trade)
Unsewn / adhesive bound
Dimensions
Height: 292 mm
Width: 198 mm
Thickness: 5 mm
Weight
136 gr
ISBN-13
978-0-7277-3467-9 (9780727734679)
DOI
10.1680/sragfd.34679
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Content
Contents of the printed book
Why read this guide?
Why is strategic risk different?
Recommended approach*involvement of the board*culture*communication*the feedback process*organisation for managing risk
Applying the approach*management of strategic risk *foreseeable risks*unforeseeable risks and uncertainty*responding to strategic risks*managing unexpected situations
Useful tools*horizon scanning *concept mapping*pattern recognition*risk grouping
ConclusionAppendix 1: Self-assessment checkAppendix 2: Checklist of strategic risksAppendix 3:Further readingAppendix 4:Contents of CD-ROM, Template for Change
Contents of the CD-ROM
Introduction*10 minute video introduction*overview*how to use the CD guide
Aims of the STRATrisk project*project ambition*our approach*project partners*project timeframe
Project phases*methodology*literature review*main findings*industry workshops*PowerPoint presentation*feedback to industry*engagement and testing concepts with
Boards*conclusions and recommendations
Enabling processes and technologies*the ten-step process*risk hierarchies*concept mapping*pattern recognition and networks*horizon scanning*project risk guidance - RAMP
Underpinning knowledge*systems thinking*complexity science*strategy and scenario planning*decision support science*change development
Video clips*Introduction to STRATrisk (Einstein video)*Make change early to avoid risk (Peter Birch), courtesy of 50 Lessons*You can never get rid of risk (Sir Peter Middleton), courtesy of 50 Lessons *Decision explorer, courtesy of Banxia NA
Appendices*semi-structured research questionnaire*cultural questionnaire*case studies on risk from Reading University*self-assessment check
Why read this guide?
Why is strategic risk different?
Recommended approach*involvement of the board*culture*communication*the feedback process*organisation for managing risk
Applying the approach*management of strategic risk *foreseeable risks*unforeseeable risks and uncertainty*responding to strategic risks*managing unexpected situations
Useful tools*horizon scanning *concept mapping*pattern recognition*risk grouping
ConclusionAppendix 1: Self-assessment checkAppendix 2: Checklist of strategic risksAppendix 3:Further readingAppendix 4:Contents of CD-ROM, Template for Change
Contents of the CD-ROM
Introduction*10 minute video introduction*overview*how to use the CD guide
Aims of the STRATrisk project*project ambition*our approach*project partners*project timeframe
Project phases*methodology*literature review*main findings*industry workshops*PowerPoint presentation*feedback to industry*engagement and testing concepts with
Boards*conclusions and recommendations
Enabling processes and technologies*the ten-step process*risk hierarchies*concept mapping*pattern recognition and networks*horizon scanning*project risk guidance - RAMP
Underpinning knowledge*systems thinking*complexity science*strategy and scenario planning*decision support science*change development
Video clips*Introduction to STRATrisk (Einstein video)*Make change early to avoid risk (Peter Birch), courtesy of 50 Lessons*You can never get rid of risk (Sir Peter Middleton), courtesy of 50 Lessons *Decision explorer, courtesy of Banxia NA
Appendices*semi-structured research questionnaire*cultural questionnaire*case studies on risk from Reading University*self-assessment check