Assignment:
What is Strategic Risk Management?
Risk is a probability of damage, loss, liability and any other negative occurrence due to external and internal factors. The risk can be avoided through preventive actions. Decision making process is influenced by risk and uncertainty. There are various types of strategic risks such as industry, technology, brand, competitor, customer, project and stagnation. According to Slywotzky & Drzik (2005), these strategic risks can be managed through a process "strategic risk management" that includes six steps: identification and assessment of risks, mapping the risks, quantification of risks, identification of potential upside for each risk, development of risk mitigation plans and adjustment of capital decisions with these action plans. occurrence due to external and internal factors.
The risk can be avoided through preventive actions. Decision making process is influenced by risk and uncertainty. There are various types of strategic risks such as industry, technology, brand, competitor, customer, project and stagnation. According to Slywotzky & Drzik (2005), these strategic risks can be managed through a process "strategic risk management" that includes six steps: identification and assessment of risks, mapping the risks, quantification of risks, identification of potential upside for each risk, development of risk mitigation plans and adjustment of capital decisions with these action plans.