Strategic and Operational Risk Assessment_POV
17 August 2021
The COVID-19 pandemic significantly impacted the sustainability/ business continuity of organisations thereby creating a new or renewed emphasis on risk identification and its management. The right place to begin is to focus on the identification and management of strategic risks— risks that are most consequential to an organisation’s ability to execute its strategy, achieve its business objectives, and build and protect value. This strategic focus is not intended to identify every risk facing the organistion but to identify those that are most significant to its ability to achieve and realise its core business strategy and objectives. This focus on strategic risk reinforces the direct relationship and critical link connecting the organisation’s vision, mission, strategy, strategy execution, and risk management processes.
The starting point is a Strategic Risk Assessment designed to identify an organisation’s strategic risks and related action plans to address those risks.