Strategic Thought

Risk Management >

 Disciplines of RM

Strategic Thought focuses on helping organisations to generate value from their risk management activities. This means that we address how managing the risk of a business function (any business function) can generate value for the business as a whole.

In our opinion there are no neat categories or groups of risk management functions, such as the IRM’s categorization (which splits risk into 4 categories; financial, strategic, operational, and compliance), or the current industry buzz group of “Governance, Risk and Compliance”.

Rather, there are simply business functions, all of which will have risk issues to varying extents, all of which require management - and if a business is to gain maximum value from its risk management efforts, it needs to understand the management of risks across the entire enterprise, so that decisions can be made based on the full enterprise-wide picture.

As a result, at Strategic Thought, we talk about Enterprise Risk Management, and we look at the value that risk management can generate from the individual business areas that work together to deliver the goals and objectives of the organization as a whole.

Please find a diagram below illustrating all the different functions within an organization that we think will have a direct interest in the risk management process.

Please follow the navigation on the left to learn about how ARM addresses the risk management issues faced by a selection of the key individual business functions.