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Product details

Strategic Risk: A Guide for Directors

Actuarial Profession and Institution of Civil Engineers

Price: £ 64.00

ISBN: 9780727734679
Format: Paperbound + CD Rom
Publish Date: 05/05/2006
Publisher: Thomas Telford Ltd
Page Size: 297x210mm
Number of Pages: 32

Strategic Risk: A Guide for Directors


"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

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 thoroughly recommend it”
- Lord Broers, President of the Royal Academy of Engineering


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
• Conclusion
Appendix 1: Self-assessment check
Appendix 2: Checklist of strategic risks
Appendix 3 :Further reading
Appendix 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

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