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Member, Beacon International Group, Ltd.
VANCOUVER, British Columbia—The Risk & Insurance Management Society Inc., as part of an effort to foster the growth of strategic risk management as a discipline, has issued a definition for SRM.
In a statement released Tuesday at the society’s annual conference in Vancouver, British Columbia, RIMS defines SRM as “a business discipline that drives deliberation and action regarding uncertainties and untapped opportunities that affect an organization’s strategy and strategy execution.”
“While many organizations have included strategic risk management as an integral part of their respective enterprise risk management practices, others are developing or practicing strategic risk management as a distinct discipline outside of a formal enterprisewide risk management model,” said Carol Fox, director of RIMS’ Strategic and Enterprise Risk Practice, in the statement. “RIMS aims to be the leading global authority on SRM at all levels.”
RIMS also identified several traits of SRM, including that it is:
• Value-driven
• Reflective
• Structured
• Informed
• Dynamic
• Process-based
• Condition-based
• Consequential
• Interdisciplinary
• Scenario-driven
RIMS also noted that it has formed a Strategic Risk Management Development Council, adding that “in creating the council, RIMS emphasizes that SRM is not meant to supplant ERM, nor is this focus on SRM intended to create a new risk management silo. RIMS envisions the convergence of ERM and SRM as more organizations formally adopt enterprise risk management.”
VANCOUVER, British Columbia—The Risk & Insurance Management Society Inc. on Monday presented its highest honor, the Harry and Dorothy Goodell Award, to Glen Frederick, director of risk management client services for the Government of British Columbia.