Strategic risk is a category of risk alongside operational, financial, regulatory and other business risks, it forms part of the umbrella of risks your organization faces. But what does the phrase mean in practice? What types of risk are defined as 'strategic?' How do you identify strategic risks? What are the examples of strategic risks you might face in your organization? What are the types of strategic risk you should prioritize in your risk mitigation strategy? 'Strategic risk' is a term that's often bandied about. Understanding the Different Types of Strategic Risk Being familiar with different strategic risk examples can help you get ahead of the curve, helping you identify the types of strategic risk your organization faces and the tactics you can put in place to respond. In today's hyper-connected world, the risk evolves faster than businesses can devise strategies to tackle it. Understanding and mitigating risk at a strategic level will be a priority.
Whether you are a chief risk officer and strategic risk falls firmly within your orbit, or whether as CFO, CEO or general counsel, you take more holistic responsibility for your organization's risk strategy. Understanding the types of strategic risk you face is fundamental to your ability to tackle them as part of your broader governance, risk and compliance (GRC) strategy. What is meant by strategic risk? Strategic risk examples encompass many different risks ' and depending on the nature of your business, you may face any or all of them.
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