RIMS defines ‘Strategic Risk Management’ discipline

The Risk and Insurance Management Society (RIMS) has defined a growing discipline within risk management – Strategic Risk Management (SRM).
SRM is “a business discipline that drives deliberation and action regarding uncertainties and untapped opportunities that affect an organization’s strategy and strategy execution,” according to RIMS, which issued its definition on May 3 at its 2011 Annual Conference & Exhibition held in Vancouver
The RIMS board of directors identified strategic risk management as an emerging practice several years ago, viewing it as the next step in the evolution of enterprise risk management (ERM). But the discipline has gone beyond ERM.
“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 enterprise-wide risk management model,” says Carol Fox, RIMS director of strategic and enterprise risk practice. “RIMS aims to be the leading global authority on SRM at all levels.”
RIMS has formed a Strategic Risk Management Development Council to complement the work of its ERM committee in this focused area.
This advisory council is comprised of strategic and enterprise risk management practitioners as well as a published academic on the topic.
“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 notes in a press release. “RIMS envisions the convergence of ERM and SRM as more organizations formally adopt enterprise risk management.”