Strategy execution and risk management are intrinsically intertwined for managing strategy-to-execution risk. This practical guide describes how risk management is an inseparable guidance and control system that will enable organisations to articulate and achieve their strategic objectives and execute their chosen corporate strategy within acceptable levels of risk.
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Having learned Mandarin, and travelling alone by foot, bicycle and train, Colin Thubron set off on a 10,000 mile journey from Beijing to the borders of Burma. He travelled through the wind-swept wastes of the Gobi desert and finished at the far end of the Great Wall. What Thubron reveals is an astonishing diversity, a land whose still unmeasured…
When risk management 'marries' (or is joined to) strategy execution, both management practices are united into one seamless or integrated management activity. This oneness or integration with a common purpose of achieving strategic objectives is vital for organisations to successfully execute their corporate strategy, perform well beyond expectations, and continuously meet their profitability forecast and organisational growth.
"Strategies are approved but poorly communicated. This, in turn, makes the translation of strategy into specific actions and resource plans all but impossible. Lower levels don't know what they need to do, when they need to do it, or what resources will be required to deliver the performance senior management expects. Consequently, the expected results never materialise. And because no one is held responsible for the shortfall, the cycle of under-performance gets repeated, often for many years." (Mankins and Steele, 2005)