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    Transforming under deep uncertainty: A strategic perspective on risk management

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    Publication type
    Journal article with impact factor
    Author
    Slagmulder, Regine
    Devoldere, Bart
    Publication Year
    2018
    Journal
    Business Horizons
    Publication Volume
    61
    Publication Issue
    5
    Publication Begin page
    733
    Publication End page
    743
    
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    Abstract
    Companies increasingly face the need for transformation in today’s rapidly changing business environment, characterized by major shifts in technology, regulation, and customer behavior. A lack of strategic risk insight and foresight leaves many incumbents insufficiently prepared in the face of such deep uncertainty. We argue that traditional risk management falls short because it predominantly focuses on strategy execution while leaving strategy formulation largely untouched. Moreover, an administrative-heavy risk management process can create strategic inertia and a misleading sense of control. In today’s dynamic business context, companies must not only increase the speed and impact of their strategy execution but also continuously explore the development of new strategies in response to disruptive events or emerging opportunities. Our research shows how leading companies develop a strategic risk management (SRM) capability to increase their resilience and agility in response to deep uncertainty. SRM takes a strategic, forward-looking perspective and focuses on strengthening processes, people, and practices for purposefully integrating risk into the strategy formulation process. This article offers a framework with three proven configurations of content and timing integration, risk management roles, and leading practices that enable effective SRM.
    Knowledge Domain/Industry
    Accounting & Finance
    Marketing & Sales
    DOI
    10.1016/j.bushor.2018.05.001
    URI
    http://hdl.handle.net/20.500.12127/5955
    ae974a485f413a2113503eed53cd6c53
    10.1016/j.bushor.2018.05.001
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