As we near Labor Day and summer draws to a close, we’re also entering that time of year when organizations begin their strategic planning for the next calendar year.
It seems that September and October are the best months for this important task since summer vacations are ending and the year-end holidays are still a ways off. The hope is goals will be nailed down, and any initiatives/plans for achieving them will be ready to go when everyone returns after the new year.
Strategic decisions are the most important decisions executives make, so it’s vital to ensure they are factoring risk into their plans for the organization.
With that said, below is a list of 10 resources from our blog that you can reference during the strategic planning process. You may have seen some of these before, but since I enjoy writing about strategy and decision-making, many are new this year. Regardless of when they were written, they contain helpful hints for ensuring ERM plays an active role in charting your company’s future course.
To be a valuable part of the strategic planning process, ERM must first shift its mindset from a strict loss prevention focus to one of optimizing performance and ensuring success.
Risk management processes are important, but what’s even more important are relationships and people skills to increase ERM’s role in strategic planning.
To many executives, ERM is a compliance exercise and not a helpful tool for strategic decision-making. This article provides 5 steps you can be taking to change this perception.
Building on #3, this article discusses (again) how many perceive ERM as a reporting and compliance exercise and provides 3 practical steps for actually transitioning your role to being an active participant in strategic planning.
It’s easy to get bogged down in the day-to-day where we forget to consider how bigger picture issues or events in the broader world could impact the organization, which is something CEOs think about all the time.
While it’s tempting to follow ERM standards to the letter, each company’s unique attributes make this problematic. Explore why doing so clings to perceived certainty and how it can hinder strategic planning.
Learn the difference between these two important processes and how risk professionals can be engaged to ensure both executives and managers are taking the right amount of risk in pursuit of objectives.
This article explores the invaluable tool of scenario planning and how it can be used to test assumptions, modify plans and even uncover new strategic opportunities.
Building on article #8, this piece provides general questions to be ask before, during, and after the strategic planning process to determine if and how goals should be changed.
Goals and initiatives may look great on paper, but if those responsible for implementation are not included in the planning process, the company could suffer huge setbacks to achieving its goals.
A company’s singular goal in its early stages is to grow revenue, but as time goes on, issues that could derail this growth become apparent. Learn why it’s important to take a pause to ensure your company’s long-term success.
Rounding out our top 10 list, learn the qualities that made ERM a valuable strategic planning partner at one of the world’s most iconic toy brands.
This list of course is not exhaustive…these articles link out to other valuable content both on this site and elsewhere.
How will ERM be involved in your company’s strategic planning this year? When does your company typically begin its planning for the year(s) ahead?
To share your thoughts and perspective on ERM and strategic planning, please feel free to leave a comment below or join the conversation on LinkedIn.
And if your company is struggling to integrate risk into strategic planning and decision-making, please don’t hesitate to reach out to discuss your specific situation and potential options for addressing it.
Featured image courtesy of Scott Graham via Unsplash.com
