Risk and Insurance Management Society (RIMS) Defines Strategic Risk Management

RIMS

The US-based Risk and Insurance Management Society (RIMS) has issued guiding main beliefs and a definition in place of strategic venture management (SRM), aphorism it’s a growing area of enterprise venture management.

The definition says SRM is “a organization control with the aim of drives deliberation and dogfight regarding uncertainties and untapped opportunities with the aim of affect an organisation’s strategy and strategy execution”.

The RIMS board says SRM is not intended to restore enterprise venture management but is part of the evolution of the industry.

“RIMS envisions the meeting of ERM and SRM as more organisations formally adopt enterprise venture management,” it says in a statement.

The organisation has outlined 10 guiding main beliefs in place of SRM, based on it being “value-driven, thoughtful, structured, informed, dynamic, process-based, condition-based, far-reaching, interdisciplinary and scenario-driven”.

The Risk Management Institution of Australasia was approached by insuranceNEWS.Com.Au to comment on confined take-up of SRM, but has not responded by pamphlet.