RIMS EXECUTIVE REPORT: Innovation and Strategic Risk Management

A Positive Pairing for a Better Future

February 20, 2020

NEW YORK (February 20, 2020) — Innovation is the new frontier for strategic risk management and presents an opportunity for strategic risk practitioners to support teams engaged in creating value, according to RIMS new executive report titled, “Innovation and Strategic Risk Management.”

The RIMS report the explores strategic approaches and techniques for productively managing uncertainty when innovating. It includes examples and best practices, highlighting the contributions that strategic risk practitioners can offer leadership. Additionally, the report discusses common challenges posed by rapid innovation, as well as the skills and traits required of today’s risk professional. It is broken up into seven sections including:

  • Linking Innovation and Strategic Risk Management
  • Understanding Innovation
  • Exploring the Innovation Mix
  • Steps in the Innovation Process
  • Approaches for Managing Uncertainty When Innovating
  • Skills and Attributes Supporting Innovation
  • Contributions of the Strategic Risk Practitioner

“The need for innovation as a key engine for driving sustained growth is increasing for many organizations,” wrote Monica Merrifield, the report’s author. “Strategic risk management can offer the kind of creativity and rigor needed to support the exploration of new models for growth and greater impact while building an advantage for any organization wishing to imagine and achieve what is possible.”

Monica Merrifield is the Strategic Risk & Innovation Advisor to YMCA and NFP Leaders and the Chair of RIMS Strategic & Enterprise Risk Council. “Innovation and Strategic Risk Management” is currently available exclusively to RIMS members. To download the report, visit RIMS Risk Knowledge library at www.RIMS.org/RiskKnowledge. For more information about the Society and to learn about other RIMS publications, educational opportunities, conferences and resources, visit www.RIMS.org.

For more information, contact:

Josh Salter, Director of Communications, (212) 655-6059 or JSalter@rims.org

About RIMS

As the preeminent organization dedicated to promoting the profession of risk management, RIMS, the risk management society®, is a global not-for-profit organization representing more than 3,500 industrial, service, nonprofit, charitable and government entities throughout the world. Founded in 1950, RIMS is committed to advancing risk management capabilities for organizational success, bringing networking, professional development and education opportunities to its membership of more than 10,000 risk management professionals who are located in more than 60 countries. For more information on RIMS, visit www.RIMS.org

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