Strategic Risk Management

Strategic Risk Management

Strategic risk management with the LEGO Group. What exactly is strategic risk management?

Examples of strategic risk? How can we measure and manage strategic risk? Are there a framework which an organization can use to navigate strategic risk management? Give specific examples of how other organizations implemented strategic risk management within their organizations and if it was successful or not.

Provide 3 references.

Proper APA Format (References & Citations)/No plagiarism

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Strategic Risk Management

            Risk management refers to the process that firms use to identify, analyze, and accept or mitigate uncertainties that their investments face. Thus, risk management entails quantifying the potential loss a business is likely to incur from an investment and take measures to reduce the losses or eliminate identified threats (Kenton, 2019). Firms that initiate strategic risk management can use key performance indicators (KPIs) to measure the results of measures they have initiated to manage threats.

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