NEW YORK :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. 

About RIMS

As the preeminent organization dedicated to educating, engaging and advocating for the global risk community, RIMS, the risk management society®, is a not-for-profit organization representing more than 3,500 corporate, industrial, service, nonprofit, charitable and government entities throughout the world. RIMS has a membership of approximately 10,000 risk practitioners who are located in more than 60 countries. 

Source: Press Release

http://www.insurancealertss.com//Insurance/NominationForm/17527