Applying Strategic Planning

Today's risk manager must be aware of safety, labor relations, workers compensation, and economic trends. The challenges are so taxing that risk management in many instances has become crisis management. A necessary prelude to effective strategic planning is a clear articulation, by senior mana...

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Bibliographic Details
Published in:Business insurance 1990-07, Vol.24 (29), p.20
Main Author: Kakis, Frederic J
Format: Article
Language:English
Subjects:
Mission statements
Plans
Risk management
Strategic planning
Trends
Online Access:Get full text
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Summary:Today's risk manager must be aware of safety, labor relations, workers compensation, and economic trends. The challenges are so taxing that risk management in many instances has become crisis management. A necessary prelude to effective strategic planning is a clear articulation, by senior management, of the company's organizational mission. After analyzing the mission statement, the strategic plan can be designed. An effective strategic plan should contain, at a minimum, the following elements: 1. a prioritized outline of the broad objectives of the organization as a whole, as well as objectives for pertinent segments of the organization, 2. a study of factors such as population trends, demographics, availability of human resources, capital needs, and sources of funding, 3. a breakdown of the total risk management plan into regional subsets, 4. an audit of available resources, 5. a systematic analysis of constraints, 6. a timetable, 7. a description of the review process, 8. a prioritized list of action items, 9. a consideration of alternatives, 10. a clear set of strategies, 11. task assignments, and 12. administration.
ISSN:0007-6864
1557-7791