Managing risks during strategy implementation, literature review

Abstract

The main aim of the various risk management frameworks is to ensure that intended strategies are executed, and the related objectives accomplished, which means that these frameworks give priority to controls. Enterprise risk management frameworks, no matter how well designed and operated, provides only reasonable assurance to management and the board of directors regarding achievement of an entity’s objectives but in the operational level, disregarding the evaluation the track of the strategy plan through implementation stage, These include the realities that human judgment in decision making can be faulty and that breakdowns can occur because of such human failures, and management can override the enterprise risk management process, including risk response decisions and control activities. So, it will be necessary, to develop some frameworks for assessing risks with considering the perspectives of the whole range of strategy stage, and avoid confusing objective assessment during strategy implementation.