Asking the Experts about Financial Management
The American Strategic Management Institute held its Corporate Strategic Planning event this month in Arlington, VA. The event highlighted best practices and some of the leading techniques and concepts for designing and implementing strategic plans. Given today’s current climate for risk management and compliance concerns, Mervyn Sambles presentation on Strategic Planning and its role in Enterprise Risk Management certainly held a few “ah ha!” moments for the crowd. Mervyn is Vice President of Strategic Development at Fluor Corporation, and is responsible for identifying and quantifying the risks inherent in the execution of his organization’s strategic plan. He described how Fluor’s strategic development process analyzed it’s strategic mission, values and objectives, and determined whether strategic decisions were in alignment with those principles. He provided clear examples of how corporate objectives and strategies have inherent strategic and operational risks, and emphasized the role of performance monitoring in mitigating those risks. He outlined a risk outlook process, within which he explained how and why strategic risk often goes unaddressed due to low frequency cycles.
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| The Center for Budget and Financial Management promotes excellence, transparency and accountability by providing the strategies and tools necessary to solve financial and budgetary issues. Turn your finance department into a proactive part of your organization through effective budgeting, planning and forecasting techniques. |
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