Strategic Risk
What is Strategic Risk?
Risks that affect or are created by an organization's business strategy and strategic objectives, including market changes and competitive threats.
Terms that appear alongside strategic risk
Each of these is named in at least one of the same controls as strategic risk. The number is how many controls name both.
- risk assessment 2 shared controls
- compliance 2 shared controls
- risk profile 2 shared controls
Frameworks that govern strategic risk
What the standards actually require on strategic risk
Requirements naming strategic risk across 6 standards, quoted from the control text.
Management integrates retail payment strategies into the institution's overall strategic planning, recognises that new payment lines, mergers, infrastructure changes and competition with innovative nonbank providers raise strategic risk, and supports business...
ffiec-it-examination-handbook::RPS-03 · Strategic Risk (Retail Payment Systems) →Sets the supervisory approach to strategic risk and the elements of its management: the framework and its components, the management structure (board and senior management, functional departments, the strategic risk management function), and the process (strat...
hkma-spm::SR-1 · SR-1 Strategic Risk Management →Management remains responsible for holding capital beyond the minimum that fits its risk profile, and more capital is no substitute for fixing weak controls (SRP10.2, SRP10.4).
basel-iii-international-banking-framework::SRP10-20 · Support supervisory review and operate above minimum capital requirements →Before new activities are taken on, including investments, purchases, mergers, adopting new technology, outsourcing and contracting with outside suppliers, their effect on information security risk should be properly assessed.
iso-iec-27014-2020::7.2.3 · Objective 3: set the direction of acquisition →Conduct risk assessments at the three tiers defined in NIST SP 800-30 Rev 1 Section 2.3 and aligned with NIST SP 800-39 governance tiers.
NISTSP30-2 · Three-Tier Risk Assessment Scoping (Organisation, Mission/Business, Information System) →Execute the Assess step per NIST SP 800-39 Chapter 3 Section 3.2 using NIST SP 800-30 (Risk Assessments) as the supporting methodology.
NISTSP39-3 · Risk Assessing: Organisation, Mission, and System Level Assessments →Questions people ask about strategic risk
What is Strategic Risk?
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