Strategic Planning - Best Practices

Risk Commentary

New website = RiskCommentary.ca
Foundation for ERM: you must have the best organizational planning practice you can muster.

Recap: 3 basic steps in strategic planning process

• internal
• environmental scan
• goal formulation

Three types of planning

• internal organization
• strategic
• operational

Broader schema

• to try to relate planning and management practices (Agile, Lean, ERP, etc.)
• see Robertson Strategic Planning
• review to see where you might make changes

Is strategic planning dead?

• Mintzberg’s article “The Rise and Fall of Strategic Planning“
• strategic planning is popular; yet somehow mysterious and ineffective (kinda sounds like ERM!)
• his true complaint: not predictive; focused on quantitative targets; not participatory

Recommended practices in strategic planning:

• an iterative process; participatory, involving dialogue and exchange
• well-informed by detection of trends, conditions and emergent issues
• helps promote an integrated culture

Note on the use of academic studies

Conclusions: significance of good strategic planning:

• research and discussion
• common understanding that is developed
• resulting meaningful action

Is it too much to ask that risk managers look at planning?

Summary

KEY QUOTE
“Traditional planning fails to take into account the creative processes and discoveries that generate breakthroughs.” (article ~ Wall, S. and Wall ,S.R.)

LINKS
Aldehayyat J & Anchor J (2010) “Strategic Planning Implementation and Creation of Value in the Firm”
Wall, S. & Wall, S R (1995) “The Evolution (Not the Death) of Strategy”
E. Robertson Strategic Planning: Process, Templates and Effective Implementation (2019)