Actions
GRC1
Strategy Management
Strategy Management is a Term describing the Practice of
Strategy Management Governance, Risk & Compliance 1 2 Corporate, GRC, Governance, Risk, Compliance, Strategy, Management,Process Area
- Review Strategy - Periodical (typically monthly) meeting to review strategic issues and to make adjustments to the strategy and its execution.
- Develop strategy - The continual strategy development process, including external and internal competitive analysis, scenario planning, periodic (typically annual) executive team strategy meeting, and advising the executive team on strategic options
- Define the Balanced Scorecard - Determine adjustments to standard metrics
- Align the organization - Cascade metrics through the organization
- Communicate strategy - As-needed strategy updates (adjustments in strategy, strategic initiatives) and periodic Balanced Scorecard messaging (changes in achieved performance) into the organization
- Manage strategic initiatives - Manage the portfolio of strategic initiatives: screen, select, budget, staff, oversee, and/or execute
- Integrate strategic priorties
- Planning and Budgeting
- Human resource alignment - Make (achieving the) strategy everyone's responsibility through motivation and training
- Knowledge management - Enable or coordinate sharing best practices most critical for the strategy
Use Cases
Notes
Cascading a Strategy Management means to translate the corporate-wide scorecard (referred to as Tier 1) down to first business units, support units or departments (Tier 2) and then teams or individuals (Tier 3) Align Strategy
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