The US-based Risk and Insurance Management Society (RIMS) has issued guiding principles and a definition for strategic risk management (SRM), saying it’s a growing area of enterprise risk management.

The definition says SRM is “a business discipline that drives deliberation and action regarding uncertainties and untapped opportunities that affect an organisation’s strategy and strategy execution”.

The RIMS board says SRM is not intended to replace enterprise risk management but is part of the evolution of the industry.

“RIMS envisions the convergence of ERM and SRM as more organisations formally adopt enterprise risk management,” it says in a statement.

The organisation has outlined 10 guiding principles for SRM, based on it being “value-driven, reflective, structured, informed, dynamic, process-based, condition-based, consequential, interdisciplinary and scenario-driven”.

The Risk Management Institution of Australasia was approached by insuranceNEWS.com.au to comment on local take-up of SRM, but has not responded by publication.