Examining thematic elements in strategic business risk

Purpose – The purpose of this paper is exploratory. The author seeks to put forward propositions on how firms may best conceive business risks in an environment characterised by constant change and uncertainty. To construct such a reality, the author examines how the military manages its engagement with strategic risk and uncertainty. Design/methodology/approach – The paper presents a summated examination of literature published over the last four decades covering three major areas of management literature; risk management, competitive strategy and military tactics are conducted. Findings – The propositions which are put forward provide the foundation for the empirical development of an appropriate framework for strategic risk management. Originality/value – The major contribution of the study is that it has focused readers on not only strategic risk and competition, but on how lessons can be drawn from the military's experience of dealing with irregular forms of competition.