What do strategists mean when they talk about risk?

Purpose – The purpose of this paper is to introduce strategic managers to a multi‐perspective approach to thinking about risk. Design/methodology/approach – This paper takes the form of a review. Findings – An eight‐fold way of thinking about risk is suggested: as a formal idea in finance and economics; as fear of loss, often non‐monetary and qualitative; as something that influences strategic choice; as something that influences strategic behaviour; as a factor in position and status; as something the brain is adapted to deal with – quickly and efficiently; as something that effects the way strategic managers deal with information and impacts on their cognitive processing; and as something that, like resources, is shared between the organisation and its stakeholders. Practical implications – The article suggests a practical checklist for strategists to think about the risk(s) of different strategic options and how it impacts on strategy evaluation and implementation. Originality/value – The paper identifies the significant lacuna with regard to risk in modern strategic management.