This document discusses best practices for strategic risk management. It recommends taking a comprehensive approach to risk management that improves corporate governance and increases shareholder value. Key aspects of this approach include establishing a robust risk management infrastructure with strong oversight and commitment from senior leadership, clearly defined roles and responsibilities, and policies aligned across levels from the board to individual business units. The goal is to build an effective risk culture through both formal processes and incentives that treat risk management as a partnership between the risk and business teams.