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After completing this chapter you should be able to:
? Understand the inter-relationship between the elements of the Performance Strategy
syllabus.
? Have a broad appreciation of risk management, governance, internal control and
audit.
? Understand how fi nancial risks (e.g. interest and foreign exchange risk) and non-
fi nancial risks (e.g. information systems) are particular examples of risk management,
governance and internal control, that are emphasised in the Performance Strategy
Syllabus.
1 .1 Introduction
Two key issues underpin P3 Performance Strategy:
1. What risks does an organisation face?
2. How can those risks be managed and controlled?
The main purpose of this chapter is to help candidates see Performance Strategy as an integrated
subject. Whilst the syllabus (see The CIMA Learning System that precedes Chapter 1) has fi ve
separate elements, each with its own learning outcomes and syllabus content, to understand
Performance Strategy properly is to see all the elements of the syllabus as inter-related.
1 .2 Risk management in 2009
This chapter is being written early in 2009 as the effects of the global fi nancial crisis affect
most organisations and individuals. Share markets have suffered major falls, the value of
pension funds has fallen as a result. There is little confi dence in the regulators of fi nancial
markets, or in the large investment banks (some of which have failed) or in credit rating
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