The objectives of the Applied Risk Management Specialty Group are to:
a) Establish SRA as the preeminent clearinghouse bridging risk management with risk analysis tools.
b) Attract risk managers to SRA and facilitate the exchange of ideas and knowledge among risk management practitioners and technical specialists such as researchers, scholars, teachers, and others interested in the application of risk analysis tools within a risk management context.
c) Encourage collaborative and interdisciplinary research on applied risk management concepts, terminology, and frameworks that promote understanding and effective use of risk management practices.
d) Provide active, worldwide leadership on risk management issues. Promote risk management as an effective approach for addressing a wide range of technically and socially complex problems facing the world today. Subspecialties may include but are not limited to:
a. Risk-based Asset Management: Minimizing the costs and risks of asset ownership through effective planning, acquisition, use, maintenance, and decommissioning of a portfolio of hard and/or soft assets.
b. Enterprise Risk Management: Comprehensive or holistic approaches to managing risk across facilities and/or across an organization, enabling optimal allocation of resources across a wide range of seemingly disparate topic areas such as asset management, regulatory compliance and financial goals for an organizational unit.
c. Long-term Societal Risk Management: Frameworks for envisioning long-term organization or societal viability and resilience within the context of broad social, technical, financial and/or environmental trends that may be internal or external to an organization or societal body. Topic areas might include terrorism risk management (especially WMD terrorism and cyber terrorism), climate change, demographic trends, international market changes, and national security. While the topic areas have the potential to overlap with "Decision Analysis and Risk," and "Security and Defense," those areas tend to focus on risk assessment, not risk management. For example, a risk management approach might seek to recognize and respond to broad underlying demographic trends, such as aging and stagnating populations, within the context of one of the above topic areas.
d. Cost, Schedule and Project Risk Management: Focuses on the identification, assessment, and mitigation of risks that can have the biggest impact to project objectives related to budgets and timelines.