Strategic management in financial institutions

Strategic management is a modern management concept that emerged in the 80s of the twentieth century. Its main goal is to enable the organization to rationally and timely respond to changes in the environment and to evenly distribute the roles of all people in the organization for the realization of the set goals. Under conditions where the environment is changing rapidly and dynamically, a strategic action is needed that will encompass a range of activities needed to make a strategic change. In most (large) corporations, there are several levels of management. Strategic management is the highest at these levels, in the sense that it is the broadest - it applies to all parts of the company - and also include the largest time period. It gives direction to common values, common culture, common goals, and joint missions. Under this broad common strategy there is typically a business-level competitive strategy and units of functional strategies.