Executive Overview Managing the different kinds of risk in strategic alliances is a complex task. We propose a comprehensive framework of risk management with two components. First, we discuss the roles of relational risk and performance risk in alliance resource management. The overall goal is to gain access to partner firms' valuable resources while keeping one's own resources intact. To that end, alliance managers may choose from four orientations—control flexibility, security, and productivity. The second part of the framework focuses on various risks in the alliance management process, including the stages of partner selection, structuring, operation, and performance evaluation. Within each stage, we identify the key risk that may affect alliance success. These risks are related to fit, flexibility, collaboration, and planning for the future. Together, the two components of the framework provide insights and guidelines for managers to effectively deal with the major risks in the management of alliances.
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