This document discusses aligning an organization's risk appetite and risk exposure through strategic execution. It argues that successful strategy execution in the post-credit crisis world requires balancing risk appetite and exposure within the context of clear strategic objectives. The document provides a roadmap for organizations to determine strategic objectives, define risk appetite, identify key risks, review risk appetite in light of key risks, conduct risk assessments, and map risk exposure to risk appetite using a risk appetite and exposure matrix. Following this process allows organizations to integrate risk management into strategic decision making.