Companies are exposed to a variety of risks related to the development and implementation of the business strategy. In spite of the extensive amount of literature about enterprise risk management, it is possible to observe an opportunity to analyse how different kinds of risk information can be objectively considered by senior management in order to enhance corporate governance and have sound decision making processes. Strategy formulation is the main part of the strategic planning process. A robust ERM framework must provide relevant risk information for decision takers so as to reduce the possibility of selecting a mistaken strategy or the absence of an important one. Most common strategic planning tools do not even take risk into account, which worsens the situation. Subsequently, it is time to identify and measure strategic risks. They can leverage, hinder or prevent the fulfilment of the strategic objectives. Risk management may also support the development of institutional actions so as to increase the likelihood of reaching the expected results. Furthermore, strategic risks should be monitored through key risk indicators in order to allow the identification of conditions that could lead to a risk event. Therefore, this paper aims to introduce a new comprehensive model which integrates risk management into strategic planning. A number of risk tools, improvements to be made by risk managers and a practical application of the model are presented in order to make possible the establishment and deployment of an effective strategy by the organization.