The Two Headed Coin is focused on one of the central topics in risk management and the regulatory environment--the integration of strategic positioning and risk analysis. The result is competitive advantage and ability to drive performance since the integration of the two perspectives improves both strategic formulation and implementation. The book discusses strategic goals and how ERM should be involved in the strategic planning process. Risk managers have been pursuing this involvement for the past decade and have gained little traction to this point. The long working experience of two business professionals, one a strategist and the other a risk professional makes the authors uniquely capable to discuss the advantages and pitfalls of the integration. The touchstone of the decisions made by two partners in a start-up facilitates a holistic and integrated approach to the integration of strategy and risks as the resulting trade-offs and unintended outcomes of decisions is raised. In summary, the Two Headed Coin focuses on the following: The integration of strategic positioning and risk analysis The recognition that strategic goals precede risk analysis The ensuing dialectic between strategy and risk and the effect on strategic goals - this leads to competitive advantage through improved strategy formulation and implementation