This paper aims to develop a process model that can be implemented in business schools by focussing on the detailed analysis of the requirements of the standards of the Association to Advance Collegiate Schools of Business (AACSB) related to the Strategic Management and Innovation. The paper presents an articulated procedure that was adopted for the development of the process model. The developed process model highlights a systemic approach to process design and implementation of AACSB accreditation standards related to Strategic Management and Innovation in a business school setting. The process model developed as part of this study received systematic reviews from a business school environment. The authors intend to develop process models for the remaining areas related to AACSB standards in the near future. Business schools can benefit from the process model whether they are planning to implement AACSB standards for accreditation or are interested in changing their current processes to adhere to AACSB standards.