The number of businesses with integrated enterprise risk management (ERM) programs, technologies and strategies is on the rise. Most businesses surveyed by RIMS in its 2017 ERM Benchmark Survey have either partially or fully integrated their ERM programs, and fewer firms say they have no plans to do so, compared to 2013 figures.
However, a wholly effective risk management strategy still appears out of reach for many companies. Forty percent of businesses surveyed in the report said their organizations are not using insights from their ERM programs to influence their company’s overall strategy, or they aren’t sure if this is happening. Respondents cited challenges in the ownership of their ERM programs, and a high rate of dissatisfaction in how their risk management strategies actually align with their firms’ strategic decision-making.
Part of the problem, said David Nolan, CEO…
