61 Percent of Respondents Affirm ERM’s Impact on Organizational Strategy
NEW YORK (November 6, 2017) — The fact that more than half of the respondents reported that their enterprise risk management programs are informing and influencing strategy is a testament to the discipline’s value, according to RIMS 2017 Enterprise Risk Management Benchmark Survey.
The recently published RIMS 2017 Enterprise Risk Management Survey explores the evolution of ERM, drawing comparisons to the Society’s 2013 survey. The survey highlights the effectiveness and advantages of ERM programs, as well as leadership’s expectations of ERM, implementation strategies and challenges.
Key findings from the survey include:
• 73% of respondents report either having fully or partially integrated ERM programs;
• 87% agreed that executive management expects the ERM program to identify, prioritize, manage and monitor major risks;
• 61% say that ERM is being used to inform and influence strategy;
• 62% say that the risk management department is responsible for ERM activities.
“We have seen great progress in the effectiveness of ERM but there is still a large percentage of organizations that have yet to take advantage of the potential value of a fully-integrated ERM approach,” said RIMS Vice President of Strategic Initiatives Carol Fox. “As more information becomes available, the onus is on the risk professional to communicate the benefits of ERM to gain critical buy-in and resources from leadership.”
Responses to the survey were collected via internet link from March 6, 2017 to May 6, 2017. There were 397 respondents from more than 14 different industries. The RIMS 2017 Enterprise Risk Management Survey is now available to members-only in RIMS Risk Knowledge library at www.RIMS.org/riskknowledge. It will become available to the broader risk management community in 60-days.