Senior executives increasingly want risk managers to implement enterprise risk management within their organizations, according to a survey conducted by Marsh Inc. and the Risk & Insurance Management Society Inc.

The survey, “Excellence in Risk Management VIII: Greater Expectations, Greater Opportunities,” was released Tuesday at RIMS’ annual conference in Vancouver. More than 1,000 respondents participated in the online survey, which was conducted in the first quarter of 2011. Respondents included risk managers and C-suite and finance executives, according to Marsh and RIMS.

Eighty percent of survey respondents said that expectations about company risk management departments have risen in the wake of the financial crisis, according to the survey.

Approximately 60% of respondents said risk managers need to integrate risk management deeper with operations, while a similar percentage said they need to execute day-to-day activities more efficiently. In addition, 58% said risk managers should do more to lead ERM activities at their organizations, according to the survey.

54% of respondents said risk managers need to provide better quantification and analysis on risk management, as well as develop greater understanding of noninsurance risks and increase their involvement in strategic-planning efforts.

Senior corporate executives are recognizing the value of the risk management function and ERM as a result of the financial crisis, according to Brian C. Elowe, managing director of Marsh USA Inc. in Boston.

“Many times the ERM work actually…helped organizations manage through the crisis more effectively,” Mr. Elowe said at a press conference Tuesday. “There is an evolution—as a result of the crisis—in ERM where people want to go beyond the identification of risk and the reporting” for regulatory purposes, to one where “they actually incorporate doing something about the risk within their organization.”

Survey results also revealed a disconnect between senior executives and risk managers, who said company executives need to support risk managers’ involvement in the strategic planning process, Pamela G. Rogers, senior vp at Marsh Risk Consulting in Minneapolis, said at the press conference.

“The study highlights for us that risk managers are going to have to take the lead with senior management,” she said. “If they do, the expectation and the opportunity is there.”

Risk managers in the survey also said that communication between risk managers and senior executives needs to improve, with both groups of respondents acknowledging that “siloed approaches” were a significant barrier to ERM, according to the survey.

“There are some risk managers who aren’t really even well aware of the corporation’s strategy and are not focused on the corporation’s strategy,” Ms. Rogers said. “We want this study to be a strong tool for risk managers.”

“Get more involved within the operation,” urged Carol Fox, director of the strategic and enterprise risk practice at RIMS.