More than half of risk professionals say they're using enterprise risk management programs in their companies, according to a survey for the Risk & Insurance Management Society Inc.
RIMS and New York-based Advisen Ltd. surveyed nearly 1,100 risk managers, insurance buyers and other risk professionals for the biennial Enterprise Risk Management Survey, which was released Thursday.
Sixty-three percent of respondents said they have “fully or partially integrated” ERM strategies into their risk management programs.
That compares with 54% of respondents who said they were using ERM in RIMS' 2011 survey, and 36% who were doing so in 2009.
“Although many organizations are still in the infancy of ERM implementation, it is clear that ERM, and the role of the risk professional, has become a valued part of corporate culture and business practices,” Carol Fox, RIMS director of strategic and enterprise risk practice, said in a statement.
About 20% of risk professionals who do not use ERM said they plan to implement or investigate such programs in the next year, RIMS said.
One-third of respondents said ERM has helped their companies to raise risk awareness, while 22% said ERM programs have helped them avoid or mitigate risk.