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RIMS reports chart growth of enterprise risk management

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CHICAGO — The implementation of enterprise risk management is making significant strides, according to two executive reports released Monday at the Risk & Insurance Management Society's enterprise risk management conference in Chicago.

The reports, written by Carol Fox, the RIMS director of strategic & enterprise risk practice, and Steve Minsky, CEO and founder of LogicManager, are tools risk professionals can use when assessing their current programs and making necessary changes to their future risk management strategies.

“Adopting ERM is a commitment,” RIMS President Rick Roberts said in a news release. “The initial implementation process is only the beginning. Risk professionals must continue to work to advance their risk programs, to maintain support from leadership and keep operations managers engaged.”

The RIMS “State of ERM Report 2015” compares data from the organization's risk maturity model that was collected over the past seven years. The last such report was issued in 2008. The findings in the report suggest that competency drivers, or the processes that are put in place at all levels of an organization when applying enterprise risk management techniques, have improved considerably since the previous report.

Another trend found within the collected data was that more than 2,000 organizations were using the RIMS risk maturity model to assess their maturity levels and make action plan improvements, a “250% increase over the 564 organizations studied in 2008,” the report said.

The second RIMS report, “About the RIMS Risk Maturity Model” provides background about the model used and the drivers that define a well-managed ERM program, a RIMS news release said Monday.

The “State of ERM Report 2015” and “About RIMS Risk Maturity Model” are available in RIMS' risk knowledge library.