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Study shows good start to risk management in Latin America

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Latin American companies appreciate the value of risk management and are making significant steps in developing risk management programs, according to a new study.

Seventy-seven percent of the participants in the study released Monday said they have an employee dedicated to risk management.

The Risk and Insurance Management Society (RIMS) and Marsh L.L.C. released results on the development of risk management practices in Latin America at the first Latin America RIMS Risk Forum, in Lima, Peru.

“Latin America's growing economy offers many opportunities, but, before engaging in commerce in the region, it is critical for risk professionals to be able to identify and assess all uncertainties,” RIMS President Rick Roberts said in a statement.

Data were collected from 369 Latin America companies in 15 countries and 10 industries from June to September. The results also suggested that the concept of risk appetite is not sufficiently understood in Latin American companies.

“While the trend is encouraging, we must continue to educate Latin American business leaders about the benefits of an integrated and strategic risk management approach by demonstrating its ability to positively impact finances, sustainability and governance," said Miami-based Rodrigo Fajardo, Marsh risk consulting leader for Latin America.

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