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The Risk & Insurance Management Society Inc. on Tuesday said San Francisco-based resource recovery company Recology Inc. is the recipient of the RIMS 2019 Global Enterprise Risk Management Award of Distinction.
The award, which was presented at the RIMS ERM conference in New Orleans, recognizes Recology for its integration of ERM with governance and strategy to achieve sustainable, long-term value across the organization, the New York-based organization said in a statement.
Recology implemented an ERM program in just over a year that included developing a training program for employees and a common risk database, to build risk awareness into the company’s culture, RIMS said.
Recology also adopted risk-driven metrics to address dynamic risks, such as global pricing of recycled materials, resulting in more efficient allocation of resources, RIMS said.
Honorable mentions were presented to Dubai, United Arab Emirates, Roads and Transit Authority; The Regional Municipality of York, Ontario, Canada; and Semiconductor Components Industries LLC, based in Phoenix.
The latest version of an enterprise risk management guide has been designed to help organizations grow while managing risk, experts say.