RIMS survey shows a large increase in the uptake of integrated enterprise risk management programs
- Published: Tuesday, 23 February 2021 16:38
According to the recently published RIMS 2020 Enterprise Risk Management Survey 98 percent of responding organizations have a fully or partially integrated ERM program in place, up 26 percent from 2017.
“Enterprise risk management is now an accepted mainstream business discipline. That said, work still needs to be done to make ERM fully integrated, agile, and proactive,” say the survey authors.
Responses to the survey were collected online from July 2020 to September 2020. There were 288 respondents to the general RIMS ERM Benchmark Survey and 613 people responded to a supplemental ERM and COVID-19 survey.
Other key findings included:
- More than 50 percent of ERM programs shifted their focus to health and safety (56 percent) and business continuity (54 percent) in response to the COVID-19 pandemic.
- 76 percent of senior leadership teams and boards apply ERM insights into business decisions.
- 48 percent cited ‘meeting strategic and operational objectives’ as ERM’s greatest value;
- 22 percent saw an increase in resource allocation for ERM as a result of COVID-19 challenges.