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Risk management programs gaining traction: RIMS

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About 61% of companies use enterprise risk management programs to direct their corporate strategies, according to a Risk and Insurance Management Society (RIMS) survey.

This year’s survey shows a marked improvement on the previous one in 2013.

About 73% of respondents have a fully or partially integrated risk program in place, up from 63% in 2013, and the financial sector takes risk programs seriously, with 92% having one in place. Nearly one-quarter have a fully integrated program this year, up from 21% in 2013.

The results are encouraging, but there is room for more improvement, RIMS says.

“We have seen great progress in the effectiveness of [enterprise risk management], but there is still a large percentage of organisations that have yet to take advantage of the potential value of a fully integrated approach,” VP of Strategic Initiatives Carol Fox said.

“As more information becomes available, the onus is on the risk professional to communicate the benefits of [enterprise risk management] to gain critical buy-in and resources from leadership.”

The survey drew responses from 397 participants across more than 14 industries. The US accounted for 79% of respondents, Canada 12% and Australia 1%.