The benefits of enterprise risk management (ERM) programs are gaining greater traction with companies, as more organisations implement programs to deal with risk.

The Risk and Insurance Management Society says acceptance has reached “critical mass”, with its third survey of more than 1000 risk professionals finding 21% have an ERM program and 42% are implementing one.

Only 8% responded to the survey, but the society says the 63% acceptance rate – compared with 54% in its 2011 survey – shows ERM “is now increasingly viewed as a necessary practice by much of the risk management community, executive management and regulatory agencies”.

Programs are mostly likely to be implemented after a directive from a company’s board, the survey shows.

Respondents say having an ERM strategy has increased risk awareness and encouraged people within their organisation to avoid or mitigate risk.