Investment in risk management stable
The adoption of enterprise risk management has flattened out at about 65% of businesses according to a joint report by Marsh and the Risk and Insurance Management Society.
The international report finds risk management budgets “have proven fairly resistant to large-scale changes resulting from the current global recession”.
But risk practitioners are being asked to operate more efficiently. That is likely to have a mixed effect on staffing levels with 14% of firms intending to enlarge risk management departments but 13% say they plan to cut employee numbers.
Of the 450 firms surveyed, some 67% plan to adopt a more strategic approach to risk management, a similar result to previous surveys.
Main barriers to change include an inability to demonstrate value and senior management concern over the difficulty and cost of implementation.
The international report finds risk management budgets “have proven fairly resistant to large-scale changes resulting from the current global recession”.
But risk practitioners are being asked to operate more efficiently. That is likely to have a mixed effect on staffing levels with 14% of firms intending to enlarge risk management departments but 13% say they plan to cut employee numbers.
Of the 450 firms surveyed, some 67% plan to adopt a more strategic approach to risk management, a similar result to previous surveys.
Main barriers to change include an inability to demonstrate value and senior management concern over the difficulty and cost of implementation.