New York, N.Y., February 4, 2008 — The Risk and Insurance Management Society (RIMS) has announced plans to release a study this spring on the state of Enterprise Risk Management (ERM). The report is based on data gathered from some 500 corporate risk practitioners over the course of the past year and is being developed in conjunction with software solution provider LogicManager, co-developer of RIMS Risk Maturity Model for ERM.
“RIMS upcoming report on ERM will be very telling on how risk management currently stands as a discipline, as well as a business function,” says Mary Roth, executive director of RIMS. “It will provide insights into the state of ERM today and demonstrate the extent to which businesses are in the process of implementing ERM as a critical part of their risk management strategies.”
The spring 2008 study will be based on data submitted by some 500 corporate risk practitioners to RIMS Risk Maturity Model Assessment, an online evaluation tool that measures the maturity of risk programs, hosted on RIMS website at www.RIMS.org/RMM. This free resource is open to corporations worldwide, and all participants who complete the assessment will receive a complimentary copy of the 2008 report on ERM.
“RIMS ERM report will provide key insights on what risk managers have focused to drive business value in their ERM programs,” says Steven Minsky, CEO of LogicManager.”The current number of assessment participants has exceeded our goal of 500, further underscoring the need for companies to upgrade their ERM capabilities as a result of recent mandates of an ERM-based approach to Sarbanes-Oxley(SOX) compliance, and incorporation of ERM by Standard & Poor’s and other rating agencies.”
RIMS Risk Maturity Model Assessment allows executives in risk management and others charged with risk management responsibilities to score their risk program using 25 key characteristics. Practitioners then receive a real-time personalized report of their program maturity level and the complete Risk Maturity Model to help develop an action plan for improving processes and increasing the effectiveness of their risk program.
Launched in late 2006, RIMS Risk Maturity Model for ERM presents a five-level progression for program maturity, from “Ad hoc” to “Leadership”, and provides a roadmap to the successful adoption of an ERM program that is designed to view risks across all areas of the business in order to identify strategic opportunities and reduce uncertainty.
RIMS Risk Maturity Model for ERM and other ERM resources are available online in RIMS ERM Center of Excellence at www.RIMS.org/ERM.
About the Risk and Insurance Management Society, Inc.
The Risk and Insurance Management Society, Inc. (RIMS) is a not-for-profit organization dedicated to advancing the practice of risk management, a professional discipline that protects physical, financial and human resources. Founded in 1950, RIMS represents nearly 4,000 industrial, service, nonprofit, charitable, and governmental entities. The Society serves more than 10,500 risk management professionals around the world. For more information, visit visit www.RIMS.org.Tags: enterprise risk management (ERM), Risk and Insurance Management Society (RIMS)