RIMS Report: Enterprise Risk Management Benchmark Survey (With COVID-19 Supplement)

NEW YORK — More than 50% of ERM programs shifted their focus to health and safety and business continuity in response to the COVID-19 pandemic, according to RIMS 2020 Enterprise Risk Management Benchmark Survey.

The recently published RIMS 2020 Enterprise Risk Management Survey provides a perspective on the continued evolution of ERM programs, including a supplement focused on the impact the COVID-19 global health pandemic has had on them. The report also notes the advantages that ERM offers for enhancing board reporting, its effectiveness in breaking down organizational silos and influencing strategic decision-making at the highest levels.  

Key findings from the survey include:

·       98% of organizations have a fully or partially integrated ERM program, up 26% from 2017;

·       76% of senior leadership teams and boards apply ERM insights into business decisions;

·       Health & Safety (56%) and/or Business Continuity (54%) have become ERM’s primary focus as a result of COVID-19;

·       48% cited “meeting strategic and operational objectives” as ERM’s greatest value;

·       22% saw an increase in resource allocation for ERM as a result of COVID-19 challenges.

 “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,” according to the survey.

“Clearly, executive management relies on the ERM program to provide reasonable assurance that major risks are managed. [However,] the priority of value gained from ERM shifted in the last decade to eliminating silos and increasing certainty in meeting strategic and operational objectives.”

Responses to the survey were collected via a web link from July 2020 to September 2020. There were 288 respondents to the general RIMS ERM Benchmark Survey. There were 613 respondents to the ERM COVID-19 supplement survey. Respondents represented more than 14 different industries, based in over 20 countries. The RIMS 2020 Enterprise Risk Management Survey is now available to members-only in RIMS Risk Knowledge library at www.RIMS.org/riskknowledge. It will become available to the broader risk management community on April 19, 2021. 

About RIMS

RIMS, the risk management society®, is a global not-for-profit committed to advancing the practice of risk management throughout the world. We bring networking, professional development, certification, and education opportunities to our membership of 10,000 risk management professionals in over 60 countries. Founded in 1950, the Society represents more than 3,500 industrial, service, nonprofit, charitable, and government entities throughout the world. 

Source: Press Release