Enterprise risk management (ERM) continues to be a hot topic within the general business community. As with most things in life, ERM is being driven by a number of factors, both internal and external. According to a recent study of 200 international companies from a wide array of business segments, titled Risky Business -- Is Enterprise Risk Management Losing Ground?, the number one driver of ERM today is "the need to gain a greater understanding of hard-to-quantify risks," which obtained a positive response from 62% of the respondents. The past 12 months have seen the emergence of a major new external ERM driver, specifically the rating agencies. Certainly, the study documents the current conditions of the international efforts to implement a holistic approach to risk management. Accordingly, US corporations must begin to focus beyond mere compliance-related objectives to more strategic ones and move into the "advanced" status.
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