One-third of participants serving a core business function—legal, CFO, CEO or corporate board member—considered ERM to be of critical importance to their business.
But efforts to implement ERM programs are still in early stages, such as creating a risk inventory and the assessment process. ERM maturity is the greatest in select industries, including financial services, energy and utilities, but the health care sector has seen rapid growth in ERM in recent years.
The report, sponsored by Oliver Wyman, a global management consultancy, is based on a survey of executives of 200 companies and is available at www.conference-board.org . For more information on the standards and responsibilities associated with ERM, see “Enterprising Views of Risk Management,” JofA , June 04, page 65.