COVID changes nature of ERM programmes

More than half of enterprise risk management programmes shifted in focus to health and safety and business continuity in response to the COVID-19 pandemic, according to RIMS's 2020 Enterprise Risk Management Benchmark Survey.

The society says 22% of its 613 respondents saw an increase in resource allocation for ERM as a result of COVID-19 challenges.

Conducted online between July and September 2020, the results reflect the views of risk professionals from 14 different industries, in 20 countries.

“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,” the survey reads. “Clearly, executive management relies on the ERM programme 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.”

RIMS also found that 98% of organisations have a fully or partially integrated ERM programme (up 26% from 2017); and that 76% of senior leadership teams and boards apply ERM insights into business decisions.

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