The Risk and Insurance Management Society (RIMS) said it supports Standard & Poor's adoption of an enterprise risk management framework as a component of its ratings reviews for companies, but its evaluation process could still use improvement.
RIMS said in a statement it provided feedback on Feb. 29, expressing conceptual support of S&P's proposed ERM analysis and at the same time, offering concerns and recommendations "regarding potential implementation and resource issues in applying the proposed framework."
ERM is the process of planning and managing the activities of a business to minimize not just risks associated with accidental losses but also financial, strategic, operational and other risks.
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