Risk managers at companies without enterprisewide risk management programs in place are–in a very real sense–working without a safety net. In today's high-risk world, that's not a very smart idea, especially with the turmoil in the financial services industry and the resulting credit market crunch casting a harsh spotlight on corporate risk management processes.
While risk management has long been a mainstay of good business management, the concept of addressing risk holistically, within a single, integrated framework, is a relative newcomer to many executive C-suites. However, the ERM approach is gaining new traction in the boardroom.
Corporate boards are increasingly driving and supporting ERM initiatives and programs. According to a recent survey report by The Conference Board, 55 percent of those queried (risk, audit and finance executives) indicate their corporate boards are a top driver of their ERM program, up from 49 percent two years ago.
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