Nearly half of risk management departments are using progressive tools like alternative risk financing, but few have moved all the way forward to embrace enterprise risk management, and progress has stalled, a new study reveals.
The study, “Excellence in Risk Management Study,” conducted by the Risk and Insurance Management Society and Marsh, defines three levels of risk management–traditional, progressive and strategic–where strategic includes ERM approaches.
According to study presented here at the RIMS annual conference, risk managers believe that movement towards ERM approaches is starting to plateau, and only 18 percent of firms currently categorize their approaches as strategic.
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