Organizations that have successfully embedded enterprise risk management programs are seeing benefits, including higher credit ratings, according to a study by the Risk and Insurance Management Society.
Conversely, the study, the “RIMS State of ERM Report 2008,” found that based on the ERM guidelines presented in the RIMS Risk Maturity Model for ERM, only 4 percent of companies surveyed have achieved a “managed or better” level of risk management competency in all risk competency areas.
This suggests, according to the study, that organizations may have a false sense of security, underestimating the requirements for an effective ERM program.
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