Use of enterprise risk management at some financial firms staved off the financial turmoil that has hit many companies, according to a risk manager's group.

While failures of risk management are being blamed by many for the financial crises in the banking industry, these issues did not "arise from a failure of risk management as a business discipline," according to the Risk and Insurance Management Society Inc.

Companies that followed the precepts of risk management for their enterprise, like Goldman Sachs, helped protect their firms against the downturn, said Carol Fox, former chairperson of the RIMS Enterprise Risk Management Development Committee, during a teleconference yesterday.

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