The use of enterprise risk management at some financial services firms staved off the turmoil that has plagued and nearly ruined many companies, according to a report by the country's leading risk manager 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 report by the New York-based Risk and Insurance Management Society.

Companies that followed the precepts of risk management for their enterprise--such as Goldman Sachs--helped protect their firms against the worst of the downturn, said Carol Fox, former chair of the RIMS Enterprise Risk Management Development Committee, during a RIMS webinar on the report last month.

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