ERM, he said, went through a period where people either didn't know what it was or called whatever they were doing ERM “because it was fashionable.”

Now, he said, it has evolved into a robust discipline, “which is why the timing for the new [Chartered Enterprise Risk Analyst] credential is really good.” (See accompanying article.)

While insurers have had an interest in ERM for the past 10 years, it has been in and out of favor with non-insurers, he said.

The economic downturn had an impact as well, generating more interest because of the emerging risk that came out of it, “but at the same time, companies didn't have the financial flexibility to do a lot.”

Currently, however, “we're starting to see more companies taking a serious look at either implementing or upgrading their ERM processes. Things have stabilized a bit, so they're willing to consider investing in that,” he said.

“It's a complex business environment compared to even 10 or 15 years ago. There are a lot of global interconnections, and companies need help or they need a process to stay on top of that,” he observed, adding that global ERM has its unique challenges.

“One of the things an ERM process would do is help bring order within a company to looking at things like supply-chain risks,” he said. “It used to be that if you didn't like one supplier, you could change. Now, everybody has a whole chain of suppliers and there is a lot of risk associated with having so many small links in that chain.”

Speaking more generally about the state of the risk management profession in the current economy, Daniel Kugler, assistant treasurer, risk management, Snap-On Inc. in Chicago, said he believes “there is a medium level of hiring going on in the profession.”

“Like any profession today, it's down because of the economy, “but there is movement within, people moving into different positions,” said Mr. Kugler, who is also director of student involvement for the New York-based Risk and Insurance Management Society.

“I think it's got a lot of legs left, but I also believe that as risk managers, you have to try to broaden your activities within your organization and show what you're doing for them.”