Nearly 80% of companies have not fully implemented a comprehensive enterprise risk management (ERM) strategy or don't have a strategy at all, according to a recent survey sponsored by SAS Institute Inc.
That's surprising since 70% of the 316 financial services executives polled blame poor risk management for the crippling credit crisis. While 71% say they have adopted but not put in place an overall strategy, 8% have no policy. That leaves just 18% with a fully implemented, comprehensive ERM plan.
The good news is that about 60% said the credit crisis has prompted them to more closely scrutinize their ERM practices.
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