The global financial collapse should have sent corporate executives running to implement enterprise risk management (ERM) strategies, but so far it hasn't.
That's the conclusion of two recent reports by KPMG and the Risk Management and Insurance Management Society (RIMS) that both issue wake-up calls for corporations to revamp and strengthen ERM practices. "This is an imperative that says, in order to prevent another financial catastrophe, organizations must change the way they think about risk and consider implementing an enterprise risk management program or improve the one they already have in place," warns Joseph Restoule, RIMS president and head of risk management at NOVA Chemicals Corp.
Most companies remain out of the loop. For example, when KPMG asked 130 audit executives and board members about their ERM strategies, the consulting company found deficiencies around risk culture. Almost 60% acknowledged that their companies' employees had little or no understanding of how to assess risk.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
