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Sometime late this year, Standard & Poor’s hopes to roll out a new category for its corporate ratings: enterprise risk management (ERM). The Big Three rating agency, which has been assessing finance and insurance companies on their risk management practices and capabilities since 2005, is “developing the criteria” for this specific rating category, a company spokesman says. The move highlights a reality: While ERM has become a popular term, some experts say that most corporations, especially outside of the financial sector, have not moved risk management far beyond the regulatory risk area nor made it an integral part of their operations.

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