Enterprise risk management has become standard practice for Fortune 500 companies these days, but not so much for mid-market firms. While the financial crisis made it clear how important understanding risk can be, it also made it that much harder for cash-strapped and cost-conscious smaller firms to invest in the software and personnel necessary to make ERM happen.

"Many mid-market firms don't yet have a robust ERM," says Brian Kalish, head of the finance practice at the Association for Financial Professionals. "Certainly for the past year, those that don't have not been dealing with that issue."

"Our company is currently looking at ERM, but for now, it's just me," says Dan Kugler, assistant treasurer for risk management at Snap-On, a $2.8-billion Kenosha, Wis.-based maker of hand and power tools. "We don't have a risk officer yet," says Kugler, whose main responsibility is overseeing Snap-On's property and casualty risk.