Magazine article Risk Management

Taking ERM to the Next Level

Magazine article Risk Management

Taking ERM to the Next Level

Article excerpt

As the leading voice in the risk management profession, RIMS has been a strong proponent of ,enterprise risk management (ERM), from the ERM Center of Excellence at www.RIM5.org to the strong ERM-related content at the RIMS conference, as well as within the pages of this magazine.

That commitment took a great leap forward last November, when RIMS launched the Risk Maturity Model for Enterprise Risk Management, an online resource that provides guidelines and best practices for developing and maintaining a comprehensive risk management program. The Risk Maturity Model provides a standard by which organizations can evaluate and improve their approach to ERM. The Risk Maturity Model features a real-time benchmarking exercise that allows executives to score key characteristics of their risk management programs and generate a personalized maturity assessment. This tool is a valuable resource for board members, executive management, risk managers and all corporate functions tasked with risk management responsibilities.

"The RIMS Risk Maturity Model is a ground-breaking, sophisticated educational and reference tool that delivers a much needed barometer for the risk management community, as well as CEOs, COOs, CIOs, compliance, internal audit and other functions with risk management responsibilities," says John Phelps, a member of the RIMS board of directors and director of risk management for Blue Cross and Blue Shield of Florida, Inc. "The tool empowers organizations with the ability to evaluate risk culture competency, identify gaps and determine areas for improvement. In addition, it provides measures to help advance their programs and align them with ERM best practices. Eventually business leaders will be able to benchmark program maturity according to function, industry and company size."

The Risk Maturity Model is based on the Capability Maturity Model, a methodology developed by the Carnegie Mellon University Software Engineering Institute (SEI) in the 1980s. Originally, the model was used to advance software engineering methodologies and processes. Since then, the theory behind the Maturity Model has been applied to other corporate operations and embraced by numerous organizations within the technology, finance and defense industries. …

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