Executive report offers guidance on transitioning to enterprise risk management: RIMS

RIMS issued a new executive report Monday, Transitioning to Enterprise Risk Management, that details how building an ERM capability and culture can directly correlate to stronger financial results and even greater potential for organizational success.

Released Monday at the RIMS 2014 Annual Conference & Exhibition, being held Apr. 27-30 in Denver, the report penned by members of RIMS ERM Committee highlights steps that risk professionals can take to advance traditional programs.

“A robust enterprise-wide risk management framework provides a practical and sustained basis for improved profitability, greater operational efficiency, increased shareholder value and reduced financial volatility,” Carol Fox, RIMS director of strategic and enterprise risk practice, says in a statement from RIMS, a global not-for-profit organization representing more than 3,500 industrial, service, non-profit, charitable and government entities throughout the world.

“Increasingly, research data supports ERM’s business value and competitive advantage in an ever more uncertain environment. As a result, risk professional have an excellent opportunity to play a key role in their organization’s ERM transition,” Fox notes.

The report which is is complimentary for RIMS members, RIMS 2014 Annual Conference & Exhibition attendees and $29 U.S. for non-members – is available at www.RIMS.org/RiskKnowledge – and provides a game plan for practitioners to offer real-world examples of successful ERM implementation.

It explores common characteristics of risk management programs and provides practitioners with five fundamental steps to help them successfully transition to a broader enterprise risk management approach, the statement adds.

In addition, it contains implementation strategies employed by risk professionals from a number of organizations.