Minority of companies with ERM programs use software to support their programs

The majority of companies with an enterprise risk management program (ERM) in place operate their programs without the support of ERM software, a Risk and Insurance Management Society (RIMS) survey has found.
RIMS’ Technical Advisory Council (TAC) surveyed 651 companies. It found that out of the 317 companies surveyed that had a formal ERM program in place, only 149 were using ERM software to support their programs.
Among the software users, 27% of the firms reported developing their own solutions internally, using desktop applications such as Microsoft Office.
Five per cent of software users developed custom solutions and 20% report using specialized software to support aspects of their ERM program, the TAC found.
Monitoring and tracking was ranked as the Number 1 use of ERM software, followed by analysis and data repository (tied for second) and quantification.
Relating risks and processes was ranked last.
When asked ‘How would you like to use ERM technology in the future?’ respondents appeared to place an increased emphasis on reporting, relative to quantification.