Enterprise-risk management (ERM) has come a long way in a short time. Just a few years ago, the question was whether ERM was really even relevant. 

Today, a growing perception that ERM “is a business discipline that can advance an organization's [big-picture] objectives” is driving higher adoption rates across all types of organizations, says Carol Fox, director of strategic and enterprise-risk practice with the Risk and Insurance Management Society.

In fact, acceptance of the strategic value of ERM has evolved to the point where ratings agencies and equity analysts are starting to ask companies to demonstrate that they have robust ERM programs in place.

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