Whether or not faulty enterprise risk management systems were responsible for failures in the financial sector is being hotly debated, but most in the risk management profession agree that with some tweaking, ERM is here to stay. In fact, some contend the economic meltdown only proves how valuable the concept will be–if performed correctly and if given the proper support.
Indeed, one leading consultant says ERM–being a more complex game like chess–is still relatively new to the risk management world, contending that more time is needed for the approach to evolve, develop best practices and take hold.
Not all are so forgiving. In a recent speech, Robert P. Hartwig, president of the Insurance Information Institute in New York, declared that “the financial crisis is the result of a failure of risk management in the banking and securities markets on a colossal scale.”
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