Mr. Rudolph explained that while companies see the value in ERM, they are "still not willing to spend as much for it."

Nearly 94 percent of the survey respondents said ERM is embraced by their senior leadership, but that support may be relatively soft. Of that group, only 26 percent strongly agreed that senior leadership embraces ERM.

While 70 percent of respondents said ERM was deeply integrated within their corporate culture, only 18 percent said they strongly agreed with that assessment. This contradictory finding indicates that more needs to be done to fully integrate ERM into the corporate culture, including more support from leadership, the report said.

Mr. Rudolph added, "It's a challenging time, because this is the time--when things are tough--that you can put some practices out there that, when times get better, you can leverage and really run with."

To a degree, he noted, "we're worried that some companies are using ERM more for show" than for decision-making. Ratings agencies that now require ERM are a big reason, he said.

While some companies have a chief risk officer, "when you look at where they are in the structure, they maybe saw the CEO in the cafeteria one time, but that's as close as they get."

A good ERM program, he said, needs to be organized so the CRO has access to the board of directors--independent of the CEO--to give the board the opportunity to ask, "What should we be worried about?" Mr. Rudolph said.

While the global economic downturn has caused organizations of all types to take a renewed look at their risk profiles, their subsequent approaches are not necessarily clear cut, the study found.

And the poll of actuaries and other risk experts found that 46 percent of the respondents' organizations have assumed less risk following the recent economic crisis, while 37 percent made no change in their risk approach. Just 6 percent of the respondents said their organizations had taken on more risk.

"Given the recent market challenges in mitigating risk, the microscope is focused on ERM like never before," Mr. Rudolph said in a statement. "ERM is not just a cost of doing business. It needs to be a central aspect of any corporation's business strategy, fully integrated throughout the organization."

Actuaries, he noted, have led the drive to help all types of financial services organizations develop strong ERM programs.

The survey results also found that 56 percent of respondents ranked financial risk as the most severe concern for their company or clients. Strategic and operational risks were the next two risks of most concern.

What actions are risk professionals taking to mitigate risks? In the financial risk category, according to the survey, they are hedging, improving analytics, stress testing and enacting internal controls.

To alleviate strategic risks, businesses are incorporating a higher level of strategy review and adapting or expanding ERM capabilities. They are also acquiring companies or expanding their own business, as noted by the survey respondents.

"Senior management can take the lead by incorporating ERM into their business strategies to anticipate and manage risk head on," Mr. Rudolph said. "With ERM as a core function, businesses can enhance their reputations, ultimately increasing stakeholder value."