Sometimes what they are asked to do is new, challenging, time consuming, and may require a lot of practice. This can be particularly true for individuals at companies that are just starting to develop an ERM program or are mid-course in the process. Getting to a final plan can truly be a marathon effort, and the question, “Why the heck am I doing this?” begins to sound familiar.

Again, it helps to have clear motives. As a first step in a corporate ERM marathon, the whole team should be made aware of why, exactly, the company is adopting ERM. And they should be reminded periodically. Some of the benefits are immediate to the company, while others may be more long-term. Each can provide an incentive to employees to keep moving and stay the course.

The benefits of developing and maintaining a strong ERM process are similar to the many benefits of running. Through ERM, companies want to accomplish the following six goals.

Comply with Doctor's Orders. Many people start running in order to lose weight, often because their doctors voiced serious concerns. Burning an average of 600 calories an hour, running is one of the most effective ways to lose dangerous pounds.

Similarly, state insurance regulators, evaluating the “health” or financial stability of their regulated entities, have serious concerns about the ability of insurers to cope with financial market shocks and future catastrophes. They fear insurers may be carrying too much risk, or are not controlling those risks sufficiently, and are requiring that companies adopt ERM practices.

As of 2010, nearly all state financial examiners are required to review insurers' risks and controls as part of company statutory reviews. New York State is one of the first states to begin doing more specialized examinations, reviewing formal ERM plans of select companies in greater detail, and more states are likely to follow.

Read More Risk Management Insights From Denise Tessier

The National Association of Insurance Commissioners (NAIC) is now debating whether to require insurers to submit a formal (annual) filing regarding their enterprise risks and controls – an Own Risk and Solvency Assessment (ORSA). And the recent passage of the Dodd–Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111-203, H.R. 4173) may mandate that public companies have risk officers, committees, and managers who all drive ERM initiatives. Thus in many cases, companies are starting ERM programs because they have to — “doctor's orders.”

Be Generally Healthier. Physically, running strengthens your heart and lungs. Mentally, running is often used to treat clinical depression and other psychological disorders. Runners are thus generally considered more “healthy” than non-runners.

Likewise, companies with a solid ERM program are considered more “healthy” than companies that are not managing their risks well. In addition to state regulators, rating agencies such as Standard & Poor's have also begun to consider insurers' ERM programs as part of the ratings review process.

While there is not yet a direct correlation between a company's risk management and their rating, it is generally believed that insurers with comprehensive ERM programs will be perceived as well managed, more financially secure, and as a result, will enjoy stronger ratings. This can result in many benefits to the company: more customers, access to more capital, capital at a better rate, cheaper reinsurance, and a host of other financial and reputational benefits.

Prevent Muscle Loss. Regular, high-intensity exercise, like running, prevents muscle and bone loss, and has been shown to promote the human growth hormone, which delays the effects of aging.

Regular, thorough examination of risks and assignment of appropriate controls prevents financial losses, and keeps the strategic muscles of the company strong. ERM may promote new asset management techniques and ideas, keeping a company flexible to respond quickly to changes in market conditions. Being agile on risk principles and techniques may ultimately delay or mitigate the effects of insurance or financial market deterioration.

Fight Disease. Research has shown that running can reduce the risk of heart attacks, stroke, and breast cancer, and may stave off the onset of osteoporosis, diabetes, and hypertension.

Proper risk management fights corporate disease: internal and external fraud and financial crime. When applied enterprise-wide, ERM can help prevent systemic failures in controls or operations that could lead to significant losses affecting multiple departments or business units.

Manage Stress. Stress, whether sudden and acute, or nagging and chronic, can have disastrous effects on the body. Running has the ability to alleviate stress in several ways. In addition to the release of endorphins, which create a sense of euphoria known as the “runner's high,” the act of running allows the individual to focus on the task at hand, instead of being worried or stressed about work, family, or other obstacles in daily life. Many runners say that having a specific time and place “just to think” is a key benefit of running.

Insurers also benefit from having a specific time and place “just to think” about risk. Setting aside specific time to consider risk, engage in planning, and measure results can help ease both individual and corporate stress. For the individual, the ERM process often involves prioritizing competing issues and activities in managerial and staff workflow. Often, participants on the ERM team are not ERM pros, and are juggling multiple responsibilities. Setting priorities based on relative risk to the company can help staff at all levels better manage their time.

For the company, failure to prioritize workflows may be a problem, but insurers are also subject to significant external stressors. Catastrophes, financial market shocks, large claims, mergers and acquisitions, and other external forces can result in both sudden and long-term losses that drain company resources. Having an ERM process that considers “what if” scenarios and allows companies to plan in advance for such contingencies helps alleviate shocks and surprises. When something bad happens, if an ERM plan is in place, the company should be better prepared to meet the stress in stride.

Become More Efficient /Gain Competitive Advantage. Both champion and Penguin runners enjoy monitoring their progress over time, and watch their mile-per-minute or distance statistics improve. The more they run, the more efficient their bodies become, and in competition, steady training really shows. A few saved seconds can mean a win!

In the risk arena, ERM helps companies become more efficient. In the process of evaluating, monitoring, and mitigating risk, they may uncover areas for operational or workflow improvements, saving staff time or expense. Looking at risks across departments serves as “cross-training,” improving communication and coordination amongst staff, which can lead to further opportunities for improvement. Ultimately, a few points of improved underwriting or expense loss ratio may be achieved, and in the insurance industry, a few points saved can mean a win with customers and shareholders.

Feel Confident. Runners become stronger with each run, and finishing races builds confidence and self-esteem, helping runners face new challenges in other areas of life.

Companies with solid ERM processes have also achieved a significant milestone. They are confident that they have the processes and workflows to manage new goals, targets, or challenges in a disciplined, well-reasoned way. They are less afraid of entering into new lines of businesses, or entertaining new ventures, as they have had past successes weighing all pros, cons, and operational details from a risk-focused perspective.

Enjoy these benefits of running, and remember them when you need some incentives to get moving on the ERM course. Keep on pace to achieve lasting results.