The implementation of enterprise risk management has reached critical mass, shows a new Risk and Insurance Management Society study of more than 1,000 risk professionals.
In RIMS' last ERM survey, conducted in 2011, ERM had already passed the “tipping point” phenomena, in which a previously rare activity becomes exponentially more common. The tipping point occurs after 15 to 18 percent of a population has caught on to an idea that was once known to only a few forward thinkers.
By 2013, 63 percent of RIMS' respondents have either a full (21 percent) or partially (42 percent) integrated risk management program—an increase of four points and five points from 2011, respectively. Twenty percent of those who do not currently have an ERM system are looking into designing one by next year.
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